Microcontrollers are application-specific integrated circuits or computers that are embedded inside other devices in order to control the features of the product. Also referred to as a MCU, microcontrollers can be programmed to control products ranging from consumer appliances to automobiles.

Microcontrollers (MCU) are low cost devices which, coupled with enhancement in technology, is the driving force for their usage in a bevy of smaller products such as portable gadgets and LED lighting.

The major areas in which microcontrollers are used are automotive, industrial, consumer goods, computer, and communications applications. Of these, the market is found to be primarily driven by industrial (which is considered to include medical), automotive applications and consumer goods. 

Increasing awareness of smart energy management, coupled with growing penetration of automotive and medical applications is expected to drive the industry over the forecast period. The rapidly growing automotive industry is expected to drive the microcontrollers market over the next five years.

Hybrid electric vehicles are gaining popularity due to the plethora of environmental benefits they offer. This is estimated to result in increasing demand for microcontrollers, which can be primarily attributed to the usage do MCUs for emission control and fuel efficiency in these vehicles.

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Additionally, price cuts in the industry due to high degree of competition are also expected to witness growth traction. However, unfavorable macroeconomic conditions and the moderately fragmented nature of the industry are expected to impede the market over the forecast period.