Automotive Software Market Size, Share, Trend, Industry Expansion Strategies, Grow at High CAGR at 20% CAGR by 2023
Market Analysis
The global automotive software marketsize will develop at a healthy 20% CAGR between the forecast period 2018- 2023,as per the new Market Research Future (MRFR) analysis. Automotive software,simply put, is a collected programmable data instruction utilized to performoperations of computer-based in-vehicle applications.
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Various factors are fuelling the global automotivesoftware 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 connectedinfrastructure, lack of standard protocols to develop software platforms,cybersecurity threats, consolidation of ECUs, troubleshooting and maintenanceof automotive software, lack of connected infrastructure, and the ongoingCOVID-19 outbreak are factors that may deter the global automotive softwaredevelopment market growth over the forecast period.
Market Segmentation
The MRFR report highlights aninclusive segmental analysis of the global automotive software market based onpropulsion, vehicle type, system, and solutions.
By system, the global automotivesoftware market is segmented into telematics system, communication system, infotainmentsystems, powertrain systems, body control and comfort systems, and ADAS andsafety systems. Of these, the ADAS and safety systems will lead the market overthe forecast period.
By vehicle type, the globalautomotive software market is segmented into commercial vehicle and passengercar. Of these, the passenger car segment will dominate the market over theforecast period.
By solution, the global automotivesoftware market is segmented into car safety software, entertainment software,navigation software, and autopilot software.
By propulsion, the global automotivesoftware market is segmented into electric vehicle and ICE vehicle. Of these,the electric vehicle will spearhead the market over the forecast period.
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Regional Analysis
By region, the global automotivesoftware market covers the growth opportunity and recent trends across Europe,North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Ofthese, the APAC region will dominate the market over the forecast 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, the global automotivesoftware market is predicted to have the second-largest share over the forecastperiod. Huge growth prospects for automobiles having advanced driver assistancesystems, and the presence of established ICT infrastructure are adding to theglobal automotive softwaremarket growth in the region.
In North America, the globalautomotive software market is predicted to have healthy growth over theforecast period. The presence of key players including technology giants andautomakers, growing vehicle production, rise in connected cars, changingin-vehicle electronics architecture, expansion of leading OEMS, C-V2Xtechnology developments, favorable regulatory framework for self-driving cars,and development of best practices are adding to the global automotive softwaremarket growth in the region. The United States possess the utmost share in themarket.
In the Rest of the World, the globalautomotive software market is predicted to have sound growth over the forecastperiod.
Key Players
Key contenders profiled in the globalautomotive software market report include Wind River Systems, 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 NXPSemiconductors (Netherlands).
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Market Research Future (MRFR) is aglobal market research firm that takes great pleasure in its services,providing a detailed and reliable study of diverse industries and consumersworldwide. MRFR's methodology integrates proprietary information with differentdata sources to provide the client with a comprehensive understanding of thecurrent key trends, upcoming events, and the steps to be taken based on thoseaspects.
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