DUBLIN--(BUSINESS WIRE)--The "Memory Market for Autonomous and Connected Vehicles Research Report: By Application, Autonomy, Memory, Vehicle - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
More than 1.35 million people lose their lives in road crashes every year, says the World Health Organization (WHO). As most such mishaps are a result of human errors, the chorus for integrating advanced safety features in automobiles is growing louder. Additionally, the government in many countries is mandating the installation of automatic braking, advanced driver-assistance systems (ADAS), and lane assist features in vehicles.
As all these functionalities generate a huge volume of data, which needs to be stored efficiently, the global memory market for autonomous and connected vehicles, which valued $4,310.8 million in 2019, is predicted to grow at a CAGR of 23.9% between 2020 and 2030. This is because most connected and all autonomous vehicles would have such features, thereby creating a high demand for physical and cloud-based data storage.
In the coming years, the NOT-AND (NAND) flash category is expected to witness the fastest growth, on account of the smaller size and higher data transfer rate of this memory type. The navigation division was the most fruitful for the market, in terms of revenue, in the past, as such functionalities have witnessed a high integration rate in automobiles up till now.
Historically, the highest demand for memory has been created by level 0 or non-autonomous vehicles, as they have dominated the automotive industry, on account of being of primitive technology. With time, the preference for navigation and infotainment services in such vehicles has risen, and for such features, ample memory is imperative.
Till 2030, the higher CAGR, of 27.5%, will be observed in the commercial vehicle bifurcation. This would be because of the increasing utility of vehicle tracking and fleet management functionalities in such automobiles, which are themselves witnessing rising sales, as a result of the burgeoning logistics and road transportation industry.
North America has been and will continue being the largest memory market for autonomous and connected vehicles in the near future. This is due to the rapid increase in the number of autonomous passenger and commercial vehicles on the roads and a strong presence of memory providers and automotive technology vendors in the continent. Additionally, the high purchasing power here is already enabling people to purchase expensive vehicles with advanced memory-backed safety and connectivity features.
Market Dynamics
Trends
- Emergence of AI
- Product evolution
Drivers
- Demand for enhanced driving experience
- Growing concern for safety and security
- Adoption of IoT in automotive industry
- Increasing adoption of electric vehicles
- Impact analysis of restraints on market forecast
Restraints
- Lack of infrastructure
- Impact analysis of restraints on market forecast
Opportunities
-
Potential growth opportunities in the developing economies
Companies Mentioned
- Cypress Semiconductor Corporation
- Integrated Silicon Solution Inc.
- Renesas Electronics Corporation
- Macronix International Co. Ltd.
- ATP Electronics Inc.
- Everspin Technologies Inc.
- Swissbit AG
- Microchip Technology Inc.
- Micron Technology Inc.
- Western Digital Corporation
- Nanya Technology Corporation
- SK Hynix Inc.
- Winbond Electronics Corporation.
- Toshiba Corporation
-
Samsung Electronics Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/guvr8n
