The automotive memory market size is projected to reach US$ 29.7 billion by 2031 from US$ 7.53 billion in 2023. The market is expected to register a CAGR of 18.7% during 2023–2031. The rising advancements & developments in ADAS technology are likely to remain key trends in the market.
Automotive Memory Market Analysis
The rise in demand for automotive telematics and the adoption of sensors in automotive applications is expected to drive the demand for automotive memory, which in turn is expected to fuel the market growth in the coming years. In addition, stringent government norms regarding the deployment of telematics in vehicles are projected to boost the market growth from 2023 to 2031. Moreover, increasing demand for hybrid electric vehicles and electric vehicles across the world is expected to fuel the demand for automotive memories which in turn is projected to create opportunity for the key companies in the market during the forecast period.
Automotive Memory Market Overview
Vehicles are currently integrated with a variety of distributed memory types, such as static random-access memory, dynamic random-access memory, read-only memory, FLASH, and, in some cases, magnetoresistive random access memory (MRAM). Testing. Automotive storage is similar in function to commercial storage but works differently. It is more similar to ECC (Error Correcting Code) memories, which rely on the result of memory access, and the information stored is correct. As more microprocessors are used, distributed DRAM is used, which is locally responsible for signal, information processing, and SRAM or FLASH storage to transfer information between functions in the vehicle.
The new automotive architecture includes a centralized primary central processing unit (CPU) with a huge memory array comparable to that of a normal computer. Based on the data from all driver assistance, engine, and drive subsystems, this unit processes and makes systemic decisions. Unlike home and business computers, which have a lifespan of 2 to 5 years, car storage needs to run continuously for 12 to 20 years.
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Automotive Memory Market: Strategic Insights
Market Size Value in US$ 2,937.7 Million in 2021 Market Size Value by US$ 14,652.8 Million by 2028 Growth rate CAGR of 24.0% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Automotive Memory Market: Strategic Insights
| Market Size Value in | US$ 2,937.7 Million in 2021 |
| Market Size Value by | US$ 14,652.8 Million by 2028 |
| Growth rate | CAGR of 24.0% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Automotive Memory Market Drivers and Opportunities
Growing Adoption of Advanced Sensors in Automotive to Favor Market
Automotive sensors are essential for the smooth operation of modern automobiles. These sensors provide information about numerous vehicle parameters to the electronic control unit (ECU), maximizing safety, efficiency, and performance. They do this by converting physical quantities into electrical impulses. These sensors are categorized into two main categories: first, by the physical properties they measure, and second, by the underlying technology they use. The sensors help reduce errors caused by wear or contamination, ensure stable measurements, and save space in high-temperature environments. The demand for pressure sensors is expected to surge and drive the industry forward rapidly. Pressure sensors are installed in the side doors of the car that send digital crash signals to the central airbag unit to prevent accidents. Hence, the rise in the adoption of advanced sensors in automotive applications is expected to drive market growth in the coming years.
Growing Demand for Hybrid and Electric Vehicles Globally
The increase in fully electric vehicles (EV) and hybrid electric vehicles, accompanied by the emergence of ADAS, graphic instrument cluster (GIC), infotainment systems, and fully autonomous driving solutions, created a demand for electronic control units (ECU) - automotive controllers used in receiving and process signals from sensors and export control commands to the actuator to execute. For instance, in the US, new electric cars registered in the year 2023 totaled ~1,400,000 units, increased by 40% as compared to 2022. Such a rise in demand for electric vehicles is expected to create an opportunity for the key players operating in the automotive memory market.
Automotive Memory Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive memory market analysis are product, vehicle type, and application.
- Based on product, the automotive memory market is divided into DRAM, NAND, SRAM, NOR, and others. The DRAM segment held the largest market share in 2023.
- By vehicle type, the market is segmented into passenger vehicle and commercial vehicle. The passenger vehicle segment held the larger share of the market in 2023.
- By application, the market is classified into infotainment & connectivity, ADAS, and others. The others segment held a significant share of the market in 2023.
Automotive Memory Market Share Analysis by Geography
The geographic scope of the automotive memory market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The scope of the automotive memory market report encompasses North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South America (Brazil, Argentina, and the Rest of South America). In terms of revenue, Asia Pacific dominated the automotive memory market share in 2023. North America is the second-largest contributor to the global automotive memory market, followed by Europe.
Automotive Memory Market Report Scope
Automotive Memory Market News and Recent Developments
The automotive 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 automotive memory market are listed below:
- Samsung Electronics Co., Ltd. signed an agreement with SemiDrive. Through this agreement, Samsung Electronics Co., Ltd. will supply automotive memory solutions to the SemiDrive. (Source: Samsung Electronics Co., Ltd., Press Release, August 2023)
- Samsung Electronics Co., Ltd. developed a new GDDR7 32 Gbps DRAM. This new automotive memory product will expand the capabilities in applications for AI, HPC, and automotive vehicles. (Source: Club Car, Press Release, March 2023)
Automotive Memory Market Report Coverage and Deliverables
The “Automotive Memory Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automotive memory market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automotive memory market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Automotive 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 automotive memory market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Vehicle Type and, Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
Asia Pacific dominated the automotive memory market in 2023.
Rising advancements & developments in ADAS technology are the future trend of the automotive memory market.
Micron Technology Inc., Samsung Electronics Co., Ltd., Toshiba Corporation, Western Digital Technologies, Inc., SK Hynix, Macronix International Co., Texas Instruments Inc., Qualcomm Technologies, Inc., Infineon Technologies, Inc., and Renesas Electronics Corporation are some of the leading players in the automotive memory market.
US$ 29.7 billion estimated value of the automotive memory market by 2031.
18.7% is the expected CAGR of the automotive memory market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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