According to the research report titled ‘Global Microcontroller Market Size by Product Type (8-Bit Microcontroller, 16-Bit Microcontroller, and 32-Bit Microcontroller) and by Application (Automotive, Consumer Electronics, Industrial, Medical Devices, Military & Defense, and Others), and Regional Forecasts 2021-2027’, available with Market Study Report, global microcontroller market was estimated at USD 18.38 billion in 2020 and is speculated to accrue USD 39.39 billion by 2027, augmenting at 11.5% CAGR between 2021-2027.
 

Ability to smoothly manage electronic devices, widespread usage in automotive & retail sectors, and advanced technologies such as timer & touchscreen are key factors driving global microcontroller market expansion.
 

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For the unaware, microcontroller is a mini-computer that contains one or more CPUs. It has programmable output & input devices as well as the ability to store data. It is primarily used in automatically controlled devices such as fax machines, microwave ovens, keyboards, and washers.
 

The report cites that the extensive usage of connected devices such as tablets, smartphones, televisions, etc. results in technological improvements which will aid market proliferation. Citing an example, there is a rise in demand for MCUs equipped with IoT.
 

On the other hand, impact of covid-19 pandemic on automotive sector will act as a challenge to industry growth.
 

Based on product type, global microcontroller market is divided into 8-bit microcontroller, 32-bit microcontroller, and 16-bit microcontroller. Speaking of application scope, the industry is bifurcated into automotive, industrial, consumer electronics, military & defense, medical devices, and others.
 

From regional frame of reference, North America held 38.31% market share in 2020 owing to large customer base for tablets, smartphones etc. Growing adoption of IoT technology in offices and homes will aid market growth in this region as well.
 

Meanwhile, Europe market is anticipated to grow rapidly between 2021-2027 due to the presence of manufacturing facilities of luxury cars such as Porsche, BMW, and Mercedes Benz in the region.
 

Key players profiled in global microcontroller market report are Analog Devices Inc., Panasonic Corporation, Zilog Inc., Infineon Technologies AG, Microchip Technology Inc., Maxim Integrated Products Inc., Renesas Electronics Corporation, Texas Instruments Inc., NXP Semiconductors N.V., and STMicroelectronics N.V.