Microcontroller Market Will Reach USD 43.61 Billion By 2030

The global microcontroller market is witnessing growth and is projected to reach USD 43.61 billion by 2030, advancing at a CAGR of 9.8% during the projection period. This development of the market can be credited to the increasing need for microcontrollers in the automotive sector, the rising acceptance of medical devices & healthcare, and the rising usage of IoT devices.

The microcontroller industry is divided into 32-bit, 8-bit, and 16-bit microcontrollers, on the basis of product. Between these, the 32-bit microcontroller category had over 40% revenue share in recent years, and the category is also projected to advance at a CAGR of over 10% during the projection period.

The industry is segmented into aerospace & defense, automotive, medical device, consumer electronics & telecom, and industrial and others, on the basis of application. Between these, the consumer electronics & telecom category is leading the industry, with over 40.0% share in recent years, and it is estimated to advance at a significant CAGR more than the projection period.

This is because of the increasing traction of consumer electronics, like smartphones, computers, cameras, and smartphones, along with the reduction of electronic devices. Additionally, the growth of microcontrollers with near-field communication (NFC), ZigBee, and Bluetooth, among other wireless interfaces, is projected to have a positive impact on the electronics market throughout the globe.

In recent years, the APAC microcontroller market generated the largest revenue share, of approximately 40.0%, and it will advance at a CAGR of over 10.2% during the projection period. This is credited to the fast development in vehicle sales and the increasing demand for high-end customer electronics, in the region.

The medical devices sector is projected to witness an augmented need for microcontrollers, because of the high need for accuracy in medicinal procedures, augmented research and development expenditure for the growth of progressive medicinal equipment, and government aid for medicinal mechanization.