The rising disposable income, growing automotive industry, increasing exposure to the digital world, and smartphone proliferation with technical advancements are driving the global microcontroller market growth. It generated a revenue of $16,733.2 million in 2015, and it is expected to advance at a 6.9% CAGR during the forecast period (2016–2022), garnering $26,468.2 million by 2022.
A solitary chip microcomputer attached to a single integrated circuit of very-large-scale integration (VLSI) fabrication is referred to as a microcontroller and commonly abbreviated as MCU. It consists of a processor core, memory, and programable input.
The rising popularity of smartphones is also driving the microcontroller market. Massive technological advancements have led to cheaper production of smartphones, thereby making them affordable for different strata of the society and contributing to their popularity.
As new-age smartphones are becoming more compact and better laced with superior features, microcontrollers are witnessing a spike in demand as they are an essential component of smartphone machinery.
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Furthermore, these 4/8-bit microcontrollers function on old architectures, which results in their reduced performance; they even have a low limit on supported memory storage. Owing to the disadvantages of these microcontrollers, they are soon to be replaced by 16-bit and 32-bit microcontrollers.
Hence, as car and smartphones sales boom in APAC, the market for microcontrollers would also grow.