“Innovations and developments in the field of automotive AI, vehicle IoT, and implementation of dedicated software standards for the automotive industry to fuel the demand for the automotive software market.”
The global automotive software market is projected to grow at a CAGR of 18.12% during the forecast period, from USD 18.7 billion in 2018 to USD 60.0 billion by 2025. The growing number of connected cars and electronic content per vehicle and reinforcement of mandates by regulatory bodies for vehicle safety and comfort are driving the automotive software market. The technological advancements such as autonomous vehicles, truck-platooning, and vehicle-to-everything (V2X) are expected to create opportunities for the automotive software market in the coming years. However, complexities in real-time control can restrain the growth of the automotive software market. Lack of benchmarks and standards in the software and analysis market and integration complexities can pose challenges for the automotive software market.
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“Communication systems segment to grow at the highest rate during the forecast period.”
The communication systems segment of the automotive software market is projected to grow at the highest CAGR during the forecast period. Vehicle electronics functions are increasing every day. For better operations, they are communicated with high-performance protocols such as LIN, CAN, FlexRay, MOST and Ethernet. Increasing number of ECUs and electronically operated systems are likely to drive the market for communication systems.
“The light commercial vehicle segment is estimated to be the fastest growing market, in terms of value, in the automotive software market.”
Light commercial vehicles (LCVs) include several types of SUVs and pickup trucks. Recently, these vehicles are being installed with modern technologies such as fleet management system, GPS, and infotainment system which are handled by modern software. These vehicles find major applications in North America. So, increasing sales of LCVs and use of modern electronics are driving the automotive software market for communication systems.
“Rapid technological advancements in the field of connected and autonomous vehicles to impose Europe as the fastest growing market during the forecast period.”
Europe is estimated to grow at the highest CAGR in the automotive software market during the forecast period. The increasing number of connected vehicles and a growing awareness of green vehicles among people are expected to fuel the growth of the automotive software market in Europe. Moreover, countries in Europe have taken an aggressive stance on testing self-driving vehicles as well as making their EVs more intelligent. Owing to this, the automotive software market is expected to gain more popularity in the region.
The study contains insights from various industry experts, ranging from component suppliers to Tier I companies and OEMs.
The break-up of the primaries is as follows:
- By Company Type: Tier I: 42%, Tier II: 26%, Tier III: 32%
- By Designation: C level: 25%, D level: 30%, Others: 45%
- By Region: Asia Pacific: 45%, Middle East & Africa: 25%, North America: 15%, Europe: 10%, RoW: 5%
Major players profiled in the report are:
- NXP (Netherlands)
- Bosch (Germany)
- Renesas (Japan)
- BlackBerry (Canada)
- Nvidia (US)
- Microsoft (US)
- Airbiquity (US)
- Elektrobit (Germany)
- Green Hills Software (US)
- Wind River System (US)
The report covers the automotive software market, by value, on the basis of region (Asia Pacific, Europe, North America, and the Rest of the World), by application (ADAS & safety systems, body control & comfort systems, communication systems, infotainment systems, powertrain systems, and telematics systems), by vehicle type (passenger vehicles, light commercial vehicles, and heavy commercial vehicles), by electric vehicle type (BEV, HEV, and PHEV). This report contains various levels of industry analysis and company profiles, which highlight the emerging and high-growth segments of this market, competitive mapping, and market dynamics (drivers, restraints, opportunities, and challenges).
The report contains various levels of analysis, including industry analysis, industry trends, and company profiles, which together comprise and discuss the basic views on the emerging and high-growth segments of the automotive software market, high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges.
Reasons To Buy the Report:
The report enables new entrants and smaller firms as well as established firms to understand the market better to help them acquire a larger market share. Firms purchasing the report could use any one or the combination of 4 strategies (market development, product development/innovation, market diversification, and competitive assessment) mentioned below to strengthen their position in the market.
The report provides insights into the following points:
- Market Penetration: The report offers comprehensive information about the automotive software market and the top players in the market.
- Product Development/Innovation: The report provides detailed insights into the upcoming technologies, R&D activities, and new product launches in the automotive software market.
- Market Development: The report offers comprehensive information about the automotive software market. The report analyzes the automotive software market across regions and provides comprehensive information about lucrative emerging markets.
- Market Diversification: The report provides exhaustive information about new products, untapped regional markets, recent developments, and investments in the automotive software market.