PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1463801
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1463801
Key Highlights
The memory market for autonomous and connected vehicles was valued at USD 4,596.9 million in 2023, and it will rise to USD 21,088.4 million, propelling at more than 24.0% CAGR, by 2030.
A major trend being observed in this industry is the incorporation of artificial intelligence (AI) in vehicles.
AI is being employed in infotainment systems, which have now started helping as virtual personal assistants, responding to voice commands and assisting drivers by offering effective navigational support.
To cater to the rising need for a better and safer driver experience, vehicle manufacturers are working together with technology firms, to integrate AI in vehicles.
The major factor driving the expansion of this industry is the increasing fondness for a greater driving experience.
With an increasing count of commercial and passenger vehicles, issues like accidents, limited accessibility of parking space, and traffic jams have become severe, particularly in developing nations, such as Indonesia, India, and China.
According to the WHO, among the 1.35 million individuals who die in road accidents annually, 93% occur in low- and middle-income nations, which only account for 60% of the worldwide vehicle fleet.
Key Insights
North America led the industry in 2023, with approximately 55% share, and it is likely to remain leading throughout this decade. The dominance is because of the high count of automotive technology firms and the increasing sales of connected and autonomous vehicles in this region.
APAC will advance at the fastest rate, of 24.8%, in the years to come. This is because of the rising disposable salary and higher economic development in this region than in other parts of the world.
The navigation category was the largest contributor to the industry in 2023, with approximately 55% share.
This is because of the rising acceptance of navigation features in automobiles, which produce large amounts of information, associated with the chokepoints or traffic on the road, alternative routes, or shortest route, which require an efficient storage mechanism.
The telematics category will propel at the fastest rate, of 24.7%, in the years to come. This will be because of the increasing fondness for autonomous vehicles.
The level 3 category will observe the highest growth, of 24.9%, in the years to come. This will be because of the rising driving autonomy in automobiles, increasing adoption of such vehicles, and the deployment of level 3 autonomous vehicles in shared mobility fleets.
Dynamic random-access memory (DRAM) accounted for the largest share of the industry in 2023, of approximately 40%. The high fondness for this component has been because of its effective storage of information as well as its lower price compared to other variants.
The commercial category will advance at a faster compound annual growth rate in the years to come. This is because of the augmented application of fleet management & automobile tracking features in commercial automobiles.
There are domestic and international OEMs that constantly compete with each other on product and price differentiation, which, sequentially, increases market competition.
Several prominent manufacturers are enhancing their presence in developing nations to access a large number of consumers and boost their profits.