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Increasing Connected Car Adoption Fuels Automotive Software Market: Strengthening the Growth Trajectory of the Automotive Software Market
Automotive Software
What Is the Expected CAGR for the Automotive Software Market Through 2025?
The size of the automotive software market has been seeing a fast-paced expansion recently. It's predicted that it will increase from $30.15 billion in 2024 to $34.92 billion in 2025, reflecting a compound annual growth rate (CAGR) of 15.8%. Factors such as increased consumer demand for connectivity, stricter regulatory mandates for emissions and safety, advancements in in-car entertainment systems, increased need for fuel efficiency, global expansion of automotive supply chains, and growing complexity in vehicle systems have contributed to the growth during the historic period.
What's the Projected Size of the Global Automotive Software Market by 2029?
The size of the automotive software market is predicted to witness a sharp uptick in the upcoming years, expanding to a striking $63.4 billion in 2029 with a CAGR of 16.1%. This surge can be traced back to morphing business models in the mobility service sector, a growing penchant for personalization and user experience, intensified focus on data protection and privacy, improved predictive maintenance, and persistent upgrades and retrofitting. Key trends during the projected period comprise software-defined vehicles, escalating intricacy of in-vehicle entertainment systems, cybersecurity provisions for connected vehicles, the embrace of over-the-air (OTA) updates, and a concentrated attention on user experience (UX) design.
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Top Growth Drivers in the Automotive Software Industry: What's Accelerating the Market?
The growth of the automotive software market is predicted to surge due to the escalating popularity of connected cars. These cars are equipped for bi-directional communication with outside systems. Internet access and data sharing are feasible for various devices both inside and outside the vehicle. The in-car connectivity system allows the automotive software of a connected car to connect with the internet, offering complex features like internet connectivity, remote control over car systems, and enhanced security. A report by the US technology company Cisco indicates that by 2025, an estimated 2 billion connected vehicles will be on the road worldwide as a result of developments in new cars and aftermarket equipment. Consequently, the growing appeal of connected cars engenders the growth of the automotive software market.
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What Trends Will Shape the Automotive Software Market Through 2029 and Beyond?
The primary trend gaining traction in the automotive software market is product innovation. Major players in this sector are concentrating on the creation of distinctive and innovative solutions to meet consumer expectations. For instance, Valeo, an automotive manufacturer from France, launched anSWer, a new software-as-a-product and software-as-a-service offering in September 2023 at the International Automobile Exhibition (IAA) Mobility 2023. This modular, scalable solution delivers bespoke applications, middleware, and services to customers. Valeo anSWer provides software stacks that act as foundations for sophisticated applications and middleware as a service. The services of integration, testing, validation, and maintenance ensure the functionality and security during the vehicle's whole lifespan.
What Are the Main Segments in the Automotive Software Market?
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
Subsegments:
1) By Autopilot Software: Level 2 Automation Software, Level 3 Automation Software, Level 4 And Level 5 Automation Software
2) By Navigation Software: GPS Navigation Systems, Real-Time Traffic Update Software, Route Optimization Software
3) By Entertainment Software: Infotainment Systems, Streaming Services Integration, In-Car Connectivity Software
4) By Car Safety Software: Advanced Driver-Assistance Systems (ADAS), Collision Avoidance Software, Electronic Stability Control Software
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Which Top Companies are Driving Growth in the Automotive Software Market?
Major companies operating in the automotive software market 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, plc
Which Regions Will Dominate the Automotive Software Market Through 2029?
Asia-Pacific was the largest region in the automotive software market in 2024. The regions covered in the automotive software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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