Automotive Software Market Report Up to 2031

Visiongain has published a brand new report on the Global Automotive Software Market Report Forecast 2021-2031. Forecasts by Application Type (ADAS & Safety Systems, Infotainment & Telematics, Powertrain and Chassis), Vehicle Type (Passenger Vehicles, Commercial Vehicles (LCV & HCV), Battery Electric Vehicles, Hybrid Electric Vehicles and Autonomous Vehicles), Product Type (OS, Middleware and Application Software). Plus Profiles of Leading Automotive Software Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.

Visiongain’s lead auto analyst says: 'The Global automotive software market was valued at US$ 16.46 billion in 2020 and is projected to reach at a market value of US$66.81 billion by 2031’

Taking into consideration the pattern of industry in the automotive software market, Visiongain has studied the market on the basis of vehicle type based on passenger vehicle, commercial vehicle, BEV, HEV and autonomous vehicle segments. Passenger vehicle segment remains the highest revenue generating segment in this market. Presently, passenger vehicles segment accounted for a significant share of the overall vehicle sales specifically in India. New vehicle models are available with higher fuel efficiency and lower emissions thereby meeting the regulatory mandates.

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Companies have been adopting different strategies to gain foothold in the competitive automotive market. Various companies offer in-vehicle entertainment system in cars. For instance, Mercedes Benz offers rear seat entertainment system, which allows passengers to watch DVDs, play games, and movies on a 17.8 cm colour screen. The autonomous vehicle segment is also expected to grow with the highest CAGR during the forecast period. Moreover, companies operating in the autonomous vehicle market, in an effort to minimize risk and get started with autonomous vehicle manufacturing, have partnered with each other. For instance, Ford and Volkswagen have planned to join hands to come up with an autonomous vehicle. Component manufacturers are not far behind in the Raceland have come up with innovative launches to supplement autonomous vehicle development.

How will COVID-19 impact the Automotive Software Market?

The automotive industry has not escaped from the impact of the pandemic,which has majorly impacted supply chain networks of the industry. Globally, the automotive industry was already witnessing a slowdown in vehicle sales in 2019, and COVID-19 made it more difficult for the industry to recover. The estimations for the automotive sales are expected to fall significantly. Initially the disruption in supply and manufacturing hampered the industry significantly and now with the multi fold decline in demand has led to the uncertainty regarding the recovery.

What are the market drivers?

Superior driving experience:

Advanced vehicle features such as blind spot monitoring, parking assistance, adaptive cruse controls and others have been widely accepted by the consumers. Authorities and regulatory bodies have been investing heavily in R&D activities to reduce road fatalities, increase safety measures and improve the driving experience. With more luxurious cars, comes superior driving experiences, which is not the case with passenger vehicles and commercial vehicles. The increasing vehicle-to-vehicle and vehicle-to-infrastructure connectivity helps increase this driving experience. The advanced software solutions integrated onto the vehicle to serve different applications, helps in the overall enhanced driving experience.

Maintenance and early diagnostic detection:

There is increasing complexity of electronic systems used in advanced vehicle demands, testing and verification operations, before the actual applications. Virtual product development technologies and vehicle simulation have the capabilities to meet these challenges. The majority of the automotive manufacturers in the global market provide service and maintenance promises to their customers to enhance overall customer experience and provide after sale services. To reduce costs, diagnostics functions are built inside the vehicle electronic components which provide real time information about vehicle health and alerts customer about the necessary maintenance required. The AI enabled early diagnostics detection solution uses advanced software solutions to provide timely delivery of promised services.

What are some of the current and future market restraints?

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Hacking: a stiff challenge for automakers

The rising cyber wars in the global market have raised concerns amongst the vehicle owners about getting exposed to auto cyber attacks. Advanced vehicles are equipped with multiple computerized equipment and IoT connected devices serving different vehicle applications and creates a potential threat to the vehicle by exploiting weakness in the system. Integration of advanced threat detection systems enables more secured logins with secured APIs, which can prevent vehicle hacking.

Non-availability of uninterrupted & seamless connectivity

The main objective of Automotive Software is to keep the consumer connected to the outside world, increase safety by gathering outside environment data, provides additional features to vehicle owners and reduces maintenance costs. In addition, people want access to the internet 24/7 even when they are travelling. Consumers expect their cars to perform tasks similar to their computer and smart phones. Amidst this, interrupted connectivity may act as a restraint for the connected vehicle applications which runs on software functionality segment, as it fails to offer seamless internet service. This is mainly due to inconsistency in the network offered by the service providers, which often differs from region to region. 

What is the current competitive landscape?

Some of the companies profiled in this Automotive Software Market report include Airbiquity, Monta Vista Software, Daimler AG, Robert Bosch GmBH, Wind River Systems, NIVIDIA Corporation, NXP Semiconductors, Renesas Electronics Corporation, Toshiba Corporation, and Solera Holdings.

The companies have performed various strategic moves and initiatives to give an uptick in the overall market. For instance, in Dec 2020, Daimler AG has announced a long-term strategic partnership for a technology-driven IT infrastructure transformation with Infosys. Daimler AG will transform its IT operating model and infrastructure landscape across workplace services, service desks, data centres, networks, and SAP Basis together with Infosys. In Feb 2020, Robert Bosch Venture Capital GmbH (RBVC), the venture capital company of the Bosch Group, invested in Beijing-based UISEE. The company provides solutions for automated driving (AD) and is a holistic full-stack supplier for automated driving systems, with solutions initially commercialized for restricted area applications. The company has successfully completed the testing phase of the solutions in early 2020 and is likely to bring it into the global market.

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About Visiongain

Visiongain is one of the fastest-growing and most innovative independent market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports cover a 10 year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data.

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