Automotive Software Market is Forecasted to Reach US$ 47.88 Billion in 2028, Says Stratview Research

The global automotive software market is projected to witness a growth rate of 13.24% annually from 2022 to 2028, with an anticipated size of US$ 47.88 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global automotive software market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 47.88 billion
Growth (CAGR): 13.24% during 2022-2028
Forecast Period: 2022-2028
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 5
Number of Tables & Graphs: 100+

Segment Insights on the Automotive Software Market:

The global Automotive Software market is segmented based on Vehicle type, Software type, Application type, End-Use type, and Region.

Based on software type - The market is segmented as autonomous driving software, safety & security software, vehicle management software, and infotainment software. The vehicle management software segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. This system provides accident tracking, vehicle self-diagnosis, driver fatigue management, and fuel management. All of these systems assist drivers by giving information regarding vehicle maintenance and regular checkup.

Based on application type - The market is segmented as engine management system (EMS), anti-lock braking system (ABS), airbag control, car navigation system, infotainment system, and mobility service. The engine management system segment is expected to remain dominant during the forecast period owing to stringent government regulations in relation to fuel emissions. For instance, the Euro 5 and BS IV regulations state the mandatory usage of electronic engine management systems in vehicles, driving the growth of the segment during the forecast period.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/1442/automotive-software-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

In terms of regions, North America is estimated to be the largest market for automotive software during the forecast period, with the USA, Canada, and Mexico being the major countries offering lucrative growth opportunities. The growth of the North American region can be attributed to the extensive growth in the production of passenger vehicles in the region and the presence of a large number of automotive software manufacturers in countries, such as the USA, Canada, and Mexico. Further, the North American automotive software market is mainly driven by favorable government policies. On the other hand, Europe and Asia-Pacific are also expected to offer sizeable growth opportunities over the forecast period.

Automotive Software Market Drivers:
Some of the key drivers listed in the report are given below.
• Rise of Connected Cars - Growing integration of internet-enabled features increases the demand for automotive software solutions.
• Electrification of Vehicles - EVs rely heavily on software for battery, powertrain, and charging management systems.
• Demand for Advanced Driver Assistance Systems (ADAS) - Safety regulations and consumer expectations drive software-enabled ADAS adoption.
• Shift Toward Autonomous Driving - Autonomous technologies need complex software algorithms for real-time decision-making.
• Trend of Over-the-Air (OTA) Updates - Automakers deploying OTA functionalities rely on robust software ecosystems.

Top Companies in the Automotive Software Market:
Stratview Research has identified the following companies as the top market players.
• Ansys Inc.
• Autodesk, Inc.
• Bosch Software Innovations GmbH
• CDK Global LLC
• Cox Automotive
• Daimler AG
• Dassault Systèmes SE
• DealerTrack Holdings, Inc.
• Delphi Technologies
• Ford Motor Company.
Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the Automotive Software Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.