CHICAGO, Nov. 27, 2023 /PRNewswire/ — Automotive Software Market size is projected to grow from USD 19.0 billion in 2023 to USD 32.3 billion by 2030, at a CAGR of 7.8%, according to a new report by MarketsandMarkets™. The rise in focus towards software-defined vehicles paired with increasing penetration of ADAS features in vehicles are expected to increase the demand for automotive software solutions. Also, the strong government support for vehicle safety paired with rising adoption of software-over-the-air (SOTA) updates are anticipated to promote the revenue growth of automotive software market.
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Browse in-depth TOC on “Automotive Software Market”.
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Automotive Software Market Scope:
|
Report Coverage |
Details |
|
Market Size |
USD 32.3 billion by 2030 |
|
Growth Rate |
CAGR of 7.8% |
|
Largest Market |
Asia Pacific |
|
Market Dynamics |
Drivers, Restraints, Opportunities & Challenges |
|
Forecast Period |
2023-2030 |
|
Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Software Layer, ICE Application, EV Application, Vehicle Type, and Region |
|
Geographies Covered |
Asia Pacific, North America, Europe, Latin America, and Rest of the World |
|
Report Highlights |
Updated financial information / product portfolio of players |
|
Key Market Opportunities |
Developments in semi-autonomous and autonomous vehicles |
|
Key Market Drivers |
Advancements in infotainment systems |
Operating system segment is expected to have significant share in the global automotive software market
The operating system is expected to be a noticeable segment in the automotive software industry, as it controls the core capabilities of the vehicle while keeping passengers and the driving environment safe, which makes it the most important part of the software. Additionally, the automotive operating system market is expected to grow significantly with the growing adoption of connected car technologies. As such, operating system (OS) plays a critical role in connected vehicles. The OS provides the platform for the telematics system to run on and provides the features and functionality that allow the vehicle to communicate with other devices and services.
Passenger car segment is expected to have significant growth opportunities in global automotive software market
The passenger car segment is expected to have significant growth opportunities in the automotive software market during the forecast period. This is due to the increasing adoption of ADAS features in passenger cars and the rising inclination towards autonomous driving. Additionally, rising demand for passenger cars in emerging and developed countries has also contributed to the growth of the automotive software market. For example, in 2022, car production in China was around 23.8 million units, while in Japan, it was around 6.5 million. South Korea accounted for around 3.4 million units; in India, it was around 4.4 million units in the same year. The demand for automotive software in the Asia Pacific region is expected to increase due to the advent of autonomous driving, rising vehicle production, and prominent growth in demand for high-end services such as connected car services and telematics. All these aforementioned factors are anticipated to bolster the revenue growth of the passenger car segment during the forecast period.
“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.
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Key Market Players:
The major players in Automotive Software Companies include Robert Bosch GmbH (Germany), NXP Semiconductors (Netherlands), NVIDIA Corporation (US), BlackBerry Limited (Canada), and Continental AG (Germany), among others.
Recent Developments
In September 2023, Robert Bosch Gmbh announced the Vehicle Dynamics Control 2.0 at IAA Mobility 2023. This software will provide better handling and safety of vehicles through intervention in the braking system, electric powertrain, and electric steering system, resulting in less counter-steering and a shorter braking distance.
In September 2023, NXP Semiconductors collaborated with Elektrobit, a leading AUTOSAR and Linux software provider, to develop software for next-generation automotive battery management systems. The software will reduce the entry-level cost of battery management system (BMS) development and enhance the ease of use of NXP’s high-voltage BMS reference design (HVBMS RD).
In May 2023, BlackBerry Limited released QNX Software Development Platform (SDP) 8.0 that enables automakers and IoT system developers to deliver more powerful products at lower costs, while maintaining the unparalleled safety, security and reliability standards of QNX technology.
In February 2022, Jaguar Land Rover formed a multi-year strategic partnership with NVIDIA Corporation to develop and deliver next-generation automated driving systems and AI-enabled services and experiences for its customers. Starting in 2025, all new Jaguar and Land Rover vehicles will be built on the NVIDIA DRIVE software-defined platform, delivering a wide spectrum of active safety, automated driving, parking systems, and driver assistance systems.
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