According to the latest study 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 valued at USD 18.38 billion in 2020 and is anticipated to grow at 11.50% CAGR during 2021-2027, thereby accumulating USD 39.39 billion by the end of forecast timeline.
 

As per the report findings, global microcontroller market expansion is backed by increasing demand of microcontrollers in retail, automotive, and other sectors owing to their ability to ensure the smooth management of electronic devices.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3862711/
 

In addition, rising adoption of connected devices like tablets, smartphones, televisions etc., along with inclusion of advanced features like touchscreens and timers in these devices are augmenting industry outlook.
 

For the unversed, microcontroller is basically a minicomputer on a single metal-oxide semiconductor integrated chip. It includes one or more CPUs with memory and programmable input-output devices, and is used in automatically controlled devices like microwave oven, keyboards, washers, etc.
 

On the contrary, movement restrictions with the wake of the COVID-19 pandemic had led to a slowdown in sectors like automotive, retail etc., in turn hampering the progression of worldwide microcontroller industry.
 

Considering the geographical ambit, North America, Asia Pacific, Europe, and Latin America are the major benefactors to the overall market valuation. Among these, North America captured a revenue share of 38.31 % in 2020, owing to large consumer base for tablets, smartphones etc., along with growing adoption of IoT systems in offices and homes.
 

Meanwhile, Europe market size is expected to expand significantly during 2021-2027, attributable to the presence of manufacturing of luxury cars like Porsche, BMW, and Mercedes-Benz in the region.
 

Lastly, the competitive terrain of global microcontroller industry is defined by Maxim Integrated Products, Inc., Zilog, Inc., Texas Instruments, Inc., Infineon Technologies AG, STMicroelectronics N.V., NXP Semiconductors N.V., Renesas Electronics Corporation, Panasonic Corporation, Microchip Technology, Inc., and Analog Devices, Inc. among others.