Automotive Microcontrollers Market to Register Substantial Expansion by 2023

Posted on 2019-12-06 by MarketsandMarkets in Automotive, Semiconductors, Technology // 0 Comments

Automotive Microcontrollers Market

The Global Automotive Microcontrollers Market size is estimated to be USD 8.89 billion in 2018 and is projected to grow to USD 13.23 billion by 2023, at a CAGR of 8.29%.

Automated electronic control technologies for automotive systems such as advanced driver assistance systems (ADAS), electronic stability control (ESC), an electronic control unit (ECU) have been evolving year after year. The new trend in the automotive industry is to manufacture vehicles that feature advanced technologies with an optimized weight-cost ratio.

The key players in automotive microcontrollers 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).

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Safety and Security application holds the largest market share in 2018

With the modernization of vehicles, the number of microcontrollers employed in a vehicle has increased. The microcontrollers driven operations include an advanced driver assistance systems, airbags, anti-lock brake systems, and others, which constitute the major components of safety and security application.

The automotive microcontrollers market for safety and security system 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 pertaining to this application.

Passenger Cars– the Largest share of automotive microcontrollers market in 2018

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 automotive microcontrollers market due to the increasing installation of safety features. Also, safety mandates and regulations across developed nations have incentivized the OEMs to manufacture passenger cars that feature advanced technologies. These factors have boosted the microcontrollers market for passenger cars across the globe.

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Asia-Pacific: Rapid vehicle electrification in the Chinese market is propelling the growth of the Asia-Pacific market

With the convergence of ICT, 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 would 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.

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