Embedded Non-Volatile Memory Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2030

The embedded non-volatile memory market size is projected to reach US$ 3,732.95 million by 2030 from US$ 729.05 million in 2022. The market is expected to register a CAGR of 22.6% during 2022–2030. The increase in the adoption of consumer electronics and the expansion of the automotive industry are likely to remain key trends in the market.

Embedded Non-Volatile Memory Market Analysis

The growth of the embedded non-volatile memory market is attributed to the rising adoption of advanced consumer electronics among the masses due to the rising GDP per capita. The escalating adoption of advanced electronics in automobiles and the growing penetration of connected devices is also fuelling market growth. Moreover, the increasing adoption of IoT solutions and growing smart city projects are projected to boost the embedded non-volatile memory market in the near future.

Embedded Non-Volatile Memory Market Overview

Embedded non-volatile memory (eNVM) is a compact chip integrated into microcontrollers and hardware used for data storage. The data stored is used for programming, encryption, coding, identification, trimming, and redundancy purposes. The non-volatile memory systems include transistors that have pieces of conductive material surrounded by a layer of insulator. When the microcontroller is powered, a small amount of electricity is trapped by surrounding insulation, which allows non-volatile memory to retain its data. The tiny size and high efficiency of embedded non-volatile memory are replacing traditional standalone non-volatile memories. The memory technology is becoming one of the essential parts of microcontroller-based Internet of Things (IoT) devices.

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Embedded Non-Volatile Memory Market: Strategic Insights

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Embedded Non-Volatile Memory Market Drivers and Opportunities

Growing automotive industry

The impact of modern technology has positively shaped the automotive industry. The advent of digital technology worldwide has made it possible for manufacturers to implement advanced solutions in automobiles. Today, cars are equipped with a range of sophisticated technologies for making driving safer, comfortable, and enjoyable for users, which increases the demand for embedded non-volatile memory in the automotive industry. The embedded non-volatile memory is integrated into embedded systems, which are highly used in both regular and hybrid automotive vehicles. These memories help the automotive user store code and other data after the vehicle's system restarts. The embedded non-volatile memory is used in ADAS technology incorporated in electric and hybrid vehicles. The growing demand for electric and hybrid vehicles is driving the market. For instance, according to the International Energy Agency (IEA), electric vehicle sales will increase by 10 million in 2022. Approximately 14% of all new cars sold across the globe were electric. The increasing sales of electric cars globally raises the adoption of embedded non-volatile memory among automotive manufacturers. These memories are used to store data in the absence of a power supply.

Rising Consumer Electronics Market

With the rising consumer disposable income around the globe, the purchasing power of an individual is rising, which is further fostering the sales of consumer electronics. The growing urbanization and people's changing lifestyles are another factor contributing to the sales of consumer electronics. With the growing consumer electronics market, the demand for embedded non-volatile memory is growing, as it is placed in microcontrollers in several consumer electronics such as smartphones, cameras, smartwatches, TVs, smart speakers, tablets, and several others. It supports microcontrollers for data storage.

Embedded Non-Volatile Memory Market Report Segmentation Analysis

Key segments that contributed to the derivation of embedded non-volatile memory market analysis are the product and application.

• Based on the product, the embedded non-volatile memory market is divided into eFlash, eE2PROM, FRAM, and others. The eFlash segment held the largest share of the market in 2022.
• By application, the market is segmented into consumer electronics, automotive, robotics, and others. The robotics segment held a significant share of the market in 2022.

Embedded Non-Volatile Memory Market Share Analysis by Geography

The geographic scope of the embedded non-volatile memory market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America holds a significant global market share in 2022. The expected rise in the adoption of embedded non-volatile memory in this region can be credited to the growing sales of the automotive and consumer electronics market in the region. Increasing adoption of EVs in the US, Canada, and Mexico will raise the need for micro-controllers, which are used bumper-to-bumper to build safer, smarter and greener cars. The automotive sector in the region is witnessing tremendous growth due to the increasing capital growth and rising exports of automobiles. Embedded non-volatile memory also supports the development of advanced driver assistance systems (ADAS) and in-vehicle infotainment (IVI) systems, making cars smarter and more connected than ever before.

Embedded Non-Volatile Memory Market Regional Insights

The regional trends and factors influencing the Embedded Non-Volatile Memory Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Embedded Non-Volatile Memory Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Embedded Non-Volatile Memory Market Report Scope

Embedded Non-Volatile Memory Market Players Density: Understanding Its Impact on Business Dynamics

The Embedded Non-Volatile Memory Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Embedded Non-Volatile Memory Market are:

1. Microchip Technology Inc
2. Tower Semiconductor
3. Globalfoundries Inc
4. eMemory Technology Inc
5. Texas Instruments Inc
6. Hua Hong Semiconductor Limited

Disclaimer: The companies listed above are not ranked in any particular order.

Embedded Non-Volatile Memory Market News and Recent Developments

The embedded non-volatile memory market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the embedded non-volatile memory market are listed below:

• ANAFLASH, a smart microcontroller developer for edge computing based in Silicon Valley, has acquired an exclusive license for a single-poly-based embedded flash memory technology from the University of Minnesota (UMN). The UMN startup now seeks to commercialize this cost-effective and energy-efficient non-volatile memory technology, which is now available to be licensed to collaborative partners with a primary application for numerous battery-powered devices such as medical wearables, wireless sensors, and autonomous robots. (Source: ANAFLASH, Press Release, March 2023)
• Building upon its proven expertise in serial EEPROM technology, STMicroelectronics introduced the market's first Serial Page EEPROM. This brand-new class of EEPROM is a high-density, page-erasable SPI memory that delivers unique and unprecedented flexibility and performance with ultra-low power consumption. (Source: STMicroelectronics, Press Release, June 2022)

Embedded Non-Volatile Memory Market Report Coverage and Deliverables

The "Embedded Non-Volatile Memory Market Size and Forecast (2020–2030)" report provides a detailed analysis of the market covering below areas:

• Embedded non-volatile memory market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Embedded non-volatile memory market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter's Five Forces and SWOT analysis
• Embedded non-volatile memory market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the embedded non-volatile memory market
• Detailed company profiles