The Automotive Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Software Global Market Report 2024, The automotive software market size has grown rapidly in recent years. It will grow from $26.32 billion in 2023 to $30.79 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to consumer demand for connectivity, regulatory requirements for emissions and safety, evolution of in-car infotainment, demand for fuel efficiency, globalization of automotive supply chains, increased complexity of vehicle systems..
The automotive software market size is expected to see rapid growth in the next few years. It will grow to $54.62 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to evolving business models in mobility services, demand for personalization and user experience, increased emphasis on data security and privacy, enhanced predictive maintenance, continued upgrades and retrofitting.. Major trends in the forecast period include software-defined vehicles, increasing complexity of in-car infotainment systems, cybersecurity for connected vehicles, adoption of over-the-air (ota) updates, focus on user experience (ux) design..
The increasing adoption of connected cars is expected to propel the growth of the automotive software market going forward. A connected car is one that has two-way communication capabilities with external systems. Various devices inside and outside the automobile can access the internet and share data with the car. Automotive software for a connected car connects to the internet via an in-car connectivity system, which has sophisticated features like internet connectivity, remote control of car systems, and advanced security. For instance, according to the report published by Cisco, a US-based technology company, by 2025, there will be roughly 2 billion connected vehicles on the world’s roads due to technologies in new automobiles and aftermarket equipment. Therefore, the rising adoption of connected cars drives the automotive software market.
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The automotive software market covered in this report is segmented –
1) By Solution: Autopilot Software, Navigation Software, Entertainment Software, Car Safety Software
2) By Software Layer: Operating System, Middleware, Application Software
3) By Vehicle Type: Passenger Car, LCV (Light Commercial Vehicle), HCV (Heavy Commercial Vehicle)
4) By Application: ADAS (Advanced Driver Assistance Systems) And Safety Systems, Body Control And Comfort System, Powertrain System, Infotainment System, Communication System, Vehicle Management And Telematics, Connected Services, Autonomous Driving, HMI (Human-Machine Interface) Application, Biometrics, Remote Monitoring, V2X (Vehicle-To-Everything) System
Product innovation has emerged as the key trend gaining popularity in the automotive software market. Major companies operating in the automotive software sector are focused on developing new and innovative solutions to meet customer demand. For instance, in December 2021, Robert Bosch, a German-based technological company, developed a powerful computer system for the infotainment area. It aids with the rapid introduction of services such as in-car communication, in-car payment, video streaming, voice assistants, and more to vehicles. The information domain computer combines its leadership expertise in automotive software solutions and domain-specific hardware expertise with solutions from an industry-leading network of technology businesses.
The automotive software market report table of contents includes:
1. Executive Summary
2. Automotive Software Market Characteristics
3. Automotive Software Market Trends And Strategies
4. Automotive Software Market – Macro Economic Scenario
5. Global Automotive Software Market Size and Growth
………..
31. Global Automotive Software Market Competitive Benchmarking
32. Global Automotive Software Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Software Market
34. Automotive Software Market Future Outlook and Potential Analysis
35. Appendix
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