At a CAGR of 24.0%, the global Automotive Memory market is projected to reach US$ 14,652.8 million by 2028, says The Insight Partners
The automotive memory market is projected to reach US$ 14,652.8 million by 2028 from US$ 2,937.7 million in 2021; it is expected to grow at a CAGR of 24.0% from 2022 to 2028.
Automotive Memory Market Forecast to 2028 -COVID-19 Impact and Global Analysis By Component [Hardware (Cameras, DisplayBoards and Sensors), Software (Cloud and On-Premise) and Services], Application(Automatic Tolling, Lane Management, Parking Management, Surveillance, TrafficSignal Management, and Others) and Geography
According to our latest market study on"Automotive Memory Market Forecast to 2028 – COVID-19 Impact and GlobalAnalysis – by Product, Vehicle Type and, Application," the market isexpected to grow from US$ 2,937.7 million in 2021 to US$ 14,652.8 million by2028; it is anticipated to grow at a CAGR of 24.0% from 2022 to 2028.
Surgingdemand for automotive telematics is driving the internet of things (IoT)expansion, which is projected to drive increased demand for automotive memory.New automobiles now come with cutting-edge technologies such as advanced driverassistance systems (ADAS) and predictive and self-intelligence systems. All ofthese functions necessitate the use of an automotive microcontroller. Memory isbuilt into automotive microcontrollers for data storage and transport, and thegrowing demand for such features contributes to an increase in the need forautomotive memory. These factors collectively drive the growth of theautomotive memory market size globally.
TheAPAC automotive memory market is segmented into Australia, China, India, Japan,and South Korea. The region's economy is performing well due to numeroustechnological and infrastructural developments. The Asia Pacific region isexpected to grow rapidly during the forecast period. The rising governmentinitiatives for smart cities and smart traffic management systems are largelyresponsible for the region's tremendous growth. Furthermore, factors such assteadily increasing economies, expanding internet access and high-speednetworks, and technical advancements in the automotive sector are all boostingthe the Asia Pacific automotive memory market growth. The region's need forself-driving cars has prompted OEMs to deploy advanced telematics technologyand services, projected to boost the automotive memory market size.
Theglobal automotive memory market value chain comprises the followingstakeholders- R&D, manufacturing, marketing & sales, and end-users. Thecompany's R&D efforts primarily focus on developing industry-leading memoryand storage solutions that enable performance and cost structure improvementsfor automotive memory products. A variety of suppliers provide materials,parts, and supplies to companies. Players may acquire such products fromsole-source suppliers in some situations. The availability of resources thatsatisfy demanding requirements and using third parties to offer components andservices are essential to the supply chain and operations. Manufacturingsemiconductor products is a complicated process that includes many precisephases such as wafer fabrication, assembly, and testing. The successfuldeployment of sophisticated semiconductor manufacturing techniques across manyfacilities is required for efficient semiconductor product production.Companies mainly market and sell their products through direct sales channels,including websites, broad sales and applications teams, and distributors. Forinstance, NXP Semiconductors N.V. sells its products and solutions to OEMs,ODMs, contract manufacturers, and distributors worldwide. End-users ofautomotive memory include OEMs and automobile manufacturers.
Theautomotive memory market is segmented on the basis of product, vehicle type,and application. Based on product, the market is segmented into DRAM, NAND,SRAM, and others. Low Density SLC NAND Flash Memory Type, the type of NANDconsidered, is further segmented into 8Gbit, 4Gbit, 2Gbit, and Others. On thebasis of vehicle type, the automotive memory market is segmented into passengerand commercial vehicles. By application, the automotive memory market issegmented into infotainment & activity, ADAS, and others.