Steady and stable growth of microcontroller market to continue post-2021
Microcontroller is one of the most widely used semiconductor chips in the world. Except for the occasional spikes of ups and downs, Microcontroller market is growing stably over the decades. Due to the present Post-Covid health monitoring market, and growth of electrical vehicles, and IoT based smart home and industrial automation applications growth, microcontroller market is poised to grow even faster. We look up at various market research providers. Below are some of the findings collected from multiple resources.
IC insights: Estimates a total market of US dollar 19.6 billion 2021, grew at a rate 23%. Is estimated to grow at 10% to reach a market of US dollar 21.5 billion. Between 2021 and 2026, total microcontroller sales are projected to increase by CAGR of 6.7% and reach $27.2 billion in the final year of the forecast
Fortune Business Insights: This researcher projects the microcontroller market to grow from US dollar 30.63 billion in 2021 to US dollar 51.13 billion in 2028, at a CAGR of 7.6%.
Except for the market size, the general trends analysed by most of the market researchers looks same. They include:
Automotive market is estimated to take a share of 40% in the total microcontroller market. Automotive and health monitoring are the fastest-growing markets.
Rise in average selling price is one of the major cause for the growth in revenue market. Due to the demand for semiconductor chips, the average selling price of microcontrollers continue to grow for some more time.
32-bit microcontrollers are growing 1.5 times faster than total microcontroller market. That means 16-bit is hardly growing, and 8-bit microcontrollers are no more growing, and so they are shrinking in the market size.