AutomotiveSoftware Market Analysis:
The globalautomotive software market size will develop at a healthy 20% CAGR between theforecast period 2018- 2023, as per the new Market Research Future (MRFR)analysis. Automotive software, simply put, is a collected programmable datainstruction utilized to perform operations of computer-based in-vehicleapplications.
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Various factorsare fuelling the globalautomotive software market share. According to the recent MRFR marketestimates, such factors include rising adoption of ADAS features in cars,growing adoption of connected car services, the intervention of innovativetechnologies for advanced UI, compliance towards fuel efficiency standards,adoption of electronics-based driving comfort, government safety mandates,growing demand for passenger safety, stringent government regulationsassociated with vehicle safety, the collaboration of government authoritieswith automotive software developers, rising internet penetration, and rapidadoption of IoT. Besides, the potential of 5G and artificial intelligence, datamonetization, vehicle software development, digital vehicle inspection, andgrowing developments in autonomous and semi-autonomous driving cars are alsoadding market growth.
On the contrary,lack of connected infrastructure, lack of standard protocols to developsoftware platforms, cybersecurity threats, consolidation of ECUs,troubleshooting and maintenance of automotive software, lack of connectedinfrastructure, and the ongoing COVID-19 outbreak are factors that may deterthe global automotive software development market growth over the forecastperiod.
MarketSegmentation
The MRFR reporthighlights an inclusive segmental analysis of the global automotive softwaremarket based on propulsion, vehicle type, system, and solutions.
By system, theglobal automotive software market is segmented into telematics system,communication system, infotainment systems, powertrain systems, body controland comfort systems, and ADAS and safety systems. Of these, the ADAS and safetysystems will lead the market over the forecast period.
By vehicle type,the global automotive software market is segmented into commercial vehicle andpassenger car. Of these, the passenger car segment will dominate the marketover the forecast period.
By solution, theglobal automotive software market is segmented into car safety software,entertainment software, navigation software, and autopilot software.
By propulsion,the global automotive software market is segmented into electric vehicle andICE vehicle. Of these, the electric vehicle will spearhead the market over theforecast period.
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RegionalAnalysis
By region, theglobal automotive software market covers the growth opportunity and recenttrends across Europe, North America, the Asia Pacific (APAC), and the Rest ofthe World (RoW). Of these, the APAC region will dominate the market over theforecast period. Growing automotive infrastructure, rising sales of connected vehicles,increased sales and production of electric cars, demand for safety features incars, increasing investments by private and public players to develop ICTinfrastructure, increased demand for connected devices in South Korea, Japan,and China, presence of tech-savvy population, demand for the connected and safedriving experience, ongoing projects, and strong government initiatives areadding to the global automotive software market growth in the region.
In Europe, theglobal automotive software market is predicted to have the second-largest shareover the forecast period. Huge growth prospects for automobiles having advanceddriver assistance systems, and the presence of established ICT infrastructureare adding to the global automotivesoftware market growth in the region.
In NorthAmerica, the global automotive software market is predicted to have healthygrowth over the forecast period. The presence of key players includingtechnology giants and automakers, growing vehicle production, rise in connectedcars, changing in-vehicle electronics architecture, expansion of leading OEMS,C-V2X technology developments, favorable regulatory framework for self-drivingcars, and development of best practices are adding to the global automotivesoftware market growth in the region. The United States possess the utmostshare in the market.
In the Rest ofthe World, the global automotive software market is predicted to have soundgrowth over the forecast period.
Key Players:
Key contendersprofiled in the global automotive software market report include Wind RiverSystems, Inc. (US), Autonet Mobile, Inc. (USA), Green Hills Software (US),Airbiquity Inc. (US), Microsoft Corporation (US), NVIDIA Corporation (US),Elektrobit (Germany), Renesas Electronics Corporation (Japan), BlackBerry(Canada), and NXP Semiconductors (Netherlands).
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Market ResearchFuture (MRFR) is a global market research firm that takes great pleasure in itsservices, providing a detailed and reliable study of diverse industries andconsumers worldwide. MRFR's methodology integrates proprietary information withdifferent data sources to provide the client with a comprehensive understandingof the current key trends, upcoming events, and the steps to be taken based onthose aspects.
Our rapidlyexpanding market research company is assisted by a competent team of researchanalysts who provide useful analytics and data on technological and economicdevelopments. Our deemed analysts make industrial visits and collect valuableinformation from influential market players. Our main goal is to keep ourclients informed of new opportunities and challenges in various markets. Weoffer step-by-step assistance to our valued clients through strategic andconsulting services to reach managerial and actionable decisions.
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