Acumen Research and Consulting estimates that global Automotive Software market is expected to reach the market value of around US$ 43 Bn by 2027 and is anticipated to grow at a CAGR of around 18% in terms of revenue during the forecast period 2020 – 2027.
The vehicle industry has used automotive applications for years. For many years engineering has contributed to numerous impressive developments in the auto industry. Not only has dashboard screens been improved with vehicle technologies and many other car features played a key role in enhanced safety measures, infotainment, control systems and many more. The use of automotive software allows the production of complex structures and improves flexibility at no expense. For motors and other key structures, software has allowed better circuit analysis and behavioral modeling on a large scale.
The report provides analysis of global automotive software market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
Improving the automobile infrastructure in Germany, China, Denmark, the US and Japan, rising the production and sales of cars across the world, fast growing demand for automated and related vehicles, rising the implementation of safety technologies in the driver service sector, raising concern for driver and vehicle health, and increasing growth in this market is the main driving factors for the growth of this market.
Among the key restraints on the growth of this market, the lack of common protocols for the production of the software interface and the increasing complexity of the software architecture cause higher repair costs for vehicle hardware. Nevertheless, the growing use of innovative automobile technologies and services worldwide, the increasing population, economic improvements, and the rising buying force of citizens from countries such as China, Indian and Middle East provide ample opportunities for business growth.
Europe region is anticipated to dominate the market led by Germany. The growth of the automotive software market in the area will be fueled by factors, such as huge prospects for automobiles with advanced driver support systems in that region and the presence of established ICT infrastructures.
North America held second largest share in the global market and anticipated to rise a considerable growth rate during the forecast period. Growing vehicle production, increasing connected car numbers, rapidly changing the electronic architecture of the vehicle, the development of C-V2X technology, and expansion of leading OEMs contribute to the growth of the market. There is also a favorable regulatory framework in the region for self-driving vehicles, allowing companies to conduct tests on independent vehicles. On the other hand, Canadian regulators are actively studying autonomous trends in the American markets in order to define best practices and a legal system for self-driving vehicles.
The market research study on “Automotive Software Market (Automotive Software Market By Application: Infotainment and telematics, Chassis, Safety system, Powertrain; Automotive Software Market By Product: Middleware, Operating system, Application software) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Automotive Software market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Automotive Software market size, and segment markets by product, application, and geography along with the information on companies operating in the market. The Automotive Software market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Automotive Software market is segmented as below:
Automotive Software Market By Application
Infotainment and telematics
Automotive Software Market By Product
Automotive Software Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such Blackberry, Wind River, Autonet, Microsoft, Robert Bosch Gmbh, Mobile, ACCESS, Google, Broadcom, Green Hills Software, Airbiquity, NXP Semiconductors, Mentor Graphics, Renesas Electronics, Others.
Robert Bosch Gmbh is one of the leaders in the automotive software market due to its strong global distribution networks and extensive automotive software offers. It provides cloud applications, remote control of computers, app alerts and automotive data management. Major developments in the growth of the digital business will broaden its presence in the tech industry for automobiles.
Increased levels of connected vehicles due to the prevalence of IoT.
The market value of automotive software is anticipated to be around US$ 43 Bn in 2027.
It is anticipated to grow around 18% CAGR amid the forecast period 2020-2027.
The key players operating in automotive software market such as Blackberry, Wind River, Autonet, Microsoft, Robert Bosch Gmbh, Mobile, ACCESS, Google, Broadcom, Green Hills Software, Airbiquity, NXP Semiconductors, Mentor Graphics, Renesas Electronics, Others.
Lack of knowledge and expertise in repairing and maintaining the automotive software.
Asia Pacific is projected to grow at a fast pace during forecast period 2020-2027.
Europe held maximum share in 2019.