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Automotive Software Market Report: Industry Analysis, Trends, Production, Revenue, Growth And Forecast To 2033
Automotive Software Market Report
Automotive Software 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 $177.36 billion In 2028 At A CAGR Of 8.6% :
The automotive software market size has grown rapidly in recent years. It will grow from $26.32 billion in 2023 to $30.79 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to consumer demand for connectivity, regulatory requirements for emissions and safety, evolution of in-car infotainment, demand for fuel efficiency, globalization of automotive supply chains, increased complexity of vehicle systems.
The automotive software market size is expected to see rapid growth in the next few years. It will grow to $54.62 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to evolving business models in mobility services, demand for personalization and user experience, increased emphasis on data security and privacy, enhanced predictive maintenance, continued upgrades and retrofitting. Major trends in the forecast period include software-defined vehicles, increasing complexity of in-car infotainment systems, cybersecurity for connected vehicles, adoption of over-the-air (ota) updates, focus on user experience (ux) design.
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Automotive Software Market Major Segments
The automotive software market covered in this report is segmented -
1) By Solution: Autopilot Software, Navigation Software, Entertainment Software, Car Safety Software
2) By Software Layer: Operating System, Middleware, Application Software
3) By Vehicle Type: Passenger Car, LCV (Light Commercial Vehicle), HCV (Heavy Commercial Vehicle)
4) By Application: ADAS (Advanced Driver Assistance Systems) And Safety Systems, Body Control And Comfort System, Powertrain System, Infotainment System, Communication System, Vehicle Management And Telematics, Connected Services, Autonomous Driving, HMI (Human-Machine Interface) Application, Biometrics, Remote Monitoring, V2X (Vehicle-To-Everything) System
Key Driver - Increasing Connected Car Adoption Fuels Automotive Software Market
The increasing adoption of connected cars is expected to propel the growth of the automotive software market going forward. A connected car is one that has two-way communication capabilities with external systems. Various devices inside and outside the automobile can access the internet and share data with the car. Automotive software for a connected car connects to the internet via an in-car connectivity system, which has sophisticated features like internet connectivity, remote control of car systems, and advanced security. For instance, according to the report published by Cisco, a US-based technology company, by 2025, there will be roughly 2 billion connected vehicles on the world's roads due to technologies in new automobiles and aftermarket equipment. Therefore, the rising adoption of connected cars drives the automotive software market.
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Prominent Trend - Product Innovation Drives Advancements In Automotive Software Market
Product innovation has emerged as the key trend gaining popularity in the automotive software market. Major companies operating in the automotive software sector are focused on developing new and innovative solutions to meet customer demand. For instance, in December 2021, Robert Bosch, a German-based technological company, developed a powerful computer system for the infotainment area. It aids with the rapid introduction of services such as in-car communication, in-car payment, video streaming, voice assistants, and more to vehicles. The information domain computer combines its leadership expertise in automotive software solutions and domain-specific hardware expertise with solutions from an industry-leading network of technology businesses.
Automotive Software Market Players
Major companies operating in the automotive software market report are NVIDIA Corporation, NXP Semiconductors N.V., BlackBerry Limited, Airbiquity Inc., Wind River Systems Inc., Green Hills Software LLC, Renesas Electronics Corporation, Microsoft Corporation, Elektrobit Automotive GmbH, Autonet Mobile Inc., MontaVista Software LLC, AImotive Kft., Adobe Inc., Atego Systems Inc., Robert Bosch GmbH, Alphabet Inc., Luxoft, Cox Automotive Inc., SAP SE, CDK Global Inc., Reynolds and Reynolds, Google LLC, KPIT Technologies Limited, Solera Holdings Inc., Dominion Enterprises, Epicor Software Corporation, Wipro Limited, Infosys Limited, Tata Consultancy Services Limited, Tech Mahindra Limited, HCL Technologies Limited, Capgemini SE, International Business Machines Corporation, Oracle Corporation
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the automotive software market in 2023. The regions covered in the automotive software 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 Software Market Report Structure
3. Automotive Software Market Trends And Strategies
4. Automotive Software Market - Macro Economic Scenario
5. Automotive Software Market Size And Growth
…..
27. Automotive Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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