Moreover, with an increasing number of commercial and passenger vehicles, problems such as accidents, limited availability of parking space, and traffic jams are rising particularly in developing nations, including China, Indonesia, and India.

Based on application, the navigation category accounted for the largest industry share in the past few years. This is because of the growing acceptance of navigation features in automobiles, which produce large quantities of data, related to the chokepoints or traffic on the road, alternate routes, and shortest route which requires an effective storage mechanism.

Whereas, the telematics category will observe the highest growth, owing to the increasing fondness for autonomous automobiles. The significant role telematics play in connected automobiles will enhance the development emphasis for autonomous automobiles. The telematics system of this kind of automobile captures data through sensors, cameras, and radars which requires sufficient data storage capacity.

Based on autonomy, the level 0 category accounted for the largest memory market for autonomous and connected vehicles share in recent years. This is because of the rising fondness for navigation and infotainment services in these automobiles and the numerous non-autonomous vehicles in operation.

Whereas, the level 3 category will observe the fastest growth in the years to come. This is ascribed to the rising driving autonomy in automobiles, deployment of level 3 autonomous automobiles in shared mobility fleets, mounting requirements for vehicles with higher driving autonomy in emerging economies, and rising purchase of such automobiles by the people.

Based on memory, the dynamic random-access memory (DRAM) category dominated the industry, in the past few years. This is mainly attributed to the high fondness for this component because of their lesser costs than other types and efficient data storage.

Based on vehicles, the passenger category will continue generating higher industry revenue, as the majority of the vehicles manufactured across the globe are passenger cars.

The integration of artificial intelligence in vehicles is the most substantial trend observed in the industry.

In the past few years, North America accounted for the largest share, and it will remain the largest in the years to come. This is because of the increasing autonomous and connected automobile sales and the massive number of automotive technology businesses in the region.

It is because of the growing requirement for enhanced driving experience and the rising implementation of IoT in vehicles, the memory industry for autonomous and connected vehicles will continue to advance in the years to come.