As of 2021, the global microcontroller market is estimated to be worth US$ 20 Bn. From 2021 to 2031, it is predicted to rise at a CAGR of 14%. Furthermore, the report anticipates sales to be valued at US$ 74.14 Bn by the end of the aforementioned forecast period. Automotive applications expect to remain high, growing at a staggering rate of 10% until 2031.
Microcontrollers are used in a variety of end-use industries, including automotive, medical devices, industrial equipment, military & defense, and consumer electronics. The variety of its applications is critical to the growth of the market, reflecting a CAGR of 14% between 2021 and 2031.
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How is the European market for luxury cars stimulating the use of microcontrollers?
According to Fact.MR, the European microcontroller market is anticipated to expand at a CAGR of 5% between 2021 and 2031. The European market is driven by the presence of significant vehicle and equipment manufacturers. There is a demand for automotive microcontrollers since luxury automakers like BMW, Mercedes-Benz, and Porsche have manufacturing facilities all around Europe.
European consumers place a high value on the powertrain when choosing luxury car brands, followed by interior & functional design, driving dynamics, external design, and overall ownership experience. In order to meet emissions reduction goals, modern microcontroller units are also being mounted. For example, the European Commission has set a goal to reduce greenhouse gas emissions until 2030 by at least 55%.
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Competitive Landscape
Prominent manufacturers are focused on introducing new product lines, with added new and diverse features. Furthermore, strategies such as collaborations and acquisitions are also sought after. Notable developments in the industry are as follows:
Key Companies Profiled:
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Key Questions Covered in the Microcontroller Market Report
Regional Analysis For Microcontroller Market:
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