Automotive System Simulation Software Market Latest Industry Trends, Statistics, Competition Strategies and Latest Industry Share by 2028, The Insight Partners

According to our latest market study on "Automotive System Simulation Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Vehicle Type, and Propulsion Type," the market is projected to reach US$ 2,616.37 million by 2028 US$ from 1,142.52 million in 2021; it is expected to grow at a CAGR of 12.6% from 2021 to 2028.

System simulation or modeling enables users to solve real-world problems safely and efficiently. Simulation is used across multiple industries and disciplines to provide clear insights into complex systems. With the rapid increase in the production of new vehicles, OEMs are shifting their conventional prototyping methods toward automotive system simulation to develop new models and improve existing ones, which is driving the automotive system simulation software market. Furthermore, advancements in simulation technologies have enabled automobile manufacturers to use a digital twin approach to accelerate the prototyping processes and make them cost-efficient. Automotive system simulation software plays a crucial role in the research and development process of all types of automobiles, including trucks, cars, buses, and two-wheelers.

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The automotive sector is flourishing in Asia Pacific. Vehicle manufacturing is one of the most prominent contributors to the GDP of many countries in the region. China, the largest producer as well as consumer of cars, saw a 135% rise in the demand for new-energy vehicles (NEV) as the shipment reached 383,000 units in October 2021. Furthermore, Asia Pacific is home to a large number of automotive component manufacturers and OEMs that are actively engaged in collaborations, mergers and acquisitions, expansions, and technology launches, creating a sufficiently large ecosystem for the automotive system simulation software market. For instance, in 2019, Toyota and Suzuki Motors collaborated to establish long-term cooperation for working on the new fields of electrification and autonomous driving in India, which is a major market for both these automakers. The consistently expanding automotive industry in the region creates ample growth prospects for key automotive system simulation software market players.

The Key Players In The Global Automotive System Simulation Software Market Are:

•ESI Group
•ANSYS, Inc
•Hexagon AB
•dSPACE GmbH
•Siemens
•Modelon
•IPG Automotive GmbH
•Realtime Technologies
•Gamma Technologies, LLC
•SimScale GmbH

Moreover, leading companies in the automotive system simulation software market in this region invest strategically in research and development activities due to the ongoing transformation in the market ecosystem. In August 2021, the Indian government launched a unique program called The Automotive Mission Plan with the goal of increasing the automotive sector's contribution to national GDP to 12% and creating roughly 50 million new jobs. Similarly, in December 2020, the Ministry of Economy, Trade and Industry of Japan released the Green Growth Strategy for 14 sectors. The strategy focuses on encouraging the electrification of mobility, and the use of fuel cells and next-generation batteries in the transportation sector. Such government policies significantly bolster the growth of the automotive system simulation software market. Notably, the enormous demand for new vehicles from highly populated and rapidly growing economies, such as India and China, underlines the need for the significant ramping up of production facilities. Consequently, the growing focus on reducing production time, improving the performance of vehicles, ensuring the safety of factory workers, and enhancing end-user satisfaction creates the need for advanced simulation platforms. Therefore, the booming automotive sector in several strong economies of Asia Pacific is creating solid opportunities for the automotive system simulation software market growth.

Impact of COVID-19 Pandemic on Automotive System Simulation Software Market

The COVID-19 crisis had a cascading impact on the global automotive industry since its inception in China, where sales dropped down by 71% in February 2020; subsequently, by April, sales declined by 47% in the US and 80% in Europe. This lowered the product demand due to a decline in demand from major automotive manufacturers, leading to a slowdown in the growth of the automotive system simulation software market. However, as the supply chain started to regain strength from the third quarter of 2020 through the second quarter of 2021, automakers witnessed a steady rise in production levels. The COVID-19 crisis has brought rapid transformation across the mobility value chain and accelerated the digitization process occurring prior to it. Despite the pandemic-related restrictions that led to prolonged or periodic shutdowns of production lines, non-manufacturing industries have managed to continue their operations through work-from-home or remote work models by establishing secure connections with and among their employees. The use of automotive system simulation solutions has greatly assisted the production and research of automakers during the pandemic as the product development process could be continued with limited or no access to laboratories and other physical validation equipment. Moreover, with digital validation gaining widespread adoption due to its multiple benefits, remote work models create a solid growth avenue for the automotive system simulation software market.

The Segments and Sub-Section of Automotive System Simulation Software Market are shown below:

By Type (Transmission, Engine, Electric Propulsion, Fuel Cell, Driveline, Chassis and Others)

By Vehicle Type (Commercial Vehicle and Passenger Car)

By Propulsion Type (ICE and Electric)

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System simulation or modeling enables users to solve real-world problems safely and efficiently. Simulation is used across multiple industries and disciplines to provide clear insights into complex systems. With the rapid increase in the production of new vehicles, OEMs are shifting their conventional prototyping methods toward automotive system simulation to develop new models and improve existing ones, which is driving the automotive system simulation software market. Furthermore, advancements in simulation technologies have enabled automobile manufacturers to use a digital twin approach to accelerate the prototyping processes and make them cost-efficient.

Automotive system simulation software plays a crucial role in the research and development process of all types of automobiles, including trucks, cars, buses, and two-wheelers. The software remarkably helps in cutting vehicle emissions and improving fuel efficiency. For instance, Daimler AG, a German automaker, announced the allocation of ~US$ 78.75 billion for its 2021-25 business plan focused on electrification and digitization. The investment will help it accelerate its goal of transitioning toward zero-emission products. Similar trends are expected in the automotive system simulation software market in the near future, as developers focus on R&D and product innovation. As a result, simulation technologies for the automotive sector, which have grown tremendously over time, will become even more advanced and powerful.

The Insight Partners Automotive System Simulation Software Market Research Report Scenario includes:

The report provides qualitative and quantitative trends of global Automotive System Simulation Software Market across type, type of products, service, and geography.
The report starts with the key takeaways (Chapter Two), highlighting the key trends and outlook of the global Automotive System Simulation Software Market.
Chapter Three provides the research methodology of the study.
Chapter Four further provides PEST analysis for each region.
Chapter Five highlights the key industry dynamics in the Automotive System Simulation Software Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
Chapter Six discusses the global Automotive System Simulation Software Market scenario, in terms of historical market revenues, and forecast till the year 2028.
Chapter Seven to ten discuss Automotive System Simulation Software Market segments by type, type of application, service, and geography across North America, Europe, Asia-Pacific, Middle East and Africa, South and Central America. They cover market revenue forecast, and factors driving and governing growth.
Chapter Eleven describes the industry landscape analysis. It provides detailed description of various business activities such as market initiatives, new developments, mergers and joint ventures globally along with a competitive landscape.
Chapter Twelve provides the detailed profiles of the key companies operating in the global Automotive System Simulation Software Market. The companies have been profiled on the basis of their key facts, business description, products and services, financial overview, SWOT analysis, and key developments.
Chapter Thirteen, i.e. the appendix is inclusive of a brief overview of the company, glossary of terms, contact information, and the disclaimer section.

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