Automotive microcontrollers market projected to be worth $1.8 billion by 2022
The automotive microcontrollers market is currently estimated to be worth $989.2 million and is projected to grow to $1.8 billion by 2022 at a CAGR of 13.78% according to the MarketsandMarkets’ report, “Automotive Microcontrollers Market – Global Forecast to 2022.
The major factors driving the growth of the automotive microcontrollers market are the increasing installations of advanced driver assistance systems, stringent automotive safety and security norms introduced by the government, and rising preference of vehicle electrification among OEMs and Tier I suppliers.
With the modernization of vehicles, the number of microcontrollers employed in a vehicle has increased. The microcontroller-driven operations include advanced driver assistance system, airbags, anti-lock brake system, and others, which constitute the major components of safety and security applications. The automotive microcontrollers market for safety and security systems is expected to grow at the highest CAGR during the forecast period. This can be attributed to the increasing installation of safety features and ongoing legal mandates regarding this application.
Growing complexity in vehicle electronics coupled with increasingly stringent emission norms have contributed to the growth of the global automotive microcontrollers market for passenger cars during the forecast period. The passenger car segment is estimated to hold the largest share of the market due to the increasing installation of safety features. In addition, safety mandates and regulations across developed nations have incentivized the OEMs to manufacture passenger cars that feature advanced technologies. These factors have boosted the global microcontrollers market for passenger cars.
With the convergence of information and communications technology, automotive, and transportation sectors, the Asia-Pacific region has witnessed a growing demand for technologically advanced cars. This has resulted in the emergence of the advanced vehicle ecosystem. Further, the upcoming safety regulations are expected to increase the installation of automotive safety technologies in passenger cars. The emergence of driving assistance technologies have incentivized the OEMs to opt for efficient microcontrollers to meet the ongoing market requirement. Thus, the increasing use of technology is expected to push the demand for microcontrollers in cars in the Asia-Pacific market.
The report also profiles players in the microcontrollers market. According to the report, key players in this market are Infineon Technologies AG (Germany), Texas Instruments, Inc. (U.S.), ON Semiconductor Corp. (U.S.), STMicroelectronics N.V. (Switzerland), Maxim Integrated Products, Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), Renesas Electronics Corp. (Japan), and Toshiba Corp. (Japan).
To browse 85 market data tables and 50 figures through 163 pages, as well as the detailed table of contents for the report, visit http://www.marketsandmarkets.com/Market-Reports/automotive-microcontroller-market-162948952.html.