The global memory market for autonomous and connected vehicles reached a valuation of $4,310.8 million in 2019 and is predicted to progress at a 23.9% CAGR between 2020 and 2030. The market is being driven by the increasing requirement for a better driving experience, rising safety and security concerns being raised amongst the people, growing adoption of EVs (electric vehicles), and the rising integration of internet of things (IoT) in vehicles across the world.
The increasing number of commercial and passenger vehicles on roads is causing road congestion and long traffic jams and also reducing the availability of parking spaces in major cities of developing countries such as China, Indonesia, and India. Moreover, it is fueling the rise in the prevalence of road accidents. According to the World Health Organization, as many as 1.35 million deaths are caused all over the world every year because of road accidents.
The organization also found that 93% of such deaths occur in middle- and low-income countries, that account for only 60% of the total automobile fleet in the world. Because of this reason, the requirement for vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) connectivity features is soaring around the world. These technologies help majorly in enhancing the overall driving experience and reducing the incidence of road crashes. The rising incorporation of these data-intensive technologies is subsequently pushing up the need for automotive memory chips and systems.
Besides the above-mentioned factors, the growing deployment of electric vehicles in several countries is also boosting the growth of the memory market for autonomous and connected vehicles. The market is divided, based on application, into infotainment, telematics, and navigation categories. Amongst these, the telematics category will exhibit the fastest growth in the market in the future years, because of the increasing popularity of autonomous vehicles. The telematics devices used in these vehicles capture data via sensors, cameras, and radars and therefore require a huge data storage capacity.
Depending on level of autonomy, the memory market for autonomous and connected vehiclesis classified into level 0, level 1, level 2, level 3, level 4, and level 5 categories. Out of these, the level 3 division will demonstrate the highest CAGR in the future, because of the increasing popularity of such vehicles amongst consumers and the soaring adoption of level 3 autonomous cars in shared mobility transport fleets around the world.
Geographically, the North Americanmemory market for autonomous and connected vehicles was very lucrative in the past and this trend is likely to continue in the upcoming years, as per the estimates of P&S Intelligence, a market research firm based in India. This is credited to the increasing sales of connected and autonomous vehicles and the presence of several automotive technology firms in this region. Additionally, the surging disposable income of people is causing a sharp rise in the sales of luxury vehicles equipped with autonomous and connectivity features.
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