The new report by Expert Market Research titled, ‘Global Automotive Software Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the automotive software market, assessing the market based on its segments like application, product, vehicle type and regional markets among others.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): 21.1 billion USD
• Forecast CAGR (2023-2028): 14.8%
• Forecast Market Size (2026): 46 billion USD
The usage of open-source platforms and increased product offerings centred on user experience benefited the automotive software business as a whole. Automobile infotainment systems are becoming increasingly important to consumers and OEMs, and manufacturers are competing largely on the software or operating system that these systems use. Manufacturers are also emphasising smart capabilities in these infotainment systems, as well as the deployment of software that will differentiate their goods from their competition. The increasing infusion of innovative and sophisticated technology into vehicle models to improve functionality, safety, and the driving experience is driving growth in the global industry. The addition of new features and the growing usage of connection services for communication and real-time data transmission are driving a significant demand for automotive software solutions that provide consumers with a high level of convenience and usefulness.
Industry Definition and Major Segments
Automotive software is frequently utilised in automobiles, not only to improve the dashboard view, but also to ensure the driver and other passengers’ safety. Automotive software improves the usefulness of automobiles without increasing their expenses, and it also makes them perform more smoothly on the road. Software regulates user contact with in-car hardware and conducts control operations in a vehicle, and it is largely responsible for enabling automotive software capabilities and features. Automotive software, also known as software for in-vehicle embedded systems, refers to programmable data instructions that are used to carry out various tasks in in-vehicle computer-based applications like infotainment, telematics, communication, body control & comfort, powertrain, safety, and advanced driver assistance systems (ADAS).
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Based on application, the industry can be segmented into:
• Safety System
• Infotainment and Telematics
By product, the industry can be divided into:
• Operating System
• Application Software
On the basis of vehicle type, the industry can be categorised into:
• ICE Passenger Vehicle
• ICE Light Commercial Vehicle
• ICE Heavy Commercial Vehicle
• Battery Electric Vehicle
• Hybrid Electric Vehicle
• Plug-in Hybrid Electric Vehicle
• Autonomous Vehicles
The major regional markets of the automotive software market are:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa regions
Due to the increased need for connected autonomous vehicles, the automotive software business has seen significant growth in recent years. Fuel management, accident monitoring, driver fatigue management, and self-diagnosis are all elements of the vehicle management software that assist users in keeping track of their cars. In the projected term, the increasing automotive sector, along with rapid technology improvements, is predicted to greatly boost demand for automotive software. Furthermore, a fundamental trend driving the automotive software sector globally is a rising focus on improving the driving experience and passenger safety. Over the projection period, the application software category is likely to have a large market share.
The application software aids the vehicle’s architecture and bespoke features. It is made up of multiple software and application layers that allow tasks to be implemented according to the application and requirements. In the next few years, factors such as the rising need for telematics services and infotainment throughout the world are projected to boost the demand for application software. During the forecast period, Asia Pacific is expected to have the greatest market share in the automotive software sector. The market is being driven by an increase in the number of connected autonomous cars, growing vehicle production, rapidly changing in-vehicle electronics architecture, the development of leading OEMs, C-V2X technology developments, and the presence of an established information and communications technology infrastructure. Furthermore, rising electric car sales and manufacturing are expected to boost demand for automotive software in the area.
Key Market Players
The major players in the market are Adobe Inc., Airbiquity Inc., PTC Inc., Dassault Systèmes, NXP Semiconductors N.V., Intellias Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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