The growing automotive industry and increasing smartphone proliferation are the key growth drivers for the global microcontroller market. Globally, the automotive industry has been witnessing a period of moderately strong growth as well as profitability. The annual sales have surpassed prerecession levels in some of the economies.
The ongoing technological advancements including vehicle connectivity, interactive safety systems, self-driving cars will change the global scenario in the near future. The automobiles though mechanical to its soul, will go digital world over the forecast period, thus leveraging the characteristics of microcontroller. This will drive the demand for microcontrollers over the forecast period.
The growing awareness among tech savy consumers are leading to smartphone proliferation across the globe. The sales of smartphone are driven by the demand for low cost smartphones in the developing economies and inexpensive 4G smartphones in emerging markets worldwide. The global smartphone market is increasing at a significant rate, with numbers varying from market-to-market basis. This will propel the demand for microcontrollers in the coming years.
The Global microcontroller market is exhibiting consistent slashing of average selling prices of microcontroller. This trend is quite dominant in the 32-bit segment, because the suppliers are competing with each other and attempting their best to hit low price points as required for upcoming IoT applications. There is tremendous pressure on the suppliers to considerably lower the average selling prices on 32-bit microcontroller for IoT applications.
The usage of microcontrollers in smart grid projects is steadily increasing, because microcontrollers provide greater reliability in the power generation. The soaring energy cost and sustainability concern is driving the large scale migration of power systems from conventional to smart grid systems.
The growing need for energy efficient vehicles is creating opportunities for microcontrollers. There is significant steep increase in the adoption of hybrid and electric vehicles, especially in the countries with stringent regulatory framework for environmental concerns. On account of this scenario, the global microcontroller market is expected to gain traction during the forecast period.
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