Microcontroller Market Exhibits Stupendous 2.7X Growth, Projects Fact.MR
Automotive applications generate maximum demand owing to the increased automation in vehicles. Commercial vehicles are introducing product features that let users control their automobiles anytime, and anywhere.
Key Takeaways of Microcontroller Market Study
• 16-bit microcontroller is projected to exhibit market dominance with more than half of the total market share. The product type segment is set to grow more than 2x by the end of the assessment period.
• 32-bit microcontroller will record the highest growth with over 15% CAGR during the forecast period.
• Automotive applications are set to garner maximum microcontroller demand with over 1/3rd of total market share. The automotive segment will grow 2.5X by the end of forecast period.
• Medical devices offer remunerative opportunities with the highest double digit CAGR of more than 12% through the forecast period.
• North America is set to lead global sales with over 1/3rd market share and a robust CAGR of 9.5% through 2029.
• Middle East & Africa will present lucrative revenue prospects with the highest double digit regional growth rate of over 13% from 2019 to 2029.
• Southeast Asia & Oceania will grow more than 3X by the end of the forecast period
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"Microcontroller applications are key growth factors for market players. Hence, manufactures stand to gain sustainable growth opportunities by investing in research and development of innovative applications for various end-use industries such as infrastructure management, and consumer electronics. "-Says the Fact.MR Analyst
Consumer Electronics Present Future Growth Opportunities
Consumer electronics are expected to present lucrative growth opportunities on the back of growing consumer traction for smart devices. The increasing number of millennial consumers and their disposable income will propel sales of smart devices, homes, and machines. This will positively impact the demand for microcontrollers during the forecast period. Manufacturers can hence leverage these consumer trends and ensure future growth during the forecast period. In a largely consolidated market, innovation in end-use applications will help differentiate product offerings and ensure continued success.
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