Memory Market for Autonomous and Connected Vehicles Market To Register 23.9% CAGR during 2020–2030

The growing requirement for a better driving experience is one of the major factors fueling the demand for memory solutions for autonomous and connected vehicles across the world. The surging number of commercial vehicles and passenger cars in several countries is resulting in various problems such as the high incidence of road accidents, long traffic jams, and the lack of availability of proper parking spaces, especially in the developing countries such as China, Indonesia, and India.

For example, 1.35 million deaths are caused all over the world because of road accidents every year, according to the findings of the World Health Organization (WHO). Moreover, 93% of these deaths occur in low- and middle-income countries, that account for as much as 60% of the global vehicle fleet, according to the WHO. Vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) connectivity features are very useful for tackling these issues and improving the overall driving experience.

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This is why many automobile manufacturing companies are increasingly integrating these features in their vehicles. Apart from these factors, the increasing deployment of electric vehicles (EVs) is also positively impacting the global demand for memory systems for autonomous and connected vehicles across the world. This is, in turn, driving the advancement of the global memory market for autonomous and connected vehicles. The market reached a valuation of $4,310.8 million in 2019.

It is predicted to register a CAGR of 23.9% between 2020 and 2030. Depending on application, the market is divided into telematics, infotainment, and navigation. Out of these, the telematics category is predicted to demonstrate the fastest growth in the market in the future years. This will be because of the growing usage of autonomous and connected vehicles all over the world and the crucial role played by telematics in these vehicles.

When vehicle is taken into consideration, the memory market for autonomous and connected vehicles is classified into commercial and passenger. Of these, the passenger category is predicted to demonstrate higher growth in the market in the coming years. This will be because of the extensive manufacturing of passenger cars across the globe. As per many reports, more than 70% of the total automobiles manufactured around the world in 2019 were passenger cars.
Geographically, the memory market for autonomous and connected vehicles registered the highest growth in North America in the past years and this trend will continue in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This is credited to the burgeoning sales of connected and autonomous vehicles, on account of the surging disposable income of people, and the increasing number of automotive technology developing companies in this region.

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Hence, it can be said with full surety that the demand for memory solutions for autonomous and connected vehicles will soar all over the world in the future years, mainly because of the growing deployment of electric vehicles and the rising requirement for a better and safer driving experience.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.