The global automotive software market accounted for a value of USD 17.2 billion in 2019. Automotive software market projected to register growth at a CAGR of 14.9% during forecast period.
Covid-19 has impacted the automotive market. The assembly and production was halted due to lockdown. The supply chain was immensely affected due to travel restriction imposed by governments across the world. The sale of vehicle is declining. The software market is estimated to have a negative impact due to corona virus outbreak in 2020. The automotive software market will witness growth from 2021. This growth is estimated to be sluggish.
For more details, visit: Global Automotive Software Market By Vehicle Type (Passenger Car, Commercial Vehicle), By Thickness (<0.1 mm, 0.1-0.5 mm, Others), By Application (Biometrics, Remote Monitoring, Others), By Region–Forecast & Opportunities to 2026
The demand and adoption of technologically advanced features is growing significantly in the market. Consumers are adopting electronics products in the vehicle and demanding for such products across the world. The shift from conventional vehicle to technologically advanced vehicle is likely to drive growth in automotive software market during forecast period.
On the basis of vehicle type, the automotive software market is segmented into passenger cars, light commercial vehicle and heavy commercial vehicles. The passenger car segment is estimated to hold largest market share during forecast period. The government across the globe is taking many initiatives to reduce number of accidents and to ensure road safety. Governments have mandated some of the safety features in vehicles. The demand for connected cars is rapidly growing worldwide which leads to rise in use of electrical and electronics components in automobiles. The strict emission norms led to rise in fuel-efficient vehicles and development in V2X technology in passenger car segment is likely to drive growth in this segment.
On the basis of application, the automotive software market is segmented into body control & comfort system, ADAS & safety systems, powertrain systems, infotainment systems, communications systems, vehicle management systems, connected car systems, HMI application, biometrics, remote monitoring, V2X and autonomous driving. The connected car services are estimated to register fastest growth during forecast period. The connected cars and autonomous technologies are gaining momentum around the world. The embedded software is a very vital area for innovations. There are many advanced features provide in connected cars which ensures safety, attracts consumers towards connected cars is likely to drive growth in connected cars segment during forecast period.
Asia-Pacific region is projected to hold largest market share during forecast period in automotive software market. The rapid development of intelligent transport systems and connected mobility in many countries such as Japan and China is the major driver of software market in this region. World’ 5G based smart transportation project is rolling out from 2020 in this region. The smart mobility project will be communicating through vehicle to infrastructure (V2I) vehicle to pedestrian (V2P) and vehicle to vehicle (V2V) technologies. The rising pollution from emission in Asia-Pacific region can also be reduced using software technologies by engine management and powertrain. This drives growth in software market in this region during forecast period.
The key market players in automotive software industry are Robert Bosch GmbH, NVIDIA, NXP Semiconductor, Renesas Electronic, Blackberry, Microsoft Corporation, Airbiquity, Elektrobit, Intel Corporation, Green Hills Software, Wind River Systems, Google, Panasonic, Luxoft and Apple.
- What are the expected industry trends over the next three to five years?
- Which of the automotive software vehicle type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?