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Automotive Software Market was Valued USD 20.8 billion in 2021 and growing at a CAGR of 14.1%, estimated to reach USD 59.8 billion in 2029 | Size, Share, Growth Report
Automotive Software Market
Automotive Software Market was calculated USD 20.8 billion in 2021 and will grow CAGR of 14.1% during the period, 2021-2028 and is expected to reach USD 59.8 billion in 2029.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/automotive-software-market-analysis-industry-research/
The factors driving the growth of Automotive Software Market includes growing demand for connected and autonomous vehicles, emerging need to reduce the vehicle downtime costs, rising production of automobiles, commercialization of 5G technology and improvements in the living standards. According to the report published by Statista, around 237 million connected cars were estimated in 2021 and this figure is expected to reach more than 400 million by the end of 2025, which will accelerate Global Automotive Software Market. Moreover, technological advancements in automotive software, Government initiatives to boost the production of electric vehicles, growing demand for automotive cybersecurity products, rising popularity of Advanced Driver Assistance Systems (ADAS) and rapid urbanization, are some of the additional factors supplementing the Automotive Software Market size. In addition, the increasing investments by leading players on research and development, rising disposable incomes, rise in the launch of innovative products and growing population growth rates, are further propelling the Automotive Software Market share.
However, growth of the Automotive Software Market is hindered attributed to inadequate knowledge about automotive software products.
The major players operating in the market are Infineon technologies, Rightware, NVIDIA, KPIT Technologies, APPLE, Microsoft Corporation, NXP, Mobiletron, Renesas Electronics, Continental AG, MBE Systems, and GOOGLE, among others.
Based on Components, the ADAS and AD segment is predicted to capture the largest market share during the forecast period
ADAS system improves vehicle's safety, maintains safe distance and control vehicle's speed along with growing demand for connected vehicles, are some of the factors responsible for the segment's growth.
Based on Application, the Function development segment is projected to lead the market over the forecast period
Rising popularity of autonomous vehicles and growing adoption of advanced technologies, are pushing growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
Strict regulations imposed by Governments to reduce carbon emissions, rise in the production of passenger vehicles, growing popularity of autonomous vehicles, rapid urbanization, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the Automotive Software Market Growth in Asia-Pacific region.
Key Developments
In, 2020, Nvidia introduced new Drive AGX Orin SoC and software-defined platform for autonomous cars and robots.
In, 2021, Continental and Amazon Web Services have announced to create platform for automotive software platform, which connects vehicles to the cloud and features virtual workbench offering to maintain, supply and maintain the software intensive system functions in the automotives.
In 2019, Infineon Technologies introduced a new series of the Embedded Power ICs TLE985x series, which is highly integrated, AEC Q-100 qualified H-bridge driver motor control solutions for 2-phase DC and single-phase brushless DC motors.
Market Segmentation
Segmentation by Vehicles Type
Commercial and passenger Vehicle
Plug-In Hybrid Electric Vehicle
Battery Electric Vehicle
Hybrid Electric Vehicle
Light and Heavy commercial vehicle
Connected vehicles
Segmentation by Components
OS and middleware
Body and energy
Powertrain and chassis
Infotainment
Connectivity
Security
ADAS and AD
Segmentation by Application
Integration
Validation and verification
Function development
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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