“The ‘Global Automotive Memory Market Report,’ published by Report Ocean, offers an extensive analysis of the product and service industry, examining both historical trends and future prospects from 2023 to 2031. This report serves as a valuable resource for businesses looking to develop effective strategies for the upcoming years and provides insights into the performance of organizations and the market in the previous year.
Global Automotive Memory Market to Surpass USD 17 Billion by 2028
The growth in the automotive memory market can be primarily attributed to the emergence and integration of advanced features, including advanced driver assistance systems (ADAS), predictive and self-intelligence systems, and other capabilities in the automotive sector. These features require the use of automotive microcontrollers with memory for data storage and transportation.
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A recent study by the strategic consulting and market research firm, Report Ocean, revealed that the Global Automotive Memory Market was valued at USD 3,475.3 million in 2021 and is projected to reach USD 17,250.6 million by 2028, growing at a CAGR of 23.9% during the analysis period of 2022-2028. The growth in the Automotive Memory market can be primarily attributed to the emergence and integration of advanced features, such as advanced driver assistance systems (ADAS), predictive and self-intelligence systems, and other capabilities in the automotive sector. These features require the use of automotive microcontrollers with memory for data storage and transportation. The increasing demand for these advanced features is expected to drive the market for automotive memory over the forecast period of 2022-2028.
Increasing Demand for Hybrid and Electric Vehicles with Advanced Features to Drive Market Growth
The surge in fully electric vehicles (EVs) and hybrid vehicles, along with the emergence of advanced features like ADAS, Graphic Instrument Clusters (GIC), infotainment systems, and fully autonomous driving solutions, has created a need for Electronic Control Units (ECUs) in automotive computer controllers. These ECUs receive and process signals from sensors and transmit control commands to actuators for execution. Automotive memory market companies are innovating with new technologies to meet the requirements of next-generation autonomous electric vehicles. For instance, in 2021, Samsung Electronics, a global leader in advanced memory technology, announced a range of cutting-edge automotive memory solutions for next-generation autonomous electric vehicles. These factors have resulted in increased demand for automotive memory solutions, driving market growth.
ADAS Expected to Grow with the Highest CAGR During the Forecast Period Based on Application
The global automotive memory market is categorized into applications, including infotainment & connectivity, ADAS, and others. Among these, ADAS is the fastest-growing application sector globally, with the highest CAGR over the projection period. This growth can be attributed to the increasing number of traffic accidents, leading to the implementation of stricter safety regulations and driving demand for ADAS in the global market. The deployment of next-generation instrument clusters with detailed graphical gauge readouts on large, high-resolution color displays is increasing the demand for onboard storage and data processing in the market. The integration of powertrain systems is expected to enhance fuel efficiency and average fuel economy in the global automotive memory market.
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Impact of COVID-19 on the Global Automotive Memory Market
The emergence of the COVID-19 pandemic had a significant impact on the global automotive memory market. Many governments worldwide imposed strict lockdowns and transportation restrictions, resulting in disruptions in the availability of raw materials and supply chain logistics. This, in turn, halted the manufacturing and distribution of automotive memory components. For example, in December 2021, Micron Technology Inc. reported delays in the supply of its DRAM memory chips, which are widely used in data centers, due to the COVID-19 shutdown in the Chinese city of Xi’an. However, as lockdowns were lifted, and operations in various industries and manufacturing facilities were restored, demand for connected cars began to increase. Manufacturing plants started producing items on a limited scale while adhering to government-mandated social distancing measures. In addition to manufacturing, connected car sales began as auto shops reopened after lockdowns and curfews were lifted.
Europe Expected to Grow with the Highest CAGR in the Global Automotive Memory Market
Regionally, Europe is expected to exhibit the highest growth in the global automotive memory market. This growth is attributed to the expanding automotive and construction sectors in the region. The European region has seen the implementation of stricter regulations mandating the inclusion of ADAS features in vehicles, which is a significant driving factor. Furthermore, Europe has a high demand for connected car devices as they facilitate vehicle and driver monitoring by transmitting essential information between surrounding infrastructure and vehicles. Europe is home to numerous large automotive technology companies, and several technology OEMs are involved in in-car entertainment, navigation, and in-car networking, which have all advanced significantly in recent years.
The global automotive memory market is highly competitive, with players competing on price and product differentiation. Vendors are diversifying their product portfolios to reach a larger number of consumers in the global market. The presence of global and domestic OEMs adds to market competition as they often compete on price and product differentiation. Prominent manufacturers are expanding their operations into emerging markets to reach more consumers and increase profitability in the global automotive memory market.
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Market Overview Market Size & Forecast by Value, 2018-2028 (USD Million) Market Share & Forecast
By Product DRAM NAND Low Density SLC NAND Flash Memory Type 8 Gbit 4 Gbit 2 Gbit Others SRAM NOR Others
By Application Infotainment & Connectivity ADAS Others
By Vehicle Type Passenger Vehicles Commercial Vehicles
By Region North America Europe The Asia Pacific Latin America The Middle East and Africa
The key players operating in the global automotive memory market include Micron Technology Inc., Samsung Electronics Co., Ltd., Toshiba Corporation, Western Digital Technologies, Inc., SK Hynix, Integrated Silicon Solution, Inc., Renesas Electronics Corporation, Macronix International Co., Texas Instruments Incorporated, Qualcomm Technologies, Inc., Infineon Technologies AG, MediaTek, Inc., STMicroelectronics, Nanya Technology, Winbond Electronics Corp., and other prominent players.
Don’t miss the business opportunities in the global automotive memory market. Consult our analysts to gain crucial insights and facilitate your business growth.
The report’s in-depth analysis provides information about growth potential, upcoming trends, and global automotive memory market statistics. It also highlights the factors driving forecasts of the total market size. The report promises to provide recent technology trends in the global automotive memory market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the market’s growth drivers, challenges, and competitive dynamics.”
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