[Research Report] 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.
Vehicles currently have a variety of distributed memory options, including Static Random Access Memory (SRAM), Dynamic Random Access Memory (DRAM), Read-only memory (ROM), FLASH, and, in some cases, Magnetoresistive Random Access Memory (MRAM) testing. In function, automotive memories are comparable to commercial memories, although they operate differently. Distributed DRAM local to the signal, information processing, and SRAM or FLASH storage memory is being utilized to convey information between functions in the car as more microprocessors are used. The new automotive architecture includes a centralized primary central processing unit (CPU) with a huge memory arrangement comparable to a normal computer. Infotainment systems, Advanced driver-assistance systems (ADAS), and cloud connectivity are among the applications available in next-generation vehicles. Machine learning and deep learning calculations would be aided by the Cloud data stored in a peripheral component interconnect express-based nonvolatile memory express (NVMe).
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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
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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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Impact of COVID-19 Pandemic on Automotive Memory Market Growth
The COVID-19 outbreak disrupted various industry verticals such as automotive, manufacturing, energy & power, aerospace & defense, construction, and many others in 2020. The continuous growth in the number of novel coronavirus-infected patients compelled government authorities to impose stringent lockdowns across the US and other regions in the first three quarters of 2020. This led to a significant decline in automotive sales across all countries. Implementing containment measures such as trade bans, travel restrictions, and workforce limitations at workplaces has impacted various businesses' manufacturing, supply, and sales, including automotive memory. Automotive memory manufacturing witnessed severe losses due to temporary factory shutdowns and low production volumes, which also hindered the supply. Thus the automotive memory market size decreased. In the US, automotive sales recorded new lows, while similar low volume automotive production was recorded in Germany and Japan. The global automotive memory market was severely hit since manufacturing was severely disrupted. Higher semiconductor prices, stringent restrictions, and disrupted supply chain further aggravated the situation. However, the market experienced a positive impact since Q4 of 2020, when manufacturing and sales of automotive resumed. Hence, the pandemic had negatively impacted the automotive memory market growth.
Lucrative Regions for Automotive Memory Market
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Market Insights – Automotive Memory Market
The demand for automotive sensors is expanding due to the rising demand and adoption of new technology. Automotive manufacturers are promoting using non-contact 3D magnetic sensors to replace optical systems or potentiometers that employ traditional position sensing techniques. These sensors aid in decreasing mistakes caused by wear or contamination, ensure stable measurements and save space in high-temperature environments. The government's move to make the installation of some automotive sensors mandatory would aid the increased usage and demand for automotive sensors. For instance, the European Commission has agreed that all new vehicles sold in Europe would be fitted with a speed limiter as a legal requirement from 6 July 2022. The 2019/2044 regulation also mandates that all new cars launched be fitted with an Intelligent Speed Assist (ISA) by 7 July 2024. Hence, such differentiated applications of automotive sensors can be expected to provide ample growth opportunities for automotive memory market players.
Product-Based Insights
The automotive memory market, by product, is segmented into DRAM, NAND, SRAM, and others. DRAMs are memory chips that are only used to store data. NAND flash memory is a non-volatile storage technology aiming to lower the cost per bit while increasing chip capacity. Since NAND memory has a fixed amount of writing and erasing cycles, any operation failure is usually slow, with individual cells collapsing and overall performance deteriorating. Smaller chips and improved reading and writing cycles are among the latest NAND flash memory technology advancements. NAND, supported by SD standards, has witnessed an exponential increase in memory capacity. SRAM (static random access memory) is a type of random access memory (RAM) that keeps data bits in its memory as long as power is available. Modern automobiles use a substantial quantity of DRAM, NAND, SRAM, and SSD storage to improve memory usage. Every day, vehicles become smarter, collecting a variety of gadgets in the process.
The automotive 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 NAND considered, is further segmented into 8Gbit, 4Gbit, 2Gbit, and others. On the basis of vehicle type, the automotive memory market is segmented into passenger and commercial vehicles. By application, the automotive memory market is segmented into infotainment & activity, ADAS and others. Based on geography, the Automotive Memory market is primarily segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). Micron Technology, Inc., Sk Hynix, Toshiba Memory Corporation, Samsung Electronics Co., Ltd., and Western Digital Technologies, Inc. are among the key automotive memory market players.
Automotive memory market players mainly focus on developing advanced and efficient products.
- In 2022, Phison Electronics, a specialist in NAND flash device controllers, has had its solutions certified by ISO 26262 for the automotive functional safety and development process. It is hoping to grow its footprint in the worldwide vehicle storage industry.
- In 2021, Micron Technology started sampling its automotive DDR5 DRAM (LPDDR5) memory. Micron's new portfolio of memory and storage technologies based on the International Organization for Standardization (ISO) 26262 standard for functional vehicle safety includes LPDDR5. Many of today's advanced safety technologies, including intelligent cruise control, blind-spot recognition, and automatic emergency braking, are compatible with Micron's functional safety-evaluated DRAM. The LPDDR5 memory from Micron is designed to meet the growing bandwidth demands of this and other next-generation automotive systems.
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
The automotive memory market is expected to reach US$ 14,652.8 million by 2028.
The incremental growth, expected to be recorded for the automotive memory market during the forecast period, is US$ 10,621.7 million.
The US held the largest market share in 2021, followed by China.
The infotainment & connectivity segment led the automotive memory market with a significant share in 2021. It is further expected to dominate the market share over the forecast period. However, ADAS segment is expected to be the fastest growing.
Europe is the fastest growing regional market. In Europe, with the adoption of automotive telematics in electric vehicles, the demand for automotive memory is expected to propel in the future.
India and China are expected to register high growth rates during the forecast period.
The key players, holding majority shares, in automotive memory market includes Micron Technology, Inc.; Sk Hynix.; Samsung Electronics Co., Ltd.; Western Digital Technologies, Inc. and Toshiba Corporation
Automobile safety and security laws and regulations have been enacted by governments in key countries throughout numerous regions. Many governments have mandated increased installation to track the location and behavior of cars. Many countries have made services such as theft tracking and emergency call systems mandatory. Such regulations are expected to become a norm across most countries in the world.
Automotive memory market is being driven by the surging demand for automotive telematics and growing adoption of advance sensors in automotive. Automotive telematics systems are widely used in communication, mapping, and upgrading the safety aspects of automobiles. Memory is built into automotive microcontrollers for data storage and transport, and the growing demand for such features contributes to an increase in the need for automotive memory.
The global automotive memory market was estimated to be USD 2,937.7 Million in 2021, and is expected to grow at a CAGR of 24.0%, during the forecast period 2022 - 2028.
The List of Companies - Automotive Memory Market
- Micron Technology, Inc.
- Sk Hynix
- Samsung Electronics Co., Ltd.
- Western Digital Technologies, Inc.
- Infineon Technologies AG
- Macronix International Co.
- Integrated silicon Solution, Inc.
- Renesas Corporation
- Qualcomm Technologies, Inc.
- MediaTek, Inc.
- Toshiba Corporation
- STMicroelectronics N.V.
- Nanya Technology
- Texas Instruments Inc.
- Windbond Electronics Corp.
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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