CHICAGO, Sept. 14, 2023 /PRNewswire/ — The software-defined vehicle market is projected to grow from USD 270.9 billion in 2023 to USD 419.7 billion by 2028, registering a CAGR of 9.1% during the forecast period according to a new report by MarketsandMarkets™. The market growth is attributed to the continued development of connected vehicles and the introduction of 5G cellular connectivity projects. Furthermore, the emergence of ride-hailing and mobility-as-a-service platforms is expected to create lucrative opportunities for the market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=187205966
Browse in-depth TOC on “Software-defined Vehicle Market”
120 – Tables
80 – Figures
190 – Pages
Software-defined Vehicle Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$ 270.9 billion |
|
Estimated Value by 2028 |
$ 419.7 billion |
|
Growth Rate |
Poised to grow at a CAGR of 9.1% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Million) and Volume (Thousand Units) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Offering, Vehicle Type, Vehicle Autonomy, Application and Region |
|
Geographies Covered |
Asia Pacific, Europe, North America and Rest of World |
|
Key Market Challenge |
Data Security and Privacy Concerns |
|
Key Market Opportunities |
Emergence of ride-hailing and mobility-as-a-service platforms |
|
Key Market Drivers |
Enforcement of stringent vehicle safety regulations |
The ICE vehicle type segment is expected to account for the largest share of the software-defined vehicle market in 2023.
The ICE segment is a significant market for software-defined vehicles. The driving factors for the adoption of ICE SDVs include the need for improved fuel efficiency and emissions, in addition to the desire for more connected and autonomous vehicles and the increasing availability of software and computing power. Software-based ICE vehicles have various benefits, including improved fuel efficiency and emissions, new features and functionality, over-the-air updates, and autonomous driving. The software in ICE-based vehicles can control the speed, steering, braking, and the environment and decide how to get around safely. Further, these vehicles often include ADAS features, such as adaptive cruise control, lane departure warning, automatic emergency braking, and parking assist. These features rely on sensors, cameras, and software algorithms to enhance safety and convenience. For example, the Volvo XC90 is a luxury SUV with a turbocharged gasoline engine.
Hardware is expected to account for the largest share of the software-defined vehicle market in 2023.
The hardware segment accounted for the largest share of the software-defined vehicle industry in 2022, and a similar trend is expected to be witnessed during the forecast period. With increasingly standardized hardware and a narrowed technical gap, the automotive industry is likely to go through a similar development process. Due to the rise in the development of automotive technologies, the adoption of software-defined vehicles is also increasing. The hardware segment is divided into four sub-segments: ECU/DCU, sensors/actuators, power electronics, and others. This hardware plays a crucial role in shaping the behavior, capabilities, and user experience of modern vehicles.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=187205966
Asia Pacific market is expected to witness the highest CAGR in the software-defined vehicle market during the forecast period.
Asia Pacific is projected to record the highest CAGR during the forecast period. One of the key drivers for the Asia Pacific software-defined vehicle market is the increased demand ADAS, particularly in China, Japan, India, and South Korea. China already has some regulations in place in this domain. Moreover, government promotions and schemes have led to an increase in electric vehicle production volumes over the years, which caters to domestic and overseas demand. Japan and China export electric vehicles across the globe.
Key players
Key players in the software-defined vehicle companies include Robert Bosch GmbH (Germany), Nvidia Corporation (US), APTIV (Ireland), Valeo (France), Marelli Holdings Co., Ltd. (Japan), Continental AG (Germany), Volkswagen Group (Germany), Tesla (US), HARMAN International (US), BlackBerry Limited (US), among others.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=187205966
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
Automated Guided Vehicle Market by Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks), Navigation Technology (Laser Guidance, Magnetic Guidance, Vision Guidance), Industry, Region – Global Forecast to 2028
Automotive IoT Market Size, Share and Industry Growth Analysis Report by Offering (Hardware, Software, Services), by Connectivity Form Factor (Embedded, Tethered, Integrated), by Communication Type, by Application (Navigation, Telematics, Infotainment) and Global Growth Driver and Industry Forecast to 2028
Intelligent Transportation System Market by Offering (Hardware, Software), System (Advanced Traffic Management System, ITS-enabled Transportation Pricing System), Application (Roadways, Railways, Aviation, Marine) and Region – Global Forecast to 2028
IoT Node and Gateway Market Size, Share & Industry Growth Analysis Report by Hardware (Processor, Connectivity IC, Sensor, Memory Device, and Logic Device), End-use Application (Industrial and Consumer), Geography Global Growth Driver and Industry Forecast to 2027
In-Vehicle Networking Market by Vehicle Type (Passenger Car, LCV, HCV, and AGV), Connectivity Standards (CAN, LIN, FlexRay, RF, Ethernet, and MOST), Application, and Geography – Global Forecast to 2022
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/software-defined-vehicles-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/software-defined-vehicles.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
SOURCE MarketsandMarkets
