“Automotive Microcontrollers Market by Application (Body Electronics, Chassis & Powertrain, Infotainment & Telematics, Safety & Security), Technology (ACC, Blind Spot Detection, Park Assist, TPMS), Vehicle, EV, Bit Size, Connectivity, and Region – Global Forecast to 2022″, The global automotive microcontrollers market is estimated to be USD 989.2 million in 2017 and is projected to reach USD 1,886.4 million by 2022, at a CAGR of 13.78%.
Asia-Pacific: Dominating The Market For Automotive Microcontroller From 2017 To 2022
Asia-Pacific is estimated to account for the largest share of the automotive microcontrollers market in 2017. The market growth in Asia-Pacific can be attributed to the boom in vehicle production and sales in countries such as China and India. In recent years, the Asia-Pacific market has become the largest producer of vehicles. It is thus the largest consumer of automotive microcontrollers across the globe. The continuous growth of domestic players along with Tier I companies, newer innovations and developments, and increasing mandates for a reduction in emission levels are fostering the growth of the automotive microcontrollers market in the Asia-Pacific region.
North America And Europe: Modest Growth In Automotive Microcontrollers Market
North America and Europe are highly sophisticated automotive markets in terms of technology and safety regulations. The major Tier I suppliers of automotive microcontrollers in these regions are Infineon Technologies AG (Germany), NXP Semiconductors (Netherlands), and STMicroelectronics N.V. (Switzerland). These companies have already planned to expand their manufacturing facilities in the microcontroller segment. The North American and European markets are set to attain maturity in the near future and would grow at a modest rate in the next five years. However, the European automotive microcontrollers market will grow at a higher pace than the North American market due to the growing installation of electronic and safety features in passenger cars of the region.
Growing Vehicle Modernization To Boost The Automotive Microcontrollers Market
The rising demand for modernization and electrification of vehicles is driving the growth of the automotive microcontrollers market. The most important thing for vehicle designers is to develop the high-end automotive microcontrollers with technologically advanced features that are compact and light in weight. Also, the growing demand for advanced active and passive sensors for different automotive applications has led to technological advancements in the automotive microcontrollers market.
Increasing Mandates And Consumer Preference For Autonomous Features To Drive The Installation Of Safety And Security Features
The safety & security systems are estimated to be the fastest growing segment of the automotive microcontrollers market. The strict standards and regulations for safety and security are generating the demand for microcontrollers in the safety and security applications. Also, the growing competition among vehicle manufacturers to provide better convenience and comfort to their customers is forcing them to use an increasing number of microcontrollers for safety and security applications.