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Global Automotive Software Market Trends, Business Overview, Industry Growth and Forecast to 2022-2028

05-05-2022 05:43 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Orion Market Reports

The global automotive software market is anticipated to grow at a considerable CAGR of 16.7% during the forecast period (2022-2028). Automotive software is a programmed or artificial intelligence software used in several automobiles, including passenger cars, commercial vehicles, and others. This software is used in various systems, including safety systems, self-drive systems, and infotainment systems, among others. The major factor attributing to the growth of the global automotive software market includes the growing automobile production due to the increased purchasing power of people. According to the report published by the Association des Constructeurs d'Automobiles (ACEA) in February 2021, around 77.9 million motor vehicles including passenger cars and commercial vehicles & trucks were manufactured across the globe in 2020. Among these, the top two regions that recorded the highest number of motor vehicle productions include the Asia Pacific and European regions.
The use of an advanced driver assistant system (ADAS) in a safety system for several road vehicles is increasing rapidly due to the rising number of road traffic accidents across the globe. According to the report published by the World Health Organization (WHO) in June 2021, the rate of mortality due to road traffic accidents is very high with the mortality of around 1.3 million people globally every year. It is estimated that road traffic accidents can cost up to 3% of the gross domestic product of most of countries. The report also described that around 20 million to 50 million people also suffer from non-fatal injuries as a result of road traffic accidents.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in March 2022, the sales of Nvidia's automotive software and processor reached around $556 million in 2021. This figure is estimated to be around 2% of total NVidida's sales. Thus, justifying the growth of the automotive software market.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028

• Segment Covered-
o By Application
o By Vehicle Type

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Renesas Electronics Corp., Elektrobit Automotive GmbH, Vector informatic GmbH, Microsoft, and NVIDIA Corp., among others.

Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

A full report of Global Automotive Software Market is available at:
https://orionmarketreports.com/global-automotive-software-market/104940/

Global Automotive Software Market Report by Segment

By Application
• Assitant Driver Assistant System (ADAS) & Safety System
• Infotainment System
• Telematics System
• Body Control & Comfort System
• Powertrain System
• Others

By Vehicle Type
• Passenger Cars
• Commercial Vehicles
• Hybrid Vehicles
• Electric Vehicles
• Others

Company name: Orion Market Reports
Contact person: Mr. Anurag Tiwari
Email: info@orionmarketreports.com
Contact no: +91 780-304-0404

About us:
Orion Market Reports (OMR) endeavors to provide exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.

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