Dublin, Oct. 24, 2023 (GLOBE NEWSWIRE) -- The "Automotive Memory Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global automotive memory market has been making remarkable strides, with its size reaching a substantial US$ 5.3 billion in 2022. A recent market analysis conducted by industry experts foresees an even brighter future, as the market is projected to skyrocket to an estimated US$ 12.2 billion by 2028.
This anticipated growth represents an impressive compound annual growth rate (CAGR) of 13.4% during the period spanning from 2023 to 2028.
Driving the Future of Automotive Memory
Automotive memory plays a crucial role in today's vehicles, serving as a data storage, access, and transfer solution. While it shares similarities with commercial memories in function, automotive memory specializes in different operations tailored for vehicles. The array of automotive memory solutions includes dynamic random-access memory (DRAM), static random-access memory (SRAM), read-only memory (ROM), FLASH-based storage, and magneto-resistive random-access memory (MRAM) testing.
These memory solutions facilitate the seamless flow of information between various vehicle functions, enabling instantaneous decision-making based on real-time data. This capability ensures not only comfort but also enhances safety during driving, often with minimal human intervention. As a result, automotive memory finds extensive applications in advanced driving assistance systems (ADAS), multi-camera vision systems, digital cluster instruments, infotainment solutions, and powertrains.
Key Trends Propelling Market Growth
Several key trends are driving the growth of the global automotive memory market. The increasing demand for modern vehicles equipped with advanced infotainment and engine control systems is a significant factor contributing to market expansion. The adoption of onboard and cloud technologies in vehicles for surveillance, automatic trolling, lane management, parking assistance, and traffic signal control is on the rise.
Furthermore, the enforcement of stringent safety regulations by governments has led to the integration of advanced driver assistance systems (ADAS) in automobiles, further boosting market growth. Safety electronics, such as airbags, robust chassis systems, blind-spot displays, obstacle identifiers, traction control, and sensor-guided solutions, are becoming increasingly common.
The introduction of next-generation clusters that enable high-definition (HD) content display and streaming music and video is also driving market growth. The rapid expansion of the automotive sector, coupled with ongoing developments in non-contact three-dimensional (3D) magnetic sensors, further amplifies the market's positive trajectory.
Market Segmentation
The global automotive memory market report offers a comprehensive analysis of key trends and segmentation at global, regional, and country levels for the period from 2023 to 2028. The market is categorized based on product, vehicle type, and application.
Product Segmentation:
- DRAM
- NAND
- SRAM
- NOR
- Others
Vehicle Type Segmentation:
- Passenger Vehicles
- Commercial Vehicles
Application Segmentation:
- Infotainment and Connectivity
- ADAS
- Others
Regional Breakdown:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The competitive landscape of the global automotive memory market includes key players such as Infineon Technologies AG, Integrated Silicon Solution Inc., Macronix International Co. Ltd., Micron Technology Inc., Nanya Technology Corporation, Renesas Electronics Corporation, Samsung Electronics Co. Ltd., SK hynix Inc., Texas Instruments Incorporated, Western Digital Corporation, and Winbond Electronics Corporation.
Key Questions Answered
The market analysis report addresses key questions, including:
- How big is the global automotive memory market?
- What is the expected growth rate of the global automotive memory market during 2023-2028?
- What are the key factors driving the global automotive memory market?
- What has been the impact of COVID-19 on the global automotive memory market?
- What is the breakdown of the global automotive memory market based on the product?
- What is the breakdown of the global automotive memory market based on vehicle type?
- What are the key regions in the global automotive memory market?
- Who are the key players/companies in the global automotive memory market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 143 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $5.3 Billion |
| Forecasted Market Value (USD) by 2028 | $12.2 Billion |
| Compound Annual Growth Rate | 14.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/7o194e
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