Global Automotive Microcontrollers Market Size 2024, Forecast To 2033
11 Mar, 2024
The automotive microcontrollers market has seen rapid growth, escalating from $14.56 billion in 2023 to $16.04 billion in 2024, with a compound annual growth rate (CAGR) of 10.2%. This growth is attributed to rising disposable incomes, increased merger and acquisition activities, growth in emerging markets, and population growth. Looking ahead, the market is expected to maintain its strong growth, reaching $23.02 billion in 2028 at a CAGR of 9.5%. Factors driving this growth include the increasing demand for driverless vehicles, rising demand for commercial vehicles, expansion of the automotive sector, supportive government regulations, and the surge in demand for electric vehicles. Major trends include technological advancements, strategic partnerships, product innovations, increased use of microcontrollers in electric vehicles, and adoption of microchips enhancing vehicle flexibility.
Global Automotive Microcontrollers Market Key Driver
The increasing demand for driverless vehicles is playing a significant role in the growth of the automotive microcontrollers market. Autonomous vehicles, capable of operating and performing functions without human intervention, rely on fully automated driving systems supported by multicore microcontroller families. According to Hindu Business Line data from 2021, the popularity of autonomous driving features is evident as 3.5 million passenger cars sold globally in Q4 2020 had level 2 autonomy driving features, marking a substantial 91% year-on-year growth. This surge in demand for driverless vehicles is poised to propel the automotive microcontrollers market, with market sizes in 2023, 2024, and 2028 reflecting the increasing adoption of autonomous driving technology.
Get A Free Sample Of The Global Automotive Microcontrollers Market ReportGlobal Automotive Microcontrollers Market Segments
The automotive microcontrollers market covered in this report is segmented –
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
By Geography:The regions covered in the automotive microcontrollers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the automotive microcontrollers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive microcontrollers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Automotive Microcontrollers Industry Players
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, ASM Technologies, Broadcom Inc, CDIL, MosChip Semiconductor Technologies, HiSilicon, Will Semiconductor, Zhixin Semiconductor, Wingtech, UNISOC, Sanechips, YTMC, GigaDevice, CR Micro, Silan, Dialog Semiconductor Plc, Elmos Semiconductor and Arm, Maxim Integrated, Nuvoton Technology Corporation, Mitscholl electronics co. llc
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Automotive Microcontrollers Market Overview
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 2023 provides data on the global automotive microcontrollers market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive microcontrollers market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.