Automotive Microcontroller Market to Grow at over 13% CAGR to Reach US$ 1.3 Bn in Revenues by 2022
Global automotive microcontrollers market to showcase a splendid expansion at a CAGR more than 10% throughout the forecast period, 2017 to 2022.
Albany, NY -- (SBWire) -- 12/27/2017 --The global automotive microcontroller market is impacted by a number of macroeconomic and microeconomic factors. According to a new research report added to the repository of Market Research Hub (MRH), the global automotive microcontroller market is likely to reach US$ 1,600 Mn in revenues by the end of 2022. The growth of the market is likely to be at a CAGR of over 13% during the forecast period. The report is titled "Automotive Microcontrollers Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2022" and offers insights and analysis on the global automotive microcontroller market during the assessment period.
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According to the report, advances in electric vehicles and integration of advanced technology in automobiles is pushing the adoption of automotive microcontrollers. Demand is also positively influenced by government focus on safety and security. This has also propelled the use of microcontrollers in the automotive industry, especially in the manufacture of ADAS and airbags. It is expected that there will be higher integration of microcontrollers in the automotive industry in the near future, which is likely to influence the growth of the market during the assessment period. However, broader adoption will also create challenges for OEMs for seamless integration.
North America, led by the U.S., remains one of the most attractive markets for automotive microcontrollers globally. Adoption of microcontrollers in the US automotive industry has remained steady on account of emphasis on modernization and electrification of vehicles. Automotive microcontrollers manufacturers can expect to witness opportunities on account of advances in the electric vehicles. In addition to North America, Asia Pacific excluding Japan (APEJ) is another lucrative market for automotive microcontrollers. Steady demand for automobiles from emerging economies, especially China and India, has resulted into robust growth of the automotive market in APEJ, and this is likely to create opportunities for the automotive microcontroller market during the assessment period. Due to high demand from the automotive industry, APEJ is likely to outpace North America to become the largest market for automotive microcontrollers globally.
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Among different types of materials used for the manufacture of automotive microcontrollers, demand for tinned steel is likely to remain the strongest during the assessment period. Copper alloys are the other leading segment on the basis of material type. Also, demand for automotive microcontrollers is highest among the heavy commercial vehicles segment. Sales in electric vehicle category is also likely to remain resurgent during the forecast period.
The leading companies profiled in the report include Infineon Technologies, Toshiba Corporation, Fujitsu Limited, Maxim Integrated Products, Inc., Microchip Technology Inc., Renesas Electronic Corporation, Silicon Labs Private Limited, NXP Semiconductors NV, Texas Instruments Incorporated, and STMicroelectronics NV.
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