The Automotive Microcontrollers Market Is Expected To Grow At An 8% Rate, Driven By Rising Demand For Electric Vehicles
The Business Research Company's automotive microcontrollers market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Sept. 7, 2022 /PRNewswire/ -- Rising demand for electric vehicles (EV) is driving the growth of the automotive microcontrollers market during the forecast period. The use of different types of microcontrollers to handle different operations like processing needs, automobiles, electrical systems, and applications has increased rapidly. Automotive microcontrollers are integrated with smart-power and battery-management devices in EVs for efficient vehicle electrification. For example, in August 2022, according to ZD NET, a UK-based business technology news website, China has the largest and fastest-growing EV market in the world. 2.4 million EVs were delivered to customers in mainland China in H1 2022, equating to 26% of all car sales in China. In the first half of 2021, electric cars made up only 10% of China's car sales. The demand doubled in one year.
The global automotive microcontrollers market size is expected to grow from $10.67 billion in 2021 to $11.50 billion in 2022 at a compound annual growth rate (CAGR) of 7.86%. The global automotive microcontrollers market size is expected to grow to $15.75 billion in 2026 at a CAGR of 8.18%.
Request a free sample of the Automotive Microcontrollers Market Report
Adoption Of Microchips That Improve Flexibility Of Vehicles – A Key Trend
Adoption of microchips that improve the flexibility of vehicles in crucial situations is gaining popularity in the automotive microcontrollers market trends. An integrated chip that regulates how cars operate is referred to as an automotive microcontroller. The interrupt schedule circuitry, series and parallel interface, RAM, timer, and ROM are all included in the automobile microcontroller's single chip. Automotive microcontrollers are used in systems for monitoring and controlling tasks that need to be performed. A vehicle's safety elements, such as airbags, seatbelt tensioners, anti-lock braking systems (ABS), stabilization systems, and even the E-call rescue system, work with the help of microcontrollers.
Asia Pacific Was The Largest Region In The Market In 2021
Asia Pacific was the largest region in the automotive microcontrollers market and was worth $5,378.8 million in 2021. The automotive microcontrollers market in Asia-Pacific is supported by rising demand for electric vehicles, increasing demand for technologically advanced safety features in vehicles, and trimming down fuel consumption and emissions. For instance, according to ZDNet, a business technology news website, China has the largest and fastest-growing EV market in the world: 2.4 million EVs were delivered to customers in mainland China in H1 2022, equating to 26% of all car sales in China.
The Rising Cyber Threat Is A Limitation To The Growth Of The Market
As per the automotive microcontrollers market overview, an increasing number of cyber threats is restraining the growth of the market during the forecast period. The "Automotive Cybersecurity Compendium" helps system designers implement the right level of security at all levels, using the security features included in Infineon's 32-bit microcontroller AURIX™ and their Hardware Security Module (HSM). For example, in May 2022, according to Norton, a US-based cyber security firm, India witnessed over 18 million cyber-attacks and threats, at an average of nearly 200,000 threats every day, in the first three months of 2022.
See more on the Automotive Microcontrollers Market Report
Check out similar market reports:
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has strategy enablement specialists in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: http://blog.tbrc.info/
Logo: https://mma.prnewswire.com/media/1751581/tbrc_logo.jpg
Share this article