Global 8 bit microcontroller Market - Segmented by End-user Industry (aerospace & defense, automotive, industrial), and Region - Growth, Trends and Forecasts (2018 - 2023)
The 8-Bit microcontroller market was valued at USD 7.38 billion in 2017, and it is expected to reach a value of USD 9.95 billion by 2023 at a CAGR of 5.11%, during the forecast period (2018 - 2023). This report covers the 8-bit microcontrollers used in various end-user verticals, which include automotive, consumer goods, home appliances, healthcare, industrial electronics, data processing, communications, and others. While the regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Growing Consumption of Smartphones
The increasing penetration of smartphones in emerging nations and the availability of smartphones in various price ranges are affecting the growth of the market. Connected technologies and cloud technologies are being integrated into smartphones, resulting in adoption from various verticals for business and industrial purposes. Global smartphone shipments have doubled in the last four years, reaching 1.4 billion in 2016, from 725 million units in 2012. Microcontrollers are deployed in the devices to enable interfacing and control among various components. Microcontrollers support as co-processors in smartphones, tablets, and wearable devices. Thus, the growing consumption of smartphones, is driving the demand for microcontrollers in the industry.
Asia-Pacific Holds the Major Market Share among the Regions
The market in this region is expected to witness the highest growth rate during the forecast period due to the rising automation sector, along with consumer goods. Hybrid electric vehicles are witnessing growing demand in the region, owing to its superior performance and low polluting capabilities. Also, it was estimated that Asia-Pacific region has more than 1 billion smartphone users. The propagation of cheaply manufactured devices and a drop in the cost of service plans in particular markets like China, India have helped to drive smartphone uptake across Asia-Pacific, which is one of the prime contributing factors for the market share of the 8-bit microcontrollers in the market.
Growing Adoption of Microcontrollers in Automotive Sector
The 8-bit microcontroller market in the automotive industry is majorly impacted due to the number of applications. HVAC systems are one of the major applications for microcontrollers that is greatly influencing the growth rate. Reduction of system size and weight is expected to increase industry growth during the forecast period. Government initiatives to limit global warming are helping in the introduction of energy efficient and green technology solutions. The increasing need for comfort, fuel efficiency and growing adoption of luxury vehicles is further fueling the adoption rate of these systems, thereby, impacting the 8-bit microcontroller market.
Key Developments in the Market
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