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Automotive Software Market Estimated to Reach $32.3 Billion by 2030

Attractive Opportunities in Automotive Software Market

Attractive Opportunities in Automotive Software Market

The global automotive software market size is projected to grow from USD 19.0 billion in 2023 to USD 32.3 billion by 2030, at a CAGR of 7.8%. The rise in focus towards software-defined vehicles paired with increasing penetration of ADAS features in vehicles are expected to increase the demand for automotive software solutions. Also, the strong government support for vehicle safety paired with rising adoption of software-over-the-air (SOTA) updates are anticipated to promote the revenue growth of automotive software market.

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Operating system segment is expected to have significant share in the global automotive software market

The operating system is expected to be a noticeable segment in the automotive software market, as it controls the core capabilities of the vehicle while keeping passengers and the driving environment safe, which makes it the most important part of the software. Additionally, the automotive operating system market is expected to grow significantly with the growing adoption of connected car technologies. As such, operating system (OS) plays a critical role in connected vehicles. The OS provides the platform for the telematics system to run on and provides the features and functionality that allow the vehicle to communicate with other devices and services.

ADAS & safety systems segment is expected to witness significant growth rate in the global automotive software market during the forecast period

The ADAS & safety systems segment is anticipated to have lucrative growth opportunities during the forecast period. Government mandates and increasing awareness about vehicle safety are expected to fuel the demand for ADAS & safety systems. In July 2023, the US federal government's National Highway Traffic Safety Administration (NHTSA) proposed mandatory regulation that could significantly impact road safety. The autonomous driving segment is also expected to show significant market growth during the forecast period. Automotive OEMs are taking the initiative to develop and bring advancements in autonomous driving. For example, in July 2023, Volkswagen Group (Germany) launched its first autonomous driving test program in the US. Such developments and government initiatives will boost the automotive software market.

Application software segment is expected to be the largest in automotive software market during the forecast period

Application software is expected to have significant growth opportunities in the automotive software market during the forecast period. This is attributed to the increasing sales of ADAS-equipped vehicles and the rising demand for connected technologies. Companies such as Honda Motor Co., Ltd. (Japan), Toyota Motor Corporation (Japan), Mahindra & Mahindra Limited (India), BYD (China), and MG Motor (UK), among others, offer ADAS features such as adaptive cruise control, lane keeping assist, lane departure warning, auto emergency braking, traffic sign recognition, blind spot detection, and rear collision warning. These features require application software to work effectively in a real-time environment. For example, in India, automotive OEMs such as Mahindra & Mahindra Limited and Morris Garages offer ADAS features such as adaptive cruise control with stop and go, lane keep assist, and traffic sign recognition.

Key Market Players

The global automotive software market is dominated by major players such as Robert Bosch GmbH (Germany), BlackBerry Limited (Canada), Continental AG (Germany), NXP Semiconductors (Netherlands), and NVIDIA Corporation (US), among others.

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