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Microcontroller market revenue will reach $18.8 billion by 2024 according to new research report

Industrial Market Research

The rapidly growing automotive industry is expected to be the key driver of the market over the forecast period. Additionally, a high degree of competition in the industry has resulted in the price reduction, which is expected to further boost the market growth. Moreover, the emphasis on the implementation of energy efficient solutions for both discrete and process industries will propel the sustainable manufacturing in industrial automation for a more efficient process

As per the report “Microcontroller Market  Make an Inquiry about this newsby Application (Automotive, Industrial, Consumer Goods,Communications, Computer), by Product Type (8 bit, 16 bit, 32 bit), Industry trends, estimation & forecast, 2015 - 2024",the global Microcontroller market was valued at $9.80 billion in 2016, and is projected to reach $18.8 billion by 2024, growing at a CAGR of 8.6% from 2017 to 2024. In 2016, the 32-bit microcontroller segment generated the highest revenue share in the global microcontroller market.

Among major regions, Asia Pacific microcontroller market was the highest revenue generating market valued at $3.76 billion in 2016.

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The 32-bit microcontroller is expected to exhibit the highest growth over the forecast period

On the basis of product type, the microcontroller market is segmented into 8-bit, 16-bit, and 32-bit.