When I write ARM I mean both AArch32 and AArch64 as they are both valid choices depending on the demands of specific products, unless I got ARM's strategy all wrong.

My assumption here is that for micro-controllers and other low-power and low computational power needs you will be using AArch32 based ARM processors.

Hence RISC-V processors would be competing with both ARM instruction-sets depending on whether chips are made for high-end or low-end.

However, thanks for clarifying ARMv8. I had not realized all their upgrades expanded both 32-bit and 64-bit instruction sets.