Delray Beach, FL, September 29, 2024 (GLOBE NEWSWIRE) – Automotive software market The size is projected to grow from $19 billion in 2023 to $32.3 billion in 2030, with a CAGR of 7.8%., according to the recent MarketsandMarkets study. Increasing attention towards software-defined vehicles, coupled with the increasing penetration of ADAS features in vehicles, is expected to increase the demand for automotive software solutions. Furthermore, strong government support for vehicle safety, coupled with the growing adoption of software updates over the air (SOTA), is expected to promote revenue growth of the automotive software market.
Explore OCD in depth in “Automotive software market
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List of key players in Automotive Software Market:
- Robert Bosch GmbH (Germany)
- NXP Semiconductors (Netherlands)
- NVIDIA Corporation (USA)
- BlackBerry Limited (Canada)
- Continental AG (Germany)
Drivers, opportunities and challenges in Automotive Software Market:
- Driver: Advances in infotainment systems
- Restriction: Lack of standard protocols for automotive software systems.
- Chance: Advances in automated driving and software-defined vehicles
- Challenge: Risk of cyber attacks
Key findings of the study:
- The ADAS and safety systems segment is expected to witness a significant growth rate in the global automotive software market during the forecast period.
- The application software segment is expected to lead the growth of the automotive software market.
- Body control and comfort systems are expected to have significant growth opportunities in electric vehicles during the forecast period.
- The automotive software market in Asia Pacific is projected to have the largest market share by 2030
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The operating systems segment is expected to hold a significant share in the global automotive software market.
The operating system is expected to be a notable segment in the automotive software market as it controls the basic capabilities of the vehicle while keeping the passengers and driving environment safe, making it the most important part of the software. Furthermore, the automotive operating systems market is expected to grow significantly with the increasing adoption of connected car technologies. As such, the operating system (OS) plays a critical role in connected vehicles. The operating system provides the platform for telematics system to operate and provides the features and functionality that allow the vehicle to communicate with other devices and services.
The passenger vehicle segment is expected to have significant growth opportunities in the 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 ADA characteristics of passenger cars and the growing inclination towards autonomous driving. Furthermore, the growing demand for passenger cars in emerging and developed countries has also contributed to the growth of the automotive software market. For example, in 2022, automobile 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, increasing vehicle production and notable growth in demand for high-end services such as connected car services and telematics. All these above-mentioned factors are expected to drive the revenue growth of the passenger car segment during the forecast period.
“Germany will lead the automotive software market in Europe”
Germany is expected to have a considerable market for automotive software among all European countries. The most important 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 safety requirements. High sales of premium vehicles such as 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.
Recent developments:
- In September 2023, Bosch presented its Vehicle Dynamics Control 2.0 at IAA Mobility 2023. The software will provide easier handling and safety of cars with control over braking, electric drivetrain and electric steering systems. This will result in less countersteering with a shorter braking distance.
- In September 2023, NXP Semiconductors worked with Elektrobit to develop software for next-generation automotive BMS. This will reduce the initial cost of BMS development and use of NXP's high voltage BMS design.
- In May 2023, BlackBerry Limited introduced its QNX Software Development Platform (SDP) 8.0. It will allow automakers to offer more powerful software products at lower costs while maintaining the security and reliability of QNX software.
- In February 2022, Jaguar Land Rover partnered with NVIDIA Corporation to offer next-generation ADAS and AI-based services. In 2025, new Jaguar and Land Rover vehicles will be built on the NVIDIA DRIVE SDV platform and provide active safety, automated driving and driver assistance systems.
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