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Accelerating Precision: Automotive Simulation Market Drives Growth with Cutting-Edge Tech, Competitive Insights, and Expanding Segments
Automotive Simulation Market
Automotive Simulation Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $3.55 billion In 2028 At A CAGR Of 11.7%.
The automotive simulation market size has grown rapidly in recent years. It will grow from $2.01 billion in 2023 to $2.28 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to cost reduction in product development, complexity of vehicle systems, stringent regulatory standards, globalization of automotive industry, demand for fuel efficiency..
The automotive simulation market size is expected to see rapid growth in the next few years. It will grow to $3.55 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to electric and hybrid vehicle development, focus on sustainability, cybersecurity testing, market competitiveness, government initiatives for smart transportation, shortened product development cycles.. Major trends in the forecast period include digital twin integration, rapid technological advancements, integration of ai in simulation, multi-physics simulation models, cloud-based simulation platforms, advanced driver assistance systems (adas)..
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Automotive Simulation Market Major Segments
The automotive simulation market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment: On-Premises, Cloud
3) By Application: Prototyping, Testing
4) By End-User: Regulatory Bodies, OEMs, Automotive Component Manufacturers
Key Driver - Flourishing Automotive Production And Passenger Vehicle Sales Propel Growth In The Automotive Simulation Market
Flourishing automotive production and passenger vehicle sales are expected to propel the growth of the automotive simulation market going forward. Passenger vehicles refer to vehicles that are designed to carry people. Automotive simulation is an important step in automotive production, and used to test and improve vehicle design, and performance during manufacturing process to improve efficiency and ensure the safety of the customer. For instance, in April 2021, according to the reports shared by the European Automobile Manufacturers' Association (ACEA), a Belgium-based association of leading automobile manufacturers, the global production of automobiles in 2021 was 79.1 million units, an increase of 1.3 percent. Furthermore, according to the International Organization of Motor Vehicle Manufacturers, a France-based international trade association, the number of passenger vehicles sold in 2021 increased from 53.91 million to 56.39 million. Therefore, the flourishing automobile production and passenger vehicle sales are driving the growth of the automotive simulation market.
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Prominent Trend - Morai Unveils Cloud-Based Autonomous Driving Simulation Advancement
Technological advancements are a key trend gaining popularity in the automotive simulation market. Major companies operating in the automotive simulation market are focused on developing innovative solutions to strengthen their position in the market. For instance, in December 2021, MORAI, a South Korea-based autonomous vehicle simulation company, launched MORAI SIM Cloud, a new cloud-based autonomous driving simulation technology. MORAI SIM Cloud is a cloud-based Software as a Service (SaaS) solution that allows users to simulate autonomous vehicle operations. This technology's test automation function automatically distributes test cases in a cloud setting to conduct tests and produce results. The cloud-based approach will be crucial in improving test efficiency since it allows users to perform numerous simulation tests, which typically require multiple computers to run, on a single computer at once.
Automotive Simulation Market Players
Major companies operating in the automotive simulation market report are Altair Engineering Inc., Ansys Inc., Autodesk Inc., AVL List GmbH, Dassault Systèmes SE, dSpace GmbH, ESI Group, Gamma Technologies Inc., IPG Automotive GmbH, PTC Inc., Siemens AG, Simscale GmbH, SIMUL8 Corporation, Synopsys Inc., The MathWorks Inc., Design Simulation Technologies Inc., Comsol AB, MSC Software Corporation, MathWorks, Synopsys Inc., Ricardo Software, Claytex Services Limited, Mevea, Cognata, CarSim, VIRES Simulationstechnologie GmbH, VI-grade GmbH, Elaphe Propulsion Technologies, TASS International, Ansible Motion, Modelon, Hyperdrive, CarNetix, Cruden .
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the automotive simulation market in 2023. It is expected to be the fastest-growing region in the automotive simulation market during the forecast period. The regions covered in the automotive simulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Simulation Market Report Structure
3. Automotive Simulation Market Trends And Strategies
4. Automotive Simulation Market - Macro Economic Scenario
5. Automotive Simulation Market Size And Growth
…..
27. Automotive Simulation 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 leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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