Press release
Driverless Cars To Shared mobility: Automotive Software To Change The Face Of Automobile Industry
Digitization and connectivity are redefining the entire concept of transportation. New and existing market players have invested in the emerging technology to maintain their foothold in the market. As a result, the demand for automotive software for performing computer-based in-vehicle operations has boosted. According to a report published by Allied Market Research, the global automotive software market is estimated to reach $43.5 billion by 2027, growing at a CAGR of 14.5% from 2020 to 2027.
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In-vehicle operations such as infotainment, telematics, powertrain, advanced driver assistance system (ADAS), and communication have changed the automotive industry as we know it. The collaboration of multinational conglomerates and cutting-edge startups have redefined the way people interact with their vehicle. Moreover, the touch of personalization and increasing demand for ADAS have gained popularity in the automotive industry and automotive software is the back of every futuristic innovation. Here are the prime trends in the automotive industry that depend on automotive software:
Electric and driverless cars
For years, the internal combustion engine has been a replaceable part of the automotive industry. However, the negative impacts on the environment and increase in consumer concerns resulted in the ever-increasing popularity of fully-electric and hybrid cars. The improvements in battery technology and expanding charging infrastructure have supported this trend.
Apart from this, customers expect more for ADAS. Major automotive companies such as Tesla have offered driverless cars that take the wheel any time the driver wishes. The surge in investments for improving autonomous technology has increased the demand for automotive software.
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Shared mobility
Companies such as Uber and Lyft have changed the way people look at automobiles. Although the concept of shared mobility is relatively new, the demand for car-pooling apps has increased. As the technology continues to support such trends, the consumers would seek new ways to save money and opt for car-pooling apps such as BlaBlaCar. What’s more, it has changed the expectations of car ownership and even challenged the purpose of an automobile.
Increased dominance of industry entrants
The automotive industry is no longer hail to the market giants. The advent of Tesla, its innovative technology baffled the existing market players and took advantage of the wave of electrification. Several companies such as Tesla have now aim to enter the automotive industry with cutting-edge in-vehicle technology.
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Innovation agility
Even the most successful automotive manufacturer has invested a colossal amount of money in adjusting their R&D processes to adapt to the changing consumer demands. Doing so, companies have partnered with vendors outside the automotive industry and increasing the use of platforming.
The wave of technology has changed the staid automotive industry and brought a balance between software and hardware. For years, the automotive industry relied on good hardware and the quality of the engine. However, today’s consumers demand state-of-the-art technology integrated with the vehicle as well. Thus, the automotive software market has become more prominent than ever.
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