Global Automotive Memory Market to Surpass USD 17 Billion by 2028
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 up to USD 17,250.6 million by the year 2028, growing at a CAGR of 23.9% over the analysis period of 2022-2028.
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 up to USD 17,250.6 million by the year 2028, growing at a CAGR of 23.9% over the analysis period of 2022-2028. The expansion in the Automotive Memory market can be primarily attributed to the emergence and incorporation of several advanced features such as advanced driver assistance systems (ADAS), predictive and self-intelligence systems, and other capabilities in automotive. Such features necessitate the use of an automotive microcontroller as memory is built into automotive microcontrollers for data storage and transport. Thus, growing demand for these advanced features is expected to bolster the market for automotive memory over the forecast period 2022-2028.
Increasing Demand for Hybrid and Electrical vehicles Incorporated with Advanced Features to Drive Market Growth
The surge in fully electric vehicles (EV) and hybrid vehicles, accompanied by the emergence of ADAS, Graphic Instrument Cluster (GIC), infotainment systems, and fully autonomous driving solutions, 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 execute. Companies in the automotive memory market are coming up with new technologies for next-generation autonomous electric vehicles. For instance, in 2021, Samsung Electronics, a global pioneer in advanced memory technology, announced a broad range of cutting-edge automotive memory solutions for next-generation autonomous electric vehicles. These factors have resulted in a heightened demand for automotive memory solutions, consequently propelling their market growth.
ADAS Likely to Grow with the Highest CAGR During Forecast Period Based on Application
The global automotive memory market is grouped into infotainment & connectivity, ADAS, and others based on application. Amidst the segmentation, ADAS is the fastest-growing application sector globally, expanding at the highest CAGR over the projection period. This can be ascribed to the rising incidence of traffic accidents that have 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 readouts on large, high-resolution color displays is growing market demand for onboard storage and data processing. Powertrain integration will enhance fuel efficiency and average fuel economy in the worldwide automotive memory market.
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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 worldwide imposed rigorous lockdowns and transportation limitations, resulting in several bottlenecks in raw material availability and supply chain logistics, thus halting the manufacturing and distribution procedures of automotive memory components. For instance, in December 2021, Micron Technology Inc. said that the delays in the supply of its DRAM memory chips, which are widely used in data centers, would be caused by the COVID-19 shutdown in the Chinese city Xian. However, With the lifting of lockdowns and the restoration of operations in numerous businesses and manufacturing facilities, demand for connected cars is gradually increasing, as manufacturing plants have begun producing the items on a limited scale while following government-mandated social distancing rules. Apart from manufacturing, connected car sales have begun as auto shops reopen following the lifting of lockdowns and curfews.
Europe 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 classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East, and Africa. Amidst the segmentation, Europe is expected to be the largest growing market in the global automotive memory owing to the expanding automotive and construction sector in the region. The European regulation mandating ADAS features in automotive is a major factor behind this dynamic. Moreover, connected car devices are in high demand In Europe as they aid in monitoring 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 (for example, via Bluetooth), all of which have advanced significantly in the recent decade.
There are several players competing on the basis of price in the global automotive memory market. Vendors are being encouraged to diversify their product portfolios in order to access the largest number of consumers possible in the global market. The emergence of global and domestic OEMs, which frequently compete on price and product differentiation, is increasing market rivalry. To access the largest number of consumers and increase profitability in the global automotive memory market, prominent manufacturers are expanding their operations into emerging markets.
The key 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 prominent players.
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