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Automotive Software Market Growth Analysis, Trends, Share, Market Size And Forecast To 2033
Automotive Software Market Growth Analysis
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According to The Business Research Company's, 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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Market Drivers and Trends:
The increasing demand for electric vehicles is expected to propel the growth of the automotive software market going forward. An electric vehicle refers to a vehicle that has an electric motor that can be powered by energy from a battery and can be charged from an external source. Automotive software plays a crucial role in electric vehicles by controlling and managing various functions and components of the vehicle. Automotive software operates electric vehicles (EVs) in a number of ways, including autonomous driving, safety and performance, power electronics, battery management, replacement of mechanical systems, and over-the-air upgrades. For instance, in May 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 compared to 2020, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the growing demand for electric vehicles is driving the growth of the 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.
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Major Key Players of the Market:
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,
Automotive Software Market 2024 Key Insights:
• 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%.
• Increasing Connected Car Adoption Fuels Automotive Software Market
• Product Innovation Drives Advancements In Automotive Software Market
• Asia-Pacific was the largest region in the automotive software market in 2023
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