Press release
Software Defined Vehicles Global Market Estimated to Surge at a CAGR of 18.1% to Reach $107.42 Billion By 2028 | Volkswagen AG, Stellantis N.V., Tesla Inc., Kia Corporation, Renault Group
Software Defined Vehicles Global Market
The Business Research Company offers in-depth market insights through Software Defined Vehicles Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The software-defined vehicles market size has grown rapidly in recent years. It will grow from $46.51 billion in 2023 to $55.16 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth in the historic period can be attributed to advancements in embedded systems, rising consumer demand for connected vehicles, integration of over-the-air (ota) updates, shift toward electric and hybrid vehicles, regulatory emphasis on vehicle safety.
The software-defined vehicles market size is expected to see rapid growth in the next few years. It will grow to $107.42 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to 5g connectivity implementation, rise of mobility-as-a-service (maas), integration of augmented reality (ar) in vehicles, demand for personalized and context-aware services, regulatory push for emission reductio. Major trends in the forecast period include continued collaboration for ecosystem development, increasing emphasis on cybersecurity, evolution of autonomous driving technologies, shift towards software-defined architectures, focus on user experience (ux).
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Market Segmentation:
The software-defined vehicles market covered in this report is segmented -
1) By Propulsion: ICE Vehicles, Electric Vehicles
2) By Vehicle Type: Passenger Car, Commercial Vehicles
3) By Level Of Autonomy: Level 1, Level 2, Level 3, Level 4, Level 5
4) By Application: ADAS And Safety, Connected Vehicles Services, Autonomous Driving, Body Control And Comfort System, Powertrain System
Major Driver - Rising Demand For Electrified And Self-Driving Automobiles
The rising demand for electrified and self-driving automobiles is expected to propel the growth of the software-defined vehicle market going forward. An electric vehicle (EV) is a car powered by multiple electric motors. It can be supplied by a collection system, energy from additional sources, or by a battery on its own. A self-driving vehicle, often known as an autonomous automobile or unsupervised car, is a vehicle that can move autonomously. The electric and electrical architecture of automobiles is going to be centralized with the software-defined vehicle, making it easier to integrate novel capabilities throughout their life cycle. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, the electric car market experienced exponential growth as sales surpassed 10 million in 2022. A total of 14% of all new cars sold were electric in 2022, reflecting a substantial increase from approximately 9% in 2021. Furthermore, in January 2022, G2.com Inc., a US-based information, technology, and internet company, reported that the worldwide self-driving car industry was growing at a rate of 16% per year and more than 1,400 self-driving cars, trucks, and other vehicles were being tested. Therefore, rising demand for electrified and self-driving automobiles is driving the software-defined vehicle market.
Competitive Landscape:
Major companies operating in the software-defined vehicles market report are Volkswagen AG, Toyota Motor Corporation, Stellantis N.V., Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Hyundai Motor Group, Robert Bosch GmbH, Tesla Inc., Kia Corporation, Renault Group, Volvo Group, Qualcomm Incorporated, Continental AG, Tata Motors Ltd., Suzuki Motor Corporation, Nvidia Corporation, ZF Friedrichshafen AG, BYD Co. Ltd., Valeo S.A., Aptiv Plc, Harman International Industries, BlackBerry Limited, Jaguar Land Rover Automotive PLC, Marelli Holdings Co. Ltd., Green Hills Software Inc., Airbiquity Inc., Sonatus Inc.
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Top Trend - Increasing Focus On Technological Advancements To Drive The Revenues
Major companies operating in software-defined vehicles are focusing on technologically advanced products like the DRIVE Thor to better meet the needs of their existing consumers. DRIVE Thor is a future-oriented system-on-a-chip (SoC) for self-driving cars, intended to consolidate all intelligent vehicle operations on a single artificial intelligence computer. For instance, in September 2022, NVIDIA Corporation, a US-based technological firm notable for creating and producing graphics processing units, launched DRIVE Thor. It is a modern central system for secure and safe autonomous cars. DRIVE Thor, which has a performance rating of up to 2,000 teraflops, brings together intelligent functions such as computerized and supported driving, parking, driver and person monitoring, digital tool cluster, in-vehicle infotainment (IVI), and rear-seat entertainment into a single architecture for greater effectiveness and lower overall system cost. The next-generation super chip includes advanced AI capabilities originally seen in the NVIDIA Hopper Multi-Instance GPU architecture, as well as the NVIDIA Grace CPU and NVIDIA Ada Lovelace GPU. DRIVE Thor's MIG support for visuals and computation enables IVI and sophisticated driver-assistance technologies to run domain solitude, allowing concurrent time-critical activities to function uninterrupted.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Software Defined Vehicles Market Characteristics
3. Software Defined Vehicles Market Trends And Strategies
4. Software Defined Vehicles Market - Macro Economic Scenario
5. Software Defined Vehicles Market Size And Growth
…..
27. Software Defined Vehicles Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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