diff --git a/packages/material-ui/src/utils/createSvgIcon.js b/packages/material-ui/src/utils/createSvgIcon.js
index b6bd06e520c03f..ef964739eb4cc2 100644
--- a/packages/material-ui/src/utils/createSvgIcon.js
+++ b/packages/material-ui/src/utils/createSvgIcon.js
@@ -5,19 +5,19 @@ import SvgIcon from '../SvgIcon';
  * Private module reserved for @material-ui/x packages.
  */
 export default function createSvgIcon(path, displayName) {
-  const Component = React.memo(
-    React.forwardRef((props, ref) => (
-      <SvgIcon data-mui-test={`${displayName}Icon`} ref={ref} {...props}>
-        {path}
-      </SvgIcon>
-    )),
+  const Component = (props, ref) => (
+    <SvgIcon data-mui-test={`${displayName}Icon`} ref={ref} {...props}>
+      {path}
+    </SvgIcon>
   );
 
   if (process.env.NODE_ENV !== 'production') {
+    // Need to set `displayName` on the inner component for React.memo.
+    // React prior to 16.14 ignores `displayName` on the wrapper.
     Component.displayName = `${displayName}Icon`;
   }
 
   Component.muiName = SvgIcon.muiName;
 
-  return Component;
+  return React.memo(React.forwardRef(Component));
 }