PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182895
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182895
Automotive Microcontrollers Market size was valued at USD 10,108.3 Million in 2021, expanding at a CAGR of 9.1% from 2022 to 2028.
An automotive microcontroller is an integrated chip, which helps to control the functioning of automobiles. It enables automatic control sensing, enhances safety features in vehicles including air bag control and high-temperature control, and increases the speed of execution in vehicles. Additionally, an automotive microcontroller is utilized in systems for performing activities that need monitoring and controlling which have the least component designs. Moreover, microcontrollers used by automobile manufacturers for a long time, for power steering, engine control, seating, and antilock brakes.
The automotive microcontroller market is growing at a pace due to the increasing use of electronic components in vehicles because of cost-effectiveness and the necessity to remove bulky cables is stimulating the market growth. Moreover, microcontrollers are becoming more popular day by day due to their superior performance in controlling all of the vehicle's components to provide a better driving experience which further propels the market growth. However, high initial cost, operational failure in extreme climate conditions, and complex structure are such factors that restrain the market growth.
Furthermore, in the automotive industry, the factors such as rapid developments and high demand for safety features boost the market growth during the forecast period. COVID-19 harmed the automotive microcontrollers market due to the lockdown market was shut down which impacted the worldwide demand and supply. However, as the work started again, it surge in demand and supply for the manufacturers, as a result, the global automotive microcontroller market is recovering its sale, and the market is expected to do quick progress.
The Global Automotive Microcontrollers Market is segmented based on application, technology, vehicle, electric vehicle, bit size, connectivity, and region
The market is divided into four categories based on application: powertrain and chassis, body electronics, safety, and security system, infotainment, and telematics. Safety and security hold the largest market share due to the increasing adoption of multi-core microcontrollers in an automobile because safety and security reasons such as air control bags and high-temperature control propel the market growth for this segment.
The market is divided into four categories based on technology: adaptive cruise control, blind spot detection, park assist system, and tire pressure monitoring system. The adaptive cruise system is expected to increase demand during the forecast period due to its capability of fewer accident chances through add-on applications such as mitigation, avoidance, and collision warning. Moreover, it has a feature to automatically adjust its speed and helps in maintaining speed, especially on highways.
The market is divided into two categories based on vehicles: passenger cars, and commercial vehicles. The highest contributor to the market is the passenger ice vehicle it is designed to carry passengers with more than nine people in seating capacity including the driver which contributes to the growth of automotive microcontrollers.
The market is divided into two categories based on electric vehicles: BEB, HEV, PHEV, and FCEV. The worldwide demand for hybrid and electric vehicles is increasing rapidly. The major factor is decreasing cost of components such as lithium-ion batteries, sensors, and microcontrollers attributed to the developing huge automotive microcontroller market for electric vehicles in upcoming years. The market is divided into two categories based on bit size: 8-bit microcontrollers, 16-bit microcontrollers, and 32-bit microcontrollers. The 32-bit segment is expected to hold the largest market share. The 32-bit microcontrollers are widely used in advanced applications of electric and conventional vehicles which create a lucrative impact on the market.
The market is divided into two categories based on connectivity: vehicle-to-vehicle (V2V) connectivity, vehicle-to-infrastructure (V2I) connectivity, vehicle to cloud (V2C) connectivity. The latest trend in the automotive microcontrollers market is the increasing applications of microchips to enhance the connectivity between the vehicle and its motion system and the ability to enhance the flexibility of automobile in emergencies further stimulating the market growth for the connectivity segment which further increases the demand of automotive microcontroller market.
Asia pacific holds the market demand for the automotive microcontroller market. Rising demand for advanced electronics, and safety & security features in passengers owing to the high volume of automobile markets. Moreover, the government upgrading the safety measures in developing countries such as India and China due to the features that are equipped with high-end electronics and safety measures are fueling the market growth in this region.
For instance, in April 2022, BYD Semiconductor, a car company released its latest BS9000AMXX series of 8-bit MCY chips for vehicles. To solve the car intelligence IGBT (insulated-gate bipolar transistor) solves the bottleneck of car electrification. Moreover, the chip supports BLDC motor control, up to 26 I/O, and up to 24 channels of 12-bit resolution ADC.
The scope of this report covers the market by its major segments, which include as follows: