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Automotive Software Market expected to grow significantly by 2025
Automotive Software Market
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The vehicle & user interface designers are increasingly using automotive software and advanced technologies, such as VR and AR, to increase features in the cockpit of vehicles to provide a comfortable riding experience and become a market leader in the competitive automotive industry. The increasing use of automotive software with innovative technologies in the vehicle designing, fleet management, and customer satisfaction has increased the productivity and efficiency and reduced the cost of operation. The automotive software market is growing at a significant CAGR over the forecast period due to the growing demand for autonomous vehicles. For instance, in 2017, autonomous car sales were estimated to be 24.23 million units and is anticipated to reach 61.82 million units by 2024, growing at a CAGR of 14.4% between 2018 and 2024.
The increasing use of technological advancements to offer features such as ADAS, smart electric roof, cooled glove box, and walk away safety lock is proliferating the growth of the automotive software market. These advanced features have increased the number of electronic components in vehicles, leading to an increase in hardware and weight of vehicles. Automobile manufacturers are increasingly adopting consolidated ECUs to reduce the hardware space in the vehicles, increasing its efficiency.
In the software segment, the vehicle management software held over 32% market share in the automotive software market in 2018. The vehicle management software includes fleet management, vehicle architecture designing, fuel management, and vehicle tracking, which has increased the operational efficiency of automobile manufacturers. The automotive driving software is expected to witness the highest growth rate of over 15% in the market during the forecast period. The increasing number of road mishaps and loss of lives related to it has increased the demand for automotive driving software. It assists drivers in parking, driving lane, and object recognition on the road, alerting drivers or reducing the speed of vehicles by auto braking to avoid collision or crash of vehicles.
The anti-lock braking system will witness a significant growth rate of more than 14% in the automotive software market from 2019 to 2025. The anti-lock braking system helps vehicles from sudden skidding and consequent road mishaps. According to the National Highway Traffic Safety Administration (NHTSA), ABS-equipped vehicles stop at an increased stopping distance on loose gravel by an average of 27.2% as compared to other vehicles. ABS has significantly reduced the risks of run-off road crashes and multiple vehicle crashes. For instance, in September 2015, ABS reduced the risk of run-off road crash by approximately 33% and the risk of multiple crashes by more than 20%.
Browse key industry insights spread across 270 pages with 298 market data tables & 31 figures & charts from the report, “Automotive Software Market” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/automotive-software-market
The commercial vehicles in the automotive software market will grow at a CAGR of over 18% over the forecast period. The growth is attributed to the rising carsharing and the increasing use of public transport to reduce pollution. Stringent government regulations related to the green & clean environment along with the increasing awareness campaign for climate change is proliferating market growth. Additionally, the increasing number of autonomous trucks in logistics is attributing to the growth of the automotive software market. For instance, in 2016, trucking companies of the U.S. collected USD 260 billion in revenues, which is 20 % of the worldwide total of USD 1.2 trillion.
The Auto Part wholesaler & agent grabs over 18% market share in the automotive software market in 2018 and is expected to maintain a dominant position during the forecast period. The growing demand for cheap auto parts related to hardware & software is proliferating this segment. The automobile industry strategically distributes its software & hardware through various distribution channels, including auto part wholesalers and agents, to increase its global presence. Additionally, the rising trend of customization of vehicles is attributing to the growth of this segment in the automotive software market.
Asia Pacific is estimated to be the fastest growing region in the automotive software market growing at a CAGR of more than 17% over the forecast period. Stringent government regulations related to environmental safety are impacting OEMs in the region to build fuel-efficient and low-carbon emission vehicles with the help of automotive software and electronic components. Highly-populated countries in this region, such as China and India, are facing traffic congestion and mishaps, impacting the growth of this software to provide predictive navigation, traffic details, and object recognition to avoid crashes or collisions. The emerging smart cities in this region are expected to drive the automotive software market.
The major players in the automotive software market are focusing on various business growth strategies, such as new product developments, mergers, acquisitions, and partnerships. This will enable them to expand their existing portfolio and increase their geographical presence. For instance, in March 2017, Samsung acquired Harman International Industries for approximately USD 8 billion to become tier-1 auto parts supplier. Harman offers connected automotive services to in-car infotainment systems. The company has existing relationships with major automobile manufacturers and a global presence through its distribution channels. The partnership enabled companies to enhance their capabilities in user experience, connected mobility, and add new customers to their portfolio.
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