PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1461217
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1461217
Global Automotive Memory Market is valued approximately USD 1.49 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 18% over the forecast period 2023-2030. Automotive Memory refers to the specific types of memory components and systems used in vehicles for storing and retrieving data related to various functions and applications within the automotive industry. These memory solutions play a crucial role in supporting the operation of electronic systems and control units in modern vehicles. The Automotive Memory market is expanding because of factors such as growing demand for hybrid electric vehicles and rising popularity of autonomous vehicles. As a result, the demand for Automotive Memory has progressively increased in the international market during the forecast period 2023-2030.
Hybrid electric vehicles have more sophisticated electronic systems compared to traditional internal combustion engine vehicles. Advanced features such as regenerative braking, energy management, and communication between electric and internal combustion components require additional electronic control units (ECUs) and memory. This complexity drives the demand for higher memory capacities in automotive systems. According to the Bureau of Transportation Statistics, there are about 4,55,067 number of hybrid electric vehicle sales in United States and the number has reached up to 7,98,992 by the year 2022. In addition, as per automotive industry experts based on China, 6.495 million new energy passenger cars (EVs+PHEVs) were sold globally in 2021, up 107.9% year on year, with a market share of up to 9%. The sales volume of battery-electric passenger cars increased by 110% year on year to 4.6 million units, while the sales volume of plug-in hybrid electric passenger cars increased by 103% year on year to approximately 1.9 million units. In 2021, global sales of energy-efficient HEVs increased by more than 20% year on year, reaching roughly 3.5 million units. Another important factor drives the Automotive Memory market is increasing popularity of autonomous vehicle. Autonomous vehicles generate massive amounts of data from various sensors such as cameras, lidar, radar, and more. This data needs to be processed in real-time to make split-second decisions, requiring advanced computing capabilities. Automotive memory plays a crucial role in storing and accessing this data efficiently. In addition, as per Gitnux organization, it is expected that autonomous vehicles may represent approximately 15% of global new car sales by the year 2030. The projected global market size for autonomous vehicles is estimated to soar to USD 556.67 billion by 2026. Moreover, rising integration of safety electronics within automobiles and technological advancements associated with automotive memory components is anticipated to create a lucrative growth opportunity for the market over the forecast period. However, risk of data privacy and high cost associated with automotive memory featured components is going to impede overall market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Automotive Memory Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rising demand for autonomous vehicles in the region. Autonomous vehicles rely on detailed maps and regularly updated information about the environment. Memory is necessary for storing map data and facilitating over-the-air updates to ensure that the vehicle has the most recent and accurate information. The region's dominant performance is anticipated to propel the overall demand of Automotive Memory. Furthermore, Europe is expected to grow fastest during the forecast period, owing to factors such as stringent government regulations related to automobile safety in the region. Regulations often require vehicles to have data logging and event recording capabilities for accident analysis and investigations. This involves capturing and storing a significant amount of data, requiring robust memory solutions to handle the storage and retrieval of this information.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable