The Rising Demand For Electric Vehicles Is Expected To Drive Growth In The Microcontroller Market At A CAGR Of More Than 13% - By The Business Research Company

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May 01, 2023, 06:40 ET

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, May 1, 2023 /PRNewswire/ -- As per The Business Research Company's microcontroller market forecast, the global microcontroller market size will grow from $19.5 billion in 2022 to $22.1 billion in 2023 at a compound annual growth rate (CAGR) of 13%. The microcontroller market size is then expected to grow to $36.5 billion in 2027 at a CAGR of more than 13.3%.

The growth in the market is attributed to the growing demand for electric vehicles (EVs), creative lucrative microcontrollers market opportunities for players. Automotive microcontrollers are integrated with smart-power and battery-management devices in EVs for efficient vehicle electrification. For example, in October 2022, according to the World Economic Forum, around 4.3 million new battery-powered electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold globally in the first half of 2022. BEV sales grew by 75% on the year and PHEVs by 37%. Therefore, the increasing demand for electric vehicles is expected to propel the growth of the microcontroller market during the forecast period.

Learn More On The Microcontroller Market Report – https://www.thebusinessresearchcompany.com/report/microcontroller-global-market-report

Microcontroller technology is utilized in electric vehicles to enable the efficient management of several complex components in automobiles, improving the driving experience for drivers. The use of automotive microcontrollers has expanded as a result of advancements in the automation sector and the advent of advanced driving systems. Microcontroller manufacturers are focusing on developing more innovative and advanced products to keep up with the rising demand.

For instance, in February 2022, STMicroelectronics, a Switzerland-based electronics and semiconductor manufacturer, launched new automotive microcontrollers designed for centralized (domain and zonal) electronic architectures and electric vehicles (EVs). These automotive microcontrollers make EVs more accessible and allow for a longer range and quick charging.

STMicroelctronics holds the third largest automotive microcontroller market share. The company's strong position in the market is due to its well-defined business strategy that focuses on enhancing its business operations through strategic collaborations and partnerships. For instance, in March 2022, STMicroelectronics partnered with Winbond Electronics Corporation for combining STM32 devices with Winbond's specialty memory ICs in smart consumer and industrial applications. The partnership aims at offering various features including IoT-security hardware, advanced peripherals, and high-efficiency power conversion circuitry on-chip.

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The global microcontroller market is segmented -

1) By Product Type: 8-Bit Microcontroller, 16-Bit Microcontroller, 32-Bit Microcontroller

2) By Memory: Embedded Memory Microcontroller, External Memory Microcontroller

3) By Architecture: AVR Architecture, PIC Architecture, ARM Architecture, Other Architecture

4) By Application Outlook: Automotive, Consumer Electronics and Telecommunication, Industrial, Medical Devices, Military and Defense

The top growth potential in the microcontroller market segmented by product type will arise in the 32-bit and above microcontroller segment, which will gain $7.1 billion of global annual sales by 2027. As per the microcontroller market statistics, the China market will gain the most at $5.2 billion.

To capitalize on these high growth segments and regions, The Business Research Company recommends player adopt market-trend-based strategies such as focusing on new product launches, technological advancements, new facility expansions, increasing investments, partnerships and collaborations and merger and acquisitions.

View More Similar Market Reports:

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