Global Automotive Microcontrollers Market Size, Share And Growth Analysis For 2024-2033
Automotive Microcontrollers Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON, UK, July 17, 2024 /EINPresswire.com/ -- The automotive microcontrollers market3 has experienced robust growth in recent years, expanding from $14.56 billion in 2023 to $16.04 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to a rise in disposable income, a rise in merger and acquisition activity, emerging markets growth, and increasing population growth.
Strong Future Growth Anticipated
The automotive microcontrollers market is projected to grow strongly, reaching $23.02 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to the growing demand for driverless vehicles, increasing demand for commercial vehicles, increasing automotive sector and supportive government regulations, and rising demand for electric vehicles.
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Growth Driver Of The Automotive Microcontrollers Market
Growing demand for driverless vehicles is contributing to the growth of the automotive microcontrollers market. An autonomous vehicle can operate itself and perform necessary functions without human intervention. An autonomous vehicle utilizes a fully automated driving system to allow the vehicle to respond to external conditions. Multicore microcontroller families support autonomous driving applications.
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Major Players And Market Trends
Key players in the automotive microcontrollers market include STMicroelectronics N.V., Infineon Technologies AG, Renesas Electronics Corporation, Microchip Technology Inc., NXP Semiconductors N.V., Texas Instruments Incorporated, Toshiba Corporation, ROHM Semiconductor, Analog Devices Inc., ON Semiconductor, Cypress Semiconductor Corp, ARM Ltd., Fujitsu Limited, Panasonic Corporation, Saankhya Labs.
Product innovation is a key trend gaining popularity in the automotive microcontrollers market. Major companies operating in the automotive microcontrollers market are focused on developing new technological solutions to strengthen their position in the market.
Segments:
1) By Type: 8 Bit, 16 Bit, 32 Bit
2) By Vehicle Type: Passenger ICE Vehicle, Commercial ICE Vehicle, Electric Vehicle
3) By Connectivity: Vehicle To Vehicle (V2V) Connectivity, Vehicle To Infrastructure (V2I) Connectivity, Vehicle To Cloud (V2C) Connectivity
4) By Technology: Adaptive Cruise Control, Park Assist System, Blind Spot Detection, Tire Pressure Monitoring System
5) By Application Type: Powertrain and Chassis, Body Electronics, Safety And Security Systems, Infotainment And Telematics
Geographical Insights: North America Leading The Market
North America was the largest region in the automotive microcontrollers market in 2023. Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by expanding healthcare facilities and increasing awareness of the benefits of automotive microcontrollers.
Automotive Microcontrollers Market Definition
Automotive microcontrollers refer to self-contained systems consisting of processors, memory, and peripherals, and are used as embedded systems. The system uses an integrated chip that is used to control the functions in automobiles. Microcontrollers are used in a system that is small and consists of the least number of components. The systems used in automobiles are remote control systems, operating systems, and automobile audio systems.
Automotive Microcontrollers Global Market Report 20242 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Automotive Microcontrollers Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive microcontrollers market size, automotive microcontrollers market drivers and trends, automotive microcontrollers market major players, automotive microcontrollers competitors' revenues, automotive microcontrollers market positioning, and automotive microcontrollers market growth across geographies. The automotive microcontrollers market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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