The Asia Pacific IoT Microcontroller Market would witness market growth of 13.5% CAGR during the forecast period (2022-2028).
The key element that is estimated to drive microcontroller demand at an exponential rate in the next years is rapid improvements in the Internet of Things (IoT) application in order to supply technologically enhanced smart products to various consumers. Moreover, the increased requirement for automation in various application segments would also boost the demand for smart devices. This, in turn, is expected to have a beneficial impact on the microcontroller market. The demand for high-performance, low-power, and energy-efficient connected products, as well as the growing number of IoT connections in the consumer and enterprise sectors, are some of the key factors driving the market growth. Additionally, in high-end applications like smart utilities, industrial automation, and smart transportation, the growing popularity of embedded Non-Volatile Memory (eNVM) solutions across System-in-Package (SiP) is projected to augment the growth of the IoT microcontroller market in the coming years.
The rapidly rising demand for microcontrollers is majorly owing to the increasing technological advancement in the automotive industry. In the automotive industry, microcontrollers are required especially in interactive safety systems and vehicle connectivity systems, and hence drive the market demand of this region during the forecast period. Rapid advancements are taking place in the automotive industry in this region in terms of vehicle connectivity and interactive safety system is anticipated to support the demand of IoT microcontroller extensively in the coming years. In addition, increasing demand for various consumer electronic devices such as smart phones, tablets, smart television and smart watches among others is also predicted to propel the utilization of microcontroller in this region.
The China market dominated the Asia Pacific IoT Microcontroller Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,114.8 million by 2028. The Japan market is anticipated to grow at a CAGR of 12.8% during (2022 - 2028). Additionally, The India market would exhibit a CAGR of 14.3% during (2022 - 2028).
Based on Type, the market is segmented into 32-bit, 16-bit, and 8-bit. Based on Application, the market is segmented into Consumer Electronics (Smartphones, Wearables, and Others), Industrial Automation, Smart Homes, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide IoT Microcontroller Market is Projected to reach USD 9.9 Billion by 2028, at a CAGR of 13%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Silicon Laboratories, Inc., Espressif Systems Shanghai Co Ltd., Holtek Semiconductor, Inc., Renesas Electronics Corporation, STMicroelectronics N.V., Infineon Technologies AG, Texas Instruments, Inc., NXP Semiconductors N.V., Nuvoton Technology Corporation, and Microchip Technology, Inc.
By Type
By Application
By Country
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