According to the latest report by IMARC Group, titled “Automotive Memory Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global automotive memory market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global automotive memory market size reached US$ 4.64 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 10.63 Billion by 2027, exhibiting a growth rate (CAGR) of 13.70% during 2022-2027.
Automotive memory is a data storing, accessing, and transmitting solution that functions similarly to commercial memories while performing various vehicle operations. It can be compared to error-correcting code (ECC) memories, wherein the information is stored, and memory access must be accurate. It helps communicate information between car functions and make quick decisions after evaluating real-time data to ensure comfort and safe driving with minimal human intervention. As a result, automotive memory finds extensive applications in multi-camera vision, digital cluster instruments, advanced driving assistance systems (ADAS), infotainment solutions, and powertrains across the globe.
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The global automotive memory market is primarily driven by the rising need for modern vehicles with infotainment and engine control systems. Moreover, the increasing demand for onboard or cloud technologies in vehicles to manage traffic signals, lanes, parking, and surveillance activities is positively influencing the market growth. Additionally, the surging adoption of the ADAS system in automobiles due to rising incidences of road accidents and the implementation of stringent government safety regulations represents another major growth-inducing factor.
Besides this, the development of next-generation clusters that enable the display of high-definition (HD) content and streaming music or video has catalyzed market growth. Other factors, including the ongoing development of non-contact three-dimensional (3D) magnetic sensors, rising integration of safety electronics, and rapid expansion in the automotive sector, are also anticipated to drive the market further.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Infineon Technologies AG, Integrated Silicon Solution Inc., Macronix International Co. Ltd., Micron Technology Inc., Nanya Technology Corporation, Renesas Electronics Corporation, Samsung Electronics Co. Ltd., SK hynix Inc., Texas Instruments Incorporated, Western Digital Corporation and Winbond Electronics Corporation.
The report has been segmented the market into following categories:
Breakup by Product:
Breakup by Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
Breakup by Application:
- Infotainment and Connectivity
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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