Global Automotive Simulation Market Analysis 2024 – Estimated Market Size And Key Drivers

The Automotive Simulation 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 Simulation, The automotive simulation market size has grown rapidly in recent years. It will grow from $2.01 billion in 2023 to $2.28 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%.  The growth in the historic period can be attributed to cost reduction in product development, complexity of vehicle systems, stringent regulatory standards, globalization of automotive industry, demand for fuel efficiency.

The automotive simulation market size is expected to see rapid growth in the next few years. It will grow to $3.55 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.  The growth in the forecast period can be attributed to electric and hybrid vehicle development, focus on sustainability, cybersecurity testing, market competitiveness, government initiatives for smart transportation, shortened product development cycles. Major trends in the forecast period include digital twin integration, rapid technological advancements, integration of ai in simulation, multi-physics simulation models, cloud-based simulation platforms, advanced driver assistance systems (adas).

Flourishing automotive production and passenger vehicle sales are expected to propel the growth of the automotive simulation market going forward. Passenger vehicles refer to vehicles that are designed to carry people. Automotive simulation is an important step in automotive production, and used to test and improve vehicle design, and performance during manufacturing process to improve efficiency and ensure the safety of the customer. For instance, in April 2021, according to the reports shared by the European Automobile Manufacturers’ Association (ACEA), a Belgium-based association of leading automobile manufacturers, the global production of automobiles in 2021 was 79.1 million units, an increase of 1.3 percent. Furthermore, according to the International Organization of Motor Vehicle Manufacturers, a France-based international trade association, the number of passenger vehicles sold in 2021 increased from 53.91 million to 56.39 million. Therefore, the flourishing automobile production and passenger vehicle sales are driving the growth of the automotive simulation market.

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The automotive simulation market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: On-Premises, Cloud
3) By Application: Prototyping, Testing
4) By End-User: Regulatory Bodies, OEMs, Automotive Component Manufacturers

Top Major Players:

• Altair Engineering Inc.
• Ansys Inc.
• Autodesk Inc.
• AVL List GmbH
• Dassault Systèmes SE

Asia-Pacific was the largest region in the automotive simulation market in 2023. 

Technological advancements are a key trend gaining popularity in the automotive simulation market. Major companies operating in the automotive simulation market are focused on developing innovative solutions to strengthen their position in the market. For instance, in December 2021, MORAI, a South Korea-based autonomous vehicle simulation company, launched MORAI SIM Cloud, a new cloud-based autonomous driving simulation technology. MORAI SIM Cloud is a cloud-based Software as a Service (SaaS) solution that allows users to simulate autonomous vehicle operations. This technology’s test automation function automatically distributes test cases in a cloud setting to conduct tests and produce results. The cloud-based approach will be crucial in improving test efficiency since it allows users to perform numerous simulation tests, which typically require multiple computers to run, on a single computer at once.

The automotive simulation market report table of contents includes:
1. Executive Summary
2. The Automotive Simulation Market Characteristics
3. The Automotive Simulation Market Trends And Strategies
4. The Automotive Simulation Market – Macro Economic Scenario
5. The Automotive Simulation Market Size and Growth
…….
26. Global Automotive Simulation Market Competitive Benchmarking
27. Global Automotive Simulation Market Competitive Dashboard
28. Key Mergers and Acquisitions In Automotive Simulation Market
29. Automotive Simulation Market Future Outlook and Potential Analysis
30. Appendix

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