The automotive controllers market is expected to have a significant growth during the forecast period 2021-2031. Technological advancements, rising demand for electric vehicles, and rising demand from medical sector as well is projected to contribute towards the revenue share. Due to pandemic, supply and demand in Europe, North America, Asia fell drastically down, but now as the work is being started again in some regions, the manufacturers are certain to witness surge in demand.
The global market for automotive microcontrollers has been projected to exhibit a staggering 13.7% CAGR during 2017 to 2022, according to a latest research by Future Market Insights (FMI). The global automotive microcontrollers market is estimated to surpass US$ 1,500 Mn in revenues by 2022-end.
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Utilisation of Microchips to Enhance Flexibility and Improve Connectivity in Vehicles – A Major Trend
One of the major trends witnessed in the global market for automotive microcontrollers is utilisation of microchips for improving connectivity of vehicles with their moving systems, and for enhancing the vehicle’s flexibility. Automobile manufacturers have utilised microcontrollers for a variety of requirements such as engine control, antilock brakes, power steering, and seating. An automotive microcontroller helps in increasing speed of execution, enables automatic control sensing, and enhances safety features including air bag control and high temperature control. Currently, they are being used in sophisticated safety features, which include blind spot detection, automated braking & lighting, surround view cameras, lane change warning, and advanced driver assistance systems (ADAS).
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Microcontrollers are also being deployed in infotainment systems, and provide connectivity to vehicle network. Popularity of hybrid electric vehicles has witnessed a surge owing to their energy efficiency. Hybrid electric vehicles need comparatively large number of microcontrollers than conventional vehicles. With modernisation of vehicles, number of microcontrollers required for vehicles has increased. Although cost of microcontrollers has remained lower over the recent past, the tags for microcontrollers are expected to witness a gradual rise over the next few years. This is expected to lead to an increased cost of vehicles. Moreover, integration of microcontroller has always remained a challenging task for automobile manufacturers, on the back of their complex design.
Key Research Findings from FMI’s Report on Global Automotive Microcontrollers Market
- In terms of revenues, although North America is expected to remain largest market for microcontrollers in 2017, Asia-Pacific excluding Japan (APEJ) will be the most lucrative region for automotive microcontrollers market by 2022-end. The convergence of transportation, automotive, and ICT sectors has increased demand for technologically advanced vehicles in APEJ, further resulting into advent of advanced vehicle ecosystem. The already imposed and impending safety regulations are expected to spur installation of the automotive safety technologies in vehicles across APEJ. In addition, introduction of driving assistance technologies has incentivised OEMs for opting efficient microcontrollers.
- In terms of revenues, heavy commercial vehicles are expected to remain the most attractive in the market, based on vehicle type. In addition, premium passenger cars will also remain a lucrative vehicle type segment in the market over the forecast period. This is primarily attributed to rise in installation of advanced safety features in premium passenger cars, particularly across developed economies. Moreover, safety regulations and mandates have compelled OEMs to produce premium passenger cars featuring advanced technologies, thereby propelling demand for microcontrollers.
- On the basis of application, sales of automotive microcontrollers in ADAS and functional safety technology are expected to register similar CAGRs through 2022. ADAS application of automotive microcontrollers will remain comparatively more lucrative than functional safety technology. Brake control system will continue to be the most lucrative application of automotive microcontrollers.
- By material type, sales of copper alloy for automotive microcontrollers are expected to exhibit the highest CAGR through 2022. Tinned steel will remain sought-after among materials in the global automotive microcontrollers market, with sales estimated to reach approximately US$ 600 Mn by 2022-end.
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FMI’s report has profiled key players, who are actively contributing to growth of the global automotive microcontrollers market, which include Toshiba Corporation, Infineon Technologies, Maxim Integrated Products, Inc., Fujitsu Limited, Silicon Labs Private Limited, Renesas Electronics Corporation, Microchip Technology Inc., STMicroelectronics NV, NXP Semiconductors NV, and Texas Instruments Incorporated.