Automotive Software Market Size to Reach USD 105.13 Billion by 2030, Says The Brainy Insights
Pune, April 05, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global automotive software market is expected to grow from USD 24.61 billion in 2021 to USD 105.13 billion by 2030, at a CAGR of 17.51% during the forecast period 2022-2030.
The increasing focus by customers and OEMs on the automotive infotainment system and the growing production of automobiles is expected to expand demand for the automotive software market during the projection period.
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In addition to this, the increase in the international sale of developed electric & connected vehicles worldwide and the rising demand for automobile applications such as remote vehicle diagnostics, automatic crash notification, and emergency help is propelling the market growth during the projection period. Moreover, multiple leading players are launching the latest technology-based smart systems for the automotive and electric vehicles system to improve fuel efficiency is helps to drive the market growth. Additionally, the consumption of open-source platforms, enhanced product offerings concentrated on user experience, and rising automotive production equipped with automotive software are also helping to drive the market’s growth. Furthermore, an accumulation in electronic applications in automobiles, vehicles with progressive driver aid systems, increasing demand for electric vehicles, and involvement of innovative technologies for developed UI are the driving factors of the market growth.
Further, the absence of standard protocols to expand software platforms, shortage of connected infrastructure, lack of skilled workforce, and automotive expertise & engineer are the restraining factors of the market growth. Additionally, the complicated integrated strategies & the integration of software like Apple, IoT, Android into the current automotive systems is a complex task that encompasses the market growth. Moreover, the increasing adoption of advanced software services & solutions in the automobile sector and the adoption of AI & 5G are the opportunity factors of the market growth.
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Key players operating in the global automotive software market are:
• Denso Corporation
• Airbiquity, Inc.
• Aptiv PLC
• Google Inc.
• Intel Corporation
• Apple, Inc.
• Luxoft Global Operations GmbH
• MSC Software Corporation
• Bosch Software Innovations GmbH
• International Business Machines Corporation
• Green Hills Software Inc.
• Microsoft Corporation
• Lectronix, Inc.
• NVIDIA Corporation
• Nuance Communications, Inc.
• The MathWorks, Inc.
• Lynx Software Technologies, Inc.
• Oxbotica LTD
• Wind River Systems, Inc
• Tesla Motors Inc.
• NXP Semiconductors N.V.
• Vector Informatik GmbH
To enhance their market position in the global automotive software market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
The application software layer segment led the market with a market share of 43.15% and a market value of around 10.61 billion in 2021.
The software layer segment is divided into application, operating system, and middleware. The application software layer segment led the market with a market share of 43.15 % and a market value of around 10.61 billion in 2021. This is due to the massive adoption of software with various vehicle components.
The ICE passenger car type segment led the market with a market share of 24.18% and a market value of around 5.95 billion in 2021.
The vehicle type segment is divided into ICE light commercial vehicle, ICE passenger car, ICE heavy commercial vehicle, plug-in hybrid electric vehicle, hybrid electric vehicle, and autonomous vehicles. The ICE passenger car type segment led the market with a market share of 24.18% and a market value of around 5.95 billion in 2021. This growth is attributed to the rising demand for comfort, luxury, and convenience.
The ADAS & safety systems application segment led the market with a market share of 22.15% and a market value of around 5.45 billion in 2021.
The application segment is divided into vehicle management & telematics, HMI application, remote monitoring charging management, connected services, ADAS & safety systems, V2X system, and others. The ADAS & safety systems application segment led the market with a market share of 22.15% and a market value of around 5.45 billion in 2021. This growth is attributed to the rising demand for security coupled with government mandates.
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Regional Segment Analysis of the Automotive Software Market:
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region occurred as the largest market for the global automotive software market with a market share of 45.11% and a market value of around 11.10 billion in 2021. The Asia Pacific currently dominates the automotive software market due to the presence of several automotive element manufacturing systems. Additionally, the increasing automotive sale & production, the intro of the internet of things in the automotive enterprise, and rising demand for a heightened driving experience also help drive the market growth in this region. Furthermore, the North America region is expected to show the fastest CAGR of 21.12% over the projection period. This growth is attributed to the increasing investment in autonomous & auto-tech vehicles. Moreover, the growing accumulation of leading OEMs presence of many automakers & technology will probably support the market’s growth during the projection period.
About the report:
The global automotive software market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the clients objectives of high-quality output within a short time. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. The customized solutions are tailored to meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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