Rising Demand for Safer and More-Secure Automobiles to Propel Memory Market for Autonomous and Connected Vehicles at CAGR of 23.9% between 2020 and 2030

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.

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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.

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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.

North America has been and will continue being the largest memory market for autonomous and connected vehicles in the near future. This would 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.

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