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Global Automotive Software Market is projected to reach at a market value of US$ 66.81 Billion by 2031: Visiongain Research Inc
Visiongain has published a new report on Global Automotive Software Market Report Forecast 2021-2031. Forecasts by Application Type (ADAS & Safety Systems, Infotainment & Telematics, Powertrain and Chassis), Vehicle Type (Passenger Vehicles, Commercial Vehicles (LCV & HCV), Battery Electric Vehicles, Hybrid Electric Vehicles and Autonomous Vehicles), Product Type (OS, Middleware and Application Software). Plus, Profiles of Leading Automotive Software Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global automotive software market was valued at US$ 16.46 billion in 2020 and is projected to reach at a market value of US$ 66.81 billion by 2031. The global market is estimated to grow at a CAGR of 13.4% in the first half period 2021-2026 and is projected to grow at CAGR of 17.1% in the other half period 2026-2031. In the year 2021, North America was the second largest revenue generating region and is projected to reach 25.86% of the global market in 2031 from its previous share of 27.28% in 2020. APAC is projected to reach US$ 20.19 billion by 2031 growing with a highest CAGR of 15.9%.
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Considering the pattern of industry in the automotive software market, Visiongain has studied the market based on vehicle type, passenger vehicle, commercial vehicle, BEV, HEV and autonomous vehicle segments. Passenger vehicle segment remains the highest revenue generating segment in the vehicle category by growing at a CAGR of 15.4% during the forecast period to reach more than $20.10 billion by 2031. Presently, passenger vehicles segment accounted for significant share of the overall vehicle sales specifically in India. New vehicle models are available with higher fuel efficiency and lower emissions thereby meeting the regulatory mandates. Companies have been adopting different strategies to gain foothold in the competitive automotive market. Various companies offer in-vehicle entertainment system in cars. For instance, Mercedes Benz offers rear seat entertainment system, which allows passengers to watch DVDs, play games, and movies on a 17.8 cm color screen. Autonomous vehicle segment is also expected to grow with the highest CAGR during the forecast period and is expected to reach $9.71 billion by 2031 at a CAGR of 16% during the forecast period. Moreover, companies operating in the autonomous vehicle market, to minimize risk and get started with autonomous vehicle manufacturing, partnered with each other. For instance, Ford and Volkswagen have planned to join hands to come up with an autonomous vehicle. Component manufacturers are not behind in the race and have come up with innovative launches to supplement autonomous vehicle development.
COVID-19 Impact on Automotive Software Market
The automotive industry has no escape from the impact of the pandemic which has majorly impacted supply chain networks of the industry. Globally, automotive industry was already witnessing a slowdown in vehicle sales in 2019, and the COVID-19 made it more difficult for industry to recover. The estimations for the automotive sales are expected to fall significantly. Initially the disruption in supply and manufacturing hampered the industry significantly and now with the multi fold decline in demand has led to the uncertainty regarding the recovery.
Market Drivers
Superior driving experience
Advanced vehicle features such as blind spot monitoring, parking assistance, adaptive cruse controls and others have been immensely accepted by the consumers. Authorities and regulatory bodies have been investing in R&D activities to reduce road fatalities, increase safety measures and improve driving experience. With more luxurious cars, comes the superior driving experience which is not the case with passenger vehicles and commercial vehicles. The increasing vehicle-to-vehicle and vehicle-to-infrastructure connectivity help increase driving experience. The advanced software solutions integrated on the vehicle to serve different applications helps in the overall enhance of driving.
Maintenance and early diagnostic detection
The increasing complexity of electronic systems used in advanced vehicles demands testing and verification before actual applications. Virtual product development technologies and vehicle simulation have the capabilities to meet the challenge. Majority of the automotive manufacturers in the global market provide service and maintenance promises to their customers to enhance overall customer experience and provide after sale service. To reduce costs, diagnostics functions are built inside the vehicle electronic components which provide real time information about vehicle health and alerts customer about the necessary maintenance required. The AI enabled early diagnostics detection solution uses advanced software solutions to provide timely delivery of promised services.
Market Restraints/Challenges
Hacking: a stiff challenge for automakers
The rising cyber wars in the global market have raised concerns amongst the vehicle owners about getting exposed to auto cyber-attacks. Advanced vehicles are equipped with multiple computerized equipment and IoT connected devices serving different vehicle applications and creates potential threat to the vehicle by exploiting weakness. Integration of advanced threat detection systems, enablement of more secured login with secured APIs can prevent vehicle hacking.
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Non-availability of uninterrupted & seamless connectivity
The main objective of Automotive Software is to keep the consumer connected to the outside world, increase safety by gathering outside environment data, provide additional features to vehicle owner and reduce maintenance. In addition, people want access to the internet 24*7 even when they are travelling. Consumers expect their cars to perform tasks similar to their computer or smart phones. Amidst this interrupted connectivity may act as a restraint for the connected vehicle applications which runs on software functionality segment as it fails to offer seamless internet service. This is mainly due to inconsistency in the network offered by the service providers which differs from region to region.
Competitive Landscape
Some of the companies profiled in the Automotive Software Market Report include Airbiquity, MontaVista Software, Daimler AG, Robert Bosch GmBH, Wind River Systems, NIVIDIA Corporation, NXP Semiconductors, Renesas Electronics Corporation, Toshiba Corporation, and Solera Holdings.
The companies have performed various strategic moves and initiatives to uptick in the overall market. For instance, in Dec 2020, Daimler AG has announced a long-term strategic partnership for a technology-driven IT infrastructure transformation with Infosys. Daimler AG will transform its IT operating model and infrastructure landscape across workplace services, service desk, data center, networks and SAP Basis together with Infosys.
In Feb 2020, Robert Bosch Venture Capital GmbH (RBVC), venture capital company of the Bosch Group, invested in Beijing-based UISEE. The company provides solutions for automated driving (AD) and is a holistic full-stack supplier for automated driving systems, with solutions initially commercialized for restricted area applications. The company has successfully completed the testing phase of the solutions in early 2020 and is likely to bring to the global market.
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About Visiongain
Visiongain is one of the fastest growing and most innovative, independent, market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports cover a 10-year forecast, are hundreds of pages long, with in depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets, which currently can influence one another, these markets include automotive, aviation, chemicals, cyber, defense, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customized and syndicated market research reports mean that you can have a bespoke piece of market intelligence customized to your very own business needs.
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