Microcontrollers market is anticipated to grow at a significant CAGR of 10.1% during the forecast period. The rising demand from the medical sector for electronic medical devices to measure oxygen levels, blood pressure, temperature, and sugar levels and others is growing the market for microcontrollers. In addition the rising number of patients of diabetes, high blood pressure and other diseases is fuelling the demand for medical devices which further increases the demad for microcontrollers as these are used in these medical devices for providing better functioning and providing accurate results. According to American Diabetes Association (ADA) data, In 2019, 37.3 million US people, or around 11.3% of the population, had diabetes, nearly 1.9 million peple in US have type 1 diabetes, including about 244,000 children and adolescents. Around 1.4 million US people are diagnosed with diabetes every year. Now a days youths are also getting diabetes, around 283,000 people in US under age 20 are anticipated to have diagnosed diabetes, approximately 0.35% of population. Hence these increasing diseases in supporting the growth of the microcontrollers, as medical devices need these microcontrollers in devices to provide accurate results and better experience.
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The Asia-Pacific region is expected to hold the considerable share in the global microcontrollers market during the forecast period. The rising population and increasing disposable income and standard of living of the people in the region is fuelling the market, as people tend to purchase more when they have enough money. According to The World Bank data, in 2021 India’s GDP per capita was around US $2,277.4. Per capita gross domestic product measures a country’s economic output per person, it also shows the growing economy, country’s internal growth, prosperity and standard of living, which encourages the people to purchase more. Furthermore the increasing population also , supports the demand for microcontroller. As the population increases demand for devices and other advanced devices increases. According to UN 61% of the global population lives in Asia (4.7 billion). China (1.44 billion) and India (1.39 billion) remain the two most populous countries of the world, both with more than 1 billion people, representing 19% and 18% of the world’s population, respectively. Around 2027, India is projected to overtake China. Hence increasing population and increasing disposable income will boost the demand for microcontrollers in the forecast period.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Microcontrollers Market Report Segment
By Type
- 8-Bit
- 16-Bit
- 32-Bit
By Application
- Automotive
- Consumer Electronics
- Industrial
- Medical Devices,
- Other
Global Microcontrollers Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global microcontrollers market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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