Microcontroller Will be $43.61 Billion Market by 2030, Says P&S Intelligence

NEW YORK, Oct. 26, 2022 /PRNewswire/ -- In 2021, the global microcontroller market accounted for $18.80 billion, which is set to touch a $43.61 billion value by 2030, advancing at a 9.8% CAGR from 2021 to 2030, according to the latest market research study published by P&S Intelligence. This is owing to the surging acceptance of medical devices, growing requirement for microcontrollers in the automobile sector, and snowballing adoption of IoT devices.

Moreover, the favorable government policies and strict rules for environmental preservation are influencing the requirement for electric and hybrid vehicles, which require microcontrollers as a key component.

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Surging Adoption of 32-bit Microcontrollers in Automobiles and Medical Devices

• Based on product, 32-bit microcontrollers will advance with an over 10% CAGR in the coming years. This is credited to their growing adoption in automobiles and medical devices owing to their proper degree of interfaces, high processing power, and low power consumption.
  
  
• Moreover, in the past, 16-bit variants accounted for the second-largest share. This is attributed to the surging requirement for EV modules, as well as the continuous reduction in the average retailing values of these instruments.
  
  
• Similarly, 8-bit microcontroller sales will advance at a rapid pace, primarily ascribed to their growing adoption in connected peripherals and smart wearables.

Microcontrollers Widely Used in Consumer Electronics & Telecom Instruments

Based on application, the consumer electronics & telecom category holds an over 40% market share. This is because of the surging acceptance of consumer electronics, including TVs, computers, smartphones, and cameras, as well as their shrinking size.

Nowadays, consumers prefer lightweight and portable electronic devices. Therefore, the funding by manufacturers is rising for developing novel consumer electronic products, which is propelling the industry in this category.

Microcontroller Becoming Imperative in Advanced Medical Devices

Medical devices, such as pulse oximeters, EKGs, blood sugar monitors, and blood pressure measuring machines, especially the portable ones, are now integrated with microcontrollers to automate their working and allow for over-the-air data transmission.

In this regard, the growing demand for remote patient monitoring and home-based care drives the sales of microcontrollers in the healthcare sector. This is bolstered by the increase in the incidence of lifestyle-associated disorders such as diabetes, high blood pressure, stress, and coronary artery disease.

Browse detailed report on Microcontroller Market Size, Share and Growth Analysis Report 2022-2030

How Are Increasing Automobile Sales Encouraging Demand for Microcontrollers in APAC?

The APAC region holds a share of more than 40.0%, and its market is on track to growing at an over 10% CAGR. This is due to the fast rise in the sale of automobiles and surge in the need for high-end consumer electronics.

Moreover, the North American microcontroller industry holds the second-largest share due to the snowballing demand for medical devices, smart wearables, sensors, and other IoT-empowered devices in Canada and the U.S.

Europe accounts for a significant share of the industry as well, owing to the presence of major equipment and automotive manufacturers. In addition, several luxury car companies have manufacturing plants in Europe, such as Mercedes-Benz, Porsche, and BMW.

Global Microcontroller Market Report Coverage

By Product

• 8-bit Microcontroller
• 16-bit Microcontroller
• 32-bit Microcontroller

By Application

• Automotive
• Consumer Electronics & Telecom
• Industrial
• Medical Devices
• Aerospace & Defense

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Spain
• Italy
• Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• South Africa
• Saudi Arabia

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About P&S Intelligence

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SOURCE P&S Intelligence