Automotive Memory Market Share to hit $14,65Bn, Worldwide, by 2028 - Exclusive Study by The Insight Partners

 

The automotive memory market is projected to reach US$ 14.65 billion by 2028 from US$ 2.93 billion in 2021; it is expected to grow at a CAGR of 24.0% from 2022 to 2028.

 

New York, July 12, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Automotive Memory Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component [Hardware (Cameras, Display Boards and Sensors), Software (Cloud and On-Premise) and Services], Application (Automatic Tolling, Lane Management, Parking Management, Surveillance, Traffic Signal Management, and Others) and Geography” The global automotive memory market growth is driven by surging demand for automotive telematics and growing adoption of advance sensors in automotive.

 

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Automotive Memory Market Analysis: Application Overview

The global automotive memory market is grouped into infotainment & connectivity, ADAS, and others based on application. ADAS is the fastest-growing application sector globally. The rising incidence of traffic accidents prompted the implementation of stricter safety laws, which fueled demand for ADAS in the global market. ADAS aims to reduce the incidence of car accidents and the severity of those that cannot be avoided, preventing fatalities and injuries. ADAS senses the world around the car using sensors such as radar and cameras. It then either delivers information to the driver or takes autonomous action based on what it sees. ADAS also incorporates propulsion features like adaptive cruise control, which adjusts the vehicle's speed to maintain a safe distance from the vehicle ahead of it. In other situations, such as interstate driving or stop-and-go traffic, more advanced ADAS capabilities can even manage steering and propulsion without needing hands-on control from the driver. The deployment of next-generation instrument clusters that display detailed graphical gauge readouts on large, high-resolution color displays is growing market demand for onboard storage and data processing. Powertrain integration will enhance fuel efficiency and average fuel economy in the worldwide automotive memory market.

 

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Automotive Memory Market: Competitive Landscape and Key Developments

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; Nanya Technology; Texas Instruments Inc. and Windbond Electronics Corp. are among the key automotive memory market players profiled during this study. In addition, several other important automotive memory market players were studied and analyzed during this market study to get a holistic view of the market and its ecosystem.

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.