Automotive Software Market is expected to be valued at USD 28 Billion with a CAGR of 20% Forecast by 2030
Automotive Software Market Size To Expand at a Notable CAGR Of 20% During 2022 - 2030.
The major key driving factors for the growth of this market are the improving automotive infrastructure in countries such as China, Germany, Norway, US, and Japan, increasing production and sales of automobiles globally, rapidly growing demand for autonomous and connected vehicles, increasing adoption for driver assistance safety system, growing concern over driver and vehicle safety, and the growing demand for environment friendly vehicles.
The lack of standard protocols for the development of software platform and the rising complexity in the software architecture causes to rise maintenance cost of vehicle hardware are considered as the key restraining factors for the growth of this market. However, the growing adoption of advanced software solutions and services in automobile sector across the globe, growing population, improving economy, and rising purchasing power of people from countries like China, India and Middle East countries are providing an ample opportunity growth of this market.
The automotive software global market is projected to witness a significant growth during the study period. The rising production of automobiles are accelerating the growth of the market. In addition, the growing focus by consumers and OEMs on automotive infotainment system and reduction in cost of automotive software applications are driving the growth this market.
The one of the key factors considered for the growth of this market is the growing competition between automotive software service and solutions provider and increasing support from the local government of different countries has fortified the software service providers to design the software as per the guidelines set by governing bodies operating in automotive sector across different regions.
The prominent players in the global Automotive Software Industry include NXP Semiconductors (Netherlands), BlackBerry (Canada), Renesas Electronics Corporation (Japan), Elektrobit (Germany), NVIDIA Corporation (US), Microsoft Corporation (US), Airbiquity Inc. (US), Green Hills Software (US), Autonet Mobile, Inc. (USA), and Wind River Systems, Inc. (US).
The global Automotive Software Market is segmented on the basis of solutions, system, vehicle type, propulsion, and region. On the basis of solution, the market has been segmented into autopilot software, navigation software, entertainment software, and car safety software. On the basis of system, the market has been segmented into ADAS & Safety Systems, Body Control & Comfort Systems, Powertrain Systems, Infotainment Systems, Communication System, and telematics system. On the basis of vehicle type, the market has been segmented into passenger car and commercial vehicle. On the basis of propulsion, the market has been segmented into ICE vehicle and electric vehicle.
Geographically, the global Automotive Software Industry has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is estimated to hold the largest market share during the forecast period owing to growing automotive infrastructure and increases in sales of connected vehicles across the region. Moreover, increased production and sales of electric vehicle is expected to boost the demand for automotive software market in this region. Furthermore, the rise in demand for safety features in vehicles and increasing investment by public and private players to develop ICT infrastructure are contributing in the growth of this market in this region.
The automotive software is a function which employed in vehicle hardware to transfer instructions and display control functions in vehicles. The software service and solutions has become an integral part of automotive industry. The use of software solutions helps to enhance performance, safety, and driving experience. There are a wide variety of software systems in automotive including auto mechanical software, connectivity software, auto driver software, entertainment, safety and navigation software among others.
The report for global Automotive Software Market of market research future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
|Market Size||2030 : Significant Value|
|CAGR||20 % CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Solution, System, Vehicle Type and Propulsion|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||NXP Semiconductors (Netherlands), BlackBerry (Canada), Renesas Electronics Corporation (Japan), Elektrobit (Germany), NVIDIA Corporation (US), Microsoft Corporation (US), Airbiquity Inc. (US), Green Hills Software (US), Autonet Mobile, Inc. (USA), and Wind River Systems|
|Key Market Opportunities||The growing competition between automotive software service and solutions provider|
|Key Market Drivers||
The automotive software market is expected to mark 20% CAGR.
Increasing demand for high-end automobiles, rising electrification of vehicles, etc. are presumed to drive the growth of the automotive software market.
The segments of the automotive software market, by solution, are autopilot software, entertainment software, navigation software, and car safety software.
The segments of the automotive software market, by propulsion, are ICE vehicle and electric vehicle.
The key players identified are NXP Semiconductors (Netherlands), Renesas Electronics Corporation (Japan), BlackBerry (Canada), Elektrobit (Germany), Microsoft Corporation (US), NVIDIA Corporation (US), Airbiquity Inc. (US), Autonet Mobile, Inc. (USA), Green Hills Software (US), and Wind River Systems, Inc. (US).