The latest research study “Automotive Memory Market Analysis : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that 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 CAGR of 13.70% during 2022-2027.
Automotive Memory Market Overview
Automotive memory refers to a data storing, accessing, and transferring solution that is considered similar to commercial memory in function. It can be compared with error-correcting code (ECC), where memory access must be proper.
In line with this, automotive memory includes dynamic random-access memory (DRAM), static random-access memory (SRAM), read-only memory (ROM), magneto-resistive random-access memory (MRAM) testing, etc. These solutions help in conveying information between functions in the car and making instant decisions after analyzing real-time data to ensure comfort and safe driving with little-to-no human intervention. Consequently, automotive memory finds extensive applications in advanced driving assistance systems (ADAS), multi-camera vision, digital cluster instruments, infotainment solutions, powertrains, etc., across the globe.
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Market Trends in the Automotive Memory Market
The escalating demand for modern vehicles with infotainment and engine control systems is primarily augmenting the automotive memory market. Furthermore, the rising need for onboard or cloud technologies in automobiles to perform surveillance, automatic trolling, lane, parking, and traffic signal management operations is positively influencing the global market.
Apart from this, the growing incidences of road accidents and the implementation of stringent safety regulations by government bodies have prompted the incorporation of the ADAS system in vehicles, which is acting as another significant growth-inducing factor.
Moreover, the increasing integration of safety electronics, including airbags, robust chassis, blind-spot displays, obstacle identifiers, traction control, and sensor-guided solutions, is also bolstering the market growth. Besides this, the introduction of next-generation clusters that enable the display of high-definition (HD) content and streaming music or video is expected to fuel the automotive memory market in the coming years.
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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