New Delhi, June 07, 2022 (GLOBE NEWSWIRE) — The growth of the automotive memory market can be majorly attributed to the emergence and integration of several advanced features such as advanced driver assistance systems (ADAS), predictive and self-intelligence systems, other abilities in the automobile. Such features require the use of an automotive microcontroller as memory is integrated into automotive microcontrollers for storing and transporting data…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Automotive Memory Market was worth 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% over the analysis period 2022-2028. The expansion in the automotive memory market can be mainly attributed to the emergence and integration of several advanced features such as advanced driver assistance systems (ADAS), predictive and self-intelligence systems, and other capabilities in the automobile. Such features require the use of an automotive microcontroller because memory is built into automotive microcontrollers for storing and transporting data. Thus, growing demand for these advanced features is expected to sustain the automotive memory market over the forecast period 2022-2028.
Increase in demand for hybrid and electric vehicles with advanced features to drive market growth
The rise of fully electric vehicles (EV) and hybrid vehicles, along with the emergence of ADAS systems, Graphical Instrument Cluster (GIC), infotainment systems and fully autonomous driving solutions, has created a need for electronic control units (ECU) – automotive computer controllers used to receive and process signals from sensors and export control commands to the actuator to be executed. Companies in the automotive memory market are offering new technologies for next-generation autonomous electric vehicles. For example, in 2021, Samsung Electronics, a global pioneer in advanced memory technology, announced a wide range of cutting-edge automotive memory solutions for next-generation autonomous electric vehicles. These factors have resulted in increased demand for automotive memory solutions, consequently propelling the growth of their market.
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ADAS likely to grow with the highest CAGR during the forecast period depending on the application
The global automotive memory market is categorized into Infotainment & Connectivity, ADAS and others based on application. Amid the segmentation, ADAS is the fastest growing application sector in the world, growing at the highest CAGR over the projection period. This can be attributed to the increasing incidence of traffic accidents which prompted the implementation of stricter safety laws, thus fueling the demand for ADAS in the global market. The deployment of next-generation instrument clusters that display detailed graphical gauge readings on large, high-resolution color displays is increasing market demand for on-board storage and data processing. Powertrain integration will improve fuel efficiency and average fuel economy in the global automotive memory market.
Impact of COVID-19 on the Global Automotive Memory Market
The emergence of the COVID-19 pandemic has brutally impacted the global automotive memory market. Several governments around the world have imposed strict lockdowns and transportation limitations, resulting in several bottlenecks in raw material availability and supply chain logistics, thus interrupting the manufacturing and distribution procedures of the components of automotive memory. For example, in December 2021, Micron Technology Inc. said delays in supplying its DRAM memory chips, which are widely used in data centers, would be caused by the COVID-19 shutdown in the Chinese city. from Xian. However, with the lifting of lockdowns and the resumption of operations in many companies and manufacturing facilities, the demand for connected cars is gradually increasing as manufacturing plants have started producing the items on a limited scale while following the rules of social distancing imposed by the government. Besides manufacturing, sales of connected cars have started with the reopening of auto shops after the lifting of closures and curfews.
Please find the Global Automotive Memory Market Press Release: https://www.blueweaveconsulting.com/press-release/global-automotive-memory-market-to-surpass-usd-17-billion-by-2028
Europe is expected to grow with the highest CAGR in the global automotive memory market.
In terms of regional analysis, the global automotive memory market has been categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Amid the segmentation, Europe is expected to be the largest growing market for global automotive memory owing to the expanding automotive and construction industry in the region. The European regulation imposing ADAS functionalities in the automobile is a major factor in this dynamic. Additionally, connected car devices are in high demand in Europe, as they help monitor vehicles and drivers by transmitting important information between surrounding infrastructure and automobiles. Many of the world’s largest automotive technology companies are based in Europe. Europe is known for its large number of technology OEMs that operate in in-car entertainment, navigation and in-car networking (eg via Bluetooth), all of which have grown significantly over the past decade.
Several players compete on the basis of price in the global automotive memory market. Suppliers are encouraged to diversify their product portfolios in order to reach as many consumers as possible in the global marketplace. The emergence of global and domestic OEMs, which frequently compete on price and product differentiation, increases market rivalry. To access the largest number of consumers and increase the profitability of the global automotive memory market, leading manufacturers are expanding their businesses to emerging markets.
The major players operating in the global automotive memory market are 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 leading players.
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The in-depth analysis of the report provides insights into the growth potential, upcoming trends, and statistics of the global Automotive Memory Market. It also highlights the factors driving the forecast 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 take sound strategic decisions. In addition, the report also analyzes market growth drivers, challenges, and competitive dynamics.
- March 2022: Toshiba Corporation has made significant progress in reducing the size of its LiDAR’s laser projector unit to a quarter of the size of the previous iteration, which shipped in June 2021. With an image resolution of 1200 x 84 pixel peak, its range has been extended to 300m, the longest in the world(*1). It can be built with a variety of flexible projector unit combinations to meet a wide range of long-range and wide-angle sensing applications.
- March 2022: Toshiba Digital Solutions Corporation introduced SQBM+, a quantum-inspired optimization solution1 systematized as a solution based on the Simulated Forking Machine, a combinatorial optimization solver based on Toshiba Corporation’s Simulated Forking Algorithm. The new LiDAR would advance progress in Toshiba’s priority application areas of autonomous driving and infrastructure monitoring.
|Years considered||Historical data – 2018-2021|
|Base year – 2021|
|Forecast – 2022 – 2028|
|Facts Covered||Revenue in millions of dollars|
|Volume in millions of units|
|Market coverage||United States, Canada, Germany, United Kingdom, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, United Arab Emirates, South Africa|
|Product/service segmentation||By product, by application, by vehicle type, by low density SLC NAND flash memory type and by region.|
|Key players||The major players operating in the global automotive memory market are 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, Windbond Electronics Corp. and other leading players.|
- By Low Density SLC NAND Flash Memory Type
- Infotainment and Connectivity
By type of vehicle
- Passenger vehicles
- Commercial vehicles
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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