Demand for Automotive Software to Expand at a CAGR of Over 12% Through 2030 | NXP Semiconductors N.V., CloudMade, Robert Bosch GmbH, Intellias Ltd., Continental AG

Automobiles are no longer merely a system of interconnected cogwheels, belts, and other mechanical parts but a complex interplay of electronic sensors and systems. With technological advancements aimed at making the job of the driver easier, so that as much attention as possible is on the road, and offering passengers more comfort and convenience, a number of electronic systems and sensors have become an important part of vehicles. As a result, the usage of sophisticated software is no longer limited to the electronic control unit (ECU), for controlling fuel injection and sparkplug operations, for instance, but has expanded to a whole range of cutting-edge systems, such as advanced driver-assistance systems (ADAS) and digital instrument clusters.

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Therefore, with the increasing complexity in the functioning of vehicles, P&S Intelligence has forecast a high 12.4% CAGR for the automotive software market during 2020–2030 (forecast period). At this rate, the revenue generated by software vendors will likely rise to $78,894.2 million in 2030 from $28,214.6 million in 2019. One of the key reasons advanced system and software integration in vehicles has become important is the rising incidence of road accidents, which kill over 1 million people every year, as per the World Health Organization (WHO).

The categories under the software segment of the automotive software market are ADAS and autonomous driving (AD); body and energy; powertrain and chassis; infotainment, connectivity, security, and connected services; and operating system (OS) and middleware. Among these, in 2019, the ADAS and AD category held the largest share on account of the rising integration of adaptive light control, adaptive cruise control, blind spot detection, GPS navigation, automatic parking, collision avoidance, tire pressure monitoring, lane departure warning, hill descent control, and driver drowsiness detection systems in vehicles.

Asia-Pacific (APAC) dominated the automotive software market during 2014–2019 (historical period), and it is expected to continue this trend during the forecast period. This is attributed to the huge automotive production and sales figures in China, South Korea, Japan, and India. Moreover, as per the WHO, most of the road accident fatalities occur in low- and middle-income countries, many of which are located in APAC. Therefore, the increasing focus on enhancing the safety aspect of automobiles in regional countries is propelling the integration of ADAS and other related systems in vehicles.

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Hence, with the growing complexity of automobiles, both as a result of and reflected in the integration of cutting-edge sensors and electronic systems in them, the demand for the enabling software is increasing.

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This release was published on openPR.