Press release
Automotive Software Market Size, Share & Trends [2023-2030]
Automotive Software Market - Global Forecast to 2030
The automotive software market [https://www.marketsandmarkets.com/Market-Reports/automotive-software-market-200707066.html?utm_source=ABnewswire&utm_medium=referral&utm_campaign=automotive-software-market] is poised for substantial growth, with projections indicating it will reach a value of $32.3 billion by 2030. This growth can be attributed to the increasing integration of advanced technologies, such as artificial intelligence, machine learning, and the Internet of Things (IoT), into vehicles. As automakers focus on enhancing vehicle connectivity, safety, and user experience, the demand for sophisticated software solutions is escalating. Key segments driving this market include driver assistance systems, in-vehicle infotainment, and software-defined vehicles, which are transforming traditional automotive manufacturing and ushering in a new era of mobility.
Furthermore, the rise of electric and autonomous vehicles is significantly contributing to the market's expansion. These vehicles rely heavily on advanced software for operation, necessitating a robust ecosystem that includes over-the-air updates, data analytics, and cybersecurity measures. As automakers and technology providers collaborate to develop innovative solutions, the competition is intensifying, leading to increased investments in research and development. This dynamic landscape is expected to reshape the automotive software market, providing opportunities for both established players and new entrants to capture a share of this lucrative industry.
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Advancements in infotainment systems
Increasing competition among automotive OEMs for best-in-class infotainment systems in their latest vehicles is a major driving factor for the evolution of automotive software market. Apart from music and basic navigation, the OEMs have also been working with leading mapping & localization providers (such as TomTom Harman), navigation providers (Android Auto and Apple Carplay), and infotainment system providers to provide best-in-class in-vehicle experience. Modern automobiles have infotainment systems with complex interfaces, smart navigation, larger touchscreen displays, voice assist, smartphone integration, and driver assist systems.
Further, advancements in infotainment systems with a shift to digital cockpits and intelligent AI integration are expected to drive the next generation of infotainment systems. This would be accompanied by shifting consumer demand for smart vehicles and increased comfort systems by integrating value-added services. OEMs are already developing such software for their future vehicle range. As per industry experts, the software will be the primary differentiator among vehicles in the future, while the hardware will start being similar across product ranges with the shift to a modular manufacturing approach.
Opportunity: Developments in automated driving and software-defined vehicles
Automakers have started providing automated driving and vehicle safety systems in their vehicles in recent years. This is mainly led by regulations for vehicle safety systems and increasing demand for safer vehicles. This trend has led to over 60% of newly sold vehicles in the US having Level 2 ADAS systems and over 80% coming with at least basic ADAS features in 2023. A similar trend is seen across China, South Korea, Japan, and most European countries. These systems' function based on inputs from various vehicle sensors, combining their inputs for vehicle and pedestrian safety. During the process, a vast amount of data is generated for implementing such decisions with algorithms in the vehicle's computer system. Hence, automotive software is the key to implementing advanced driver assistance systems in vehicles.
"Germany to lead the automotive software market in Europe"
Germany is expected to have a sizeable market for automotive software among all the European countries. The most significant factors supporting the growth of the automotive software market in Germany are the penetration of premium passenger car brands with high-end software applications and government mandates regarding safety. The high sales of premium vehicles, such as the Mercedes-Benz S-Class, BMW 7 Series, Mercedes-Benz G-Class Audi A8, and Audi S8, are expected to drive the automotive software market in Germany during the forecast period.
Key Players
The automotive software market is dominated by global players such as Robert Bosch GmbH (Germany), NXP Semiconductors (Netherlands), NVIDIA Corporation (US), BlackBerry Limited (Canada), and Continental AG (Germany), among others. These companies adopted new product development strategies, expansion, partnerships & collaborations, and mergers & acquisitions to gain traction in the market.
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