The Arduino Compatible Market is estimated to be valued at US$ 1.35 Bn in 2023 and is expected to exhibit a CAGR of 12. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Arduino compatible boards are microcontroller platforms used to develop various electronics projects and interactive objects or environments. They provide an open-source hardware and software platform making the systems accessible and affordable to hobbyists. The Arduino boards are cross-platform and support Windows, Mac OS X, and Linux operating systems. They have become popular due to their simplicity of use, wide open-source community, and availability of low-cost boards.
Market key trends:
The open-source movement has boosted the popularity of Arduino among hobbyists and designers. The open-source nature allows programmers to access Arduino's code and modify it as per their requirements. This has led to the development of compatible boards offering similar functionality at lower prices compared to official Arduino boards. It has also helped cultivate a thriving global community that develops and shares innovations using Arduino. The vibrant user community constantly contributes to developing new codes, modules, and hardware extensions for Arduino. This easy availability of add-ons and extensions further simplifies prototyping, thereby fueling the adoption of Arduino-compatible platforms.
Porter’s Analysis
Threat of new entrants: The Global Arduino Compatible Market Size faces moderate threat of new entrants as the capital requirements are low and components are easily available. However, established brands have strong brand loyalty and distribution channels.
Bargaining power of buyers: The bargaining power of buyers is high in this market as there are numerous substitutes available. Buyers can switch to alternative brands easily based on pricing and additional features.
Bargaining power of suppliers: The suppliers of components have moderate bargaining power as there are many component manufacturers for Arduino compatible products. This prevents any single supplier from significantly influencing prices.
Threat of new substitutes: There is a high threat of substitute products entering the market from other electronics brands offering compatible hardware and software at competitive prices.
Competitive rivalry: The market sees intense competition among existing players.
SWOT Analysis
Strength: The market is driven by its wide applications in various sectors like education, automation, robotics etc. It offers user-friendly experience with open-source IDE and community support.
Weakness: Customers may shift to alternatives for specific features or lower prices. Dependence on third party software can be an issue.
Opportunity: Scope for expanding into new sectors and geographies with localized product offerings. Growing adoption of IoT solutions presents opportunities.
Threats: Supply chain disruptions and fluctuations in raw material costs can impact margins. Technology obsolescence is a constant threat.
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