Semiconductor Memory Market For Automotive Market Size (2024 - 2029)

Semiconductor Memory Market For Automotive Analysis

The Semiconductor Memory Market For Automotive Industry is expected to register a CAGR of 21.60% during the forecast period(2024-2029).

• The global market is expected to experience a surge in demand due to the widespread use of semiconductor components in various automotive applications. Over the past few years, the automobile industry has undergone a rapid transformation with the introduction of numerous advanced technologies, including 3D mapping applications, electric vehicles, and automation. As a result, there has been a growing need for several advanced semiconductor memory devices.
• According to the International Organization of Motor Vehicle Manufacturers (OICA), over 80 million automobiles were manufactured worldwide in 2021, representing a 3% increase from the previous year. Passenger automobiles accounted for 71% of total vehicle manufacturing, with 57 million units produced.
• The rising adoption of self-driving or autonomous vehicles is a crucial growth factor for the Advanced Driver Assistance Systems (ADAS) market, thereby driving the growth of the semiconductor memory market. For example, Intel estimates that global car sales will reach approximately 101.4 million units by 2030, and autonomous vehicles are expected to account for around 12% of car registrations by that year.
• The market is witnessing a growing demand for the development of advanced driver assistance systems (ADAS), which is expected to create growth opportunities for the market. In June 2022, Valeo and BMW Group entered into a partnership under which Valeo will provide the ADAS domain controller, sensors, and software for parking and maneuvering for BMW's next-generation modular 'Neue Klasse's platform for electric vehicles, which is set to launch in 2025.
• The COVID-19 pandemic resulted in changes in car-buyer behavior and customer attitudes. People today are more willing to accept digital services and features that allow them to stay connected, safe, and trackable. The increasing penetration of in-vehicle screens will facilitate the easy integration of many other digital features, such as virtual assistants, voice recognition, personalization, and gesture control. These developments are expected to fuel the demand for the semiconductor memory market.

Semiconductor Memory Automotive Industry Segmentation

Semiconductor memory is an electronic semiconductor device used to store data digitally. It refers to metal-oxide-semiconductor (MOS) memory, where data is stored in the MOS memory cells on a silicon-integrated circuit memory chip.

The semiconductor memory market for automotive is segmented by technology (code storage, working memory, and data storage), memory (DRAM, NAND Flash, and NOR Flash), application (ADAS and AD and digital cockpit), and geography (North America, Europe, Asia-Pacific, the Rest of the World). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.