8 - bit Microcontroller Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

8 - bit Microcontroller Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global 8-bit microcontroller market was valued at USD 8.09 billion in 2020 and expected to reach USD 10.58 billion by 2026 and grow at a CAGR of 4.42% over the forecast period (2021 - 2026). Microcontrollers are one of the most in-demand electronic components, with a wide range of applications in almost every industry vertical. Modern electronic devices are becoming increasingly dependent on these systems for computing power needed for operations.

Key Highlights

• 8-bit microcontrollers are retaining their market share, aided by strong demand for automotive and industrial applications. Also, advances in architecture, motor control, smart energy management, and ethernet and wireless connectivity requirements for home automation and control have led to a new range of applications for 8-bit MCUs.
• 8-bit low-pin-count (LPC) microcontrollers take advantage of process shrinks to increase their functionality and thus, serve more applications at a lower cost.
• However, intense competition from 16-bit and 32-bit microcontroller systems is one of the key challenges restraining the growth of the market.

Key Market TrendsConsumer Electronics and Home Appliance to Witness a Significant Market Share

• Increasing adoption of Internet of Things (IoT) enabled devices is impacting the 8-bit microcontroller market positively. The growing demand for connected technologies is playing a vital role in the adoption of IoT.
• Smart devices, such as wearables, smoke detectors, thermostats, and glass breakage detection systems, take excellent advantage of 8-bit MCUs' ultra-low power consumption and integrated high-performance analog features.
• Smart thermostats widely employ 8-bit microcontrollers as a cost-effective, low-energy solution. The residential sector constitutes the major market for smart thermostat usage in smart homes. It is estimated that 10% of households, by 2025, across the world will be smart homes, according to HCL.
• With the growing initiatives for smart homes across various countries, these devices are witnessing increased adoption, specifically, in the technologically rich, North American region.

North America to Hold the Largest Market Share

• The North American market for 8-bit microcontrollers is expected to be driven by the innovation in various segments, such as communication, consumer devices, and automotive, over the forecast period.
• This region is one of the leading consumers of microcontrollers, due to the strong demand for high-end equipment, across major end-user applications. For instance, the increasing popularity of electric, hybrid, and self-driven vehicles is one of the factors driving the growth of the 8-bit microcontroller market.
• The increasing adoption of e-bicycles and moped's is anticipated to aid the market. According to IEA, in 2017, US cities partnered to mass-purchase electric vehicles (approximately over 110,000 electric vehicles) for their public transportation.
• Smartphones, industrial automation, and smart infrastructure devices, such as meters, communications, and electric vehicles, are also the key drivers for the growth of microcontrollers in North America, especially the United States.

Competitive Landscape

The 8-bit microcontrollers market is dominated by global players, like Microchip and Renesas, which are expected to retain their present position over the forecast period. With global players heavily focusing on 16-bit and 32-bit microcontrollers, the investment in this space is slowing down. Therefore, existing players enjoy the low competition.

• March 2019: Renesas acquired Integrated Device Technology (IDT) to provide a broader range of embedded solutions, by combining IDT’s RF, memory interface, real-time interconnect, wireless power, and smart sensors with its microcontrollers, system-on-chips, and power management ICs.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.