Automotive Microcontroller Market Size [2023-2030] | Industry Growth, Share, And Trends Forecast Analysis
Automotive Microcontrollers Market to Exhibit Advanced Growth Rate; Increasing Demand for Technologically Advanced Safety Features in Vehicles to Boost Product Demand
Pune, India., Feb. 01, 2023 (GLOBE NEWSWIRE) -- The global automotive microcontrollers market size is expected to gain momentum due to the increasing demand for technologically advanced safety features in vehicles during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Automotive Microcontrollers Market, 2021-2028.”
Microcontrollers are chips used to control the workings of cars and are highly integrated, containing memory, CPU, interface, I/O devices, and peripherals. They are used in car systems such as remote control, audio, air bags, engine control, and operating systems. The increasing demand for electric vehicles will boost demand for these microcontrollers. Companies such as Ford plan to increase investment in electric vehicles with a goal of having half of their demand be electric by 2030.
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What Does the Report Offer?
The report divides the market into regions and forecasts its size in terms of volumes. It also includes a detailed analysis of the global market drivers, constraints, opportunities and challenges. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market. The study analyses both quantitative and qualitative aspects of the market including Porter's five forces analysis.
Drivers & Restraints-
Increasing Demand in Transportation System to Stimulate Growth
The global automotive microcontrollers market growth is expected to grow due to the increasing demand in the transportation system during the projected period. Because of technological developments, the need for automotive microcontrollers in transportation systems is expected to rise, propelling the market forward. Furthermore, the market is seeing increased prospects due to the growing need for high performance in modern in-vehicle systems and safety features. Furthermore, rising demand for zero-emission, fuel-efficient automobiles has resulted in a positive market growth outlook. Original equipment manufacturers are concentrating on research and development in order to expand the use of 32-bit microcontrollers in vehicles, making it a lucrative market for manufacturers.
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Increasing Number of Mergers to Create Opportunities for Market Growth
Because of new product improvements and new technologies being integrated into automobiles, the automotive microcontrollers industry is becoming fragmented. Vendors to implement merger and acquisition, geographic expansion strategies, research and development strategies, and new product introduction strategies to execute future business expansion and growth over a foreseeable period.
By type, the market is segmented into 8-bit, 16-bit, 32-bit. On the basis of application type, the market is segregated into infotainment & telematics, chassis & powertrain, body electronic, safety & security. The market is divided into North America, Europe, Asia Pacific, and the Rest of the world by geography.
Rising Demand for Advanced Features to Promote Growth in Asia Pacific
Asia Pacific is expected to hold the largest global automotive microcontrollers market share during the forecast period. The rising demand for safety and security features in passenger cars, safety measures by the government in developing countries such as India and China are likely to fuel the market in the region.
Europe is expected to have a sizable share of the market. In terms of production and revenue shares, integration of microcontrollers in automobiles to enhance safety and security measures makes transportation easy.
North America is anticipated to hold a significant position in the market. As the automotive microcontrollers industry has gained popularity, the majority of vehicles in North America are being equipped with advanced safety systems and bodywork sensors. Several companies are focusing on innovation in various segments such as communication, consumer electronics, and automotive that will favor the adoption of the product in the forthcoming years.
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• March 2020: STMicroelectronics has released the STM32L5 x2 ultra-low-power microcontrollers (MCUs). This microcontroller improves the security of IoT-connected applications. This microcontroller has a clock frequency of 110MHz and is based on the Arm Cortex-M33 32-bit RISC processor core.
• October 2019: NXP Semiconductors released the i.MX RT1170 line of crossover MCUs paving the way for the GHz microcontroller era. The new chip combines exceptional performance, dependability, and high levels of integration to move automotive applications forward.
A list of prominent Automotive Microcontroller operating in the global market:
Texas Instrument Incorporated
Cypress Semiconductors Corporation
Infineon Technologies AG
Renesas Electronic Corporation
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