New York, US, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Software Market Research Report Information By System, Region, Vehicle Type, Solution, and Propulsion – Forecast to 2030”, the automotive software market is predicted to record substantial expansion over the assessment era from 2022 to 2030 at a healthy growth rate of approximately 20%.
Automotive Software Market Overview:
Automotive software refers to a function deployed in-vehicle hardware to transfer instructions and showcase vehicle control functions. Software solutions and services have become a vital aspect of the automotive industry. The utilization of software solutions assists in improving safety, performance, and driving experience. There is a broad range of software systems in automotive, including safety & navigation software, entertainment, auto driver software, auto mechanical software, and connectivity software, among others. The automotive software market has exhibited tremendous expansion in past few years. The prime parameter supporting the expansion of the market is the developing automotive infrastructure around evolving economies such as Japan, Norway, the US, Germany, and China.
The catalog for the leading participants across the automotive software market includes players such as:
- Elektrobit (Germany)
- Wind River Systems, Inc. (US)
- Autonet Mobile, Inc. (USA)
- Green Hills Software (US)
- Microsoft Corporation (US)
- NXP Semiconductors (Netherlands)
- Airbiquity Inc. (US)
- BlackBerry (Canada)
- NVIDIA Corporation (US)
- Renesas Electronics Corporation (Japan)
- Among others.
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Furthermore, the growing production and sales of automobiles globally is another crucial aspect predicted to impact automotive software expansion over the assessment era positively. Moreover, factors such as the growing demand for environment-friendly vehicles, growing concern over driver and vehicle safety, rapidly growing demand for autonomous and connected vehicles, and increasing adoption of driver assistance safety systems are also likely to have a positive impact on the expansion of the market over the coming years.
The global health hazard of COVID-19 has had a tremendous effect on most industry sectors. Considering the fast spread of the infectious disease, various governments across the globe revealed partial or complete lockdowns for a fairly long time. Accordingly, industry operations were halted, and some businesses shut down. The automotive software market confronted numerous unforeseen challenges during the pandemic due to the abrupt fall in demand for vehicles and the travel restrictions enforced. On the other hand, with the swift vaccination rates and all the global industrial operations returning to normal, the market is expected to observe sizable expansion over the estimated timeframe.
|Market Size 2030||Significant Value|
|CAGR during 2022-2030||20 % CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||The growing competition between automotive software service and solutions provider|
|Key Market Drivers|| Increasing production and sales of automobiles globally|
Rapidly growing demand for autonomous and connected vehicles
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Automotive Software Market Segment Analysis
Among all the solutions, the navigation software segment will likely lead the market over the coming years.
Among all the systems, the ADAS & Safety Systems segment is projected to ensure the top place across the global market over the coming years.
Among all the vehicle types, the passenger car segment is projected to ensure the top place across the global market over the coming years.
Automotive Software Market Regional Analysis
The MRFR research documents imply that the Asia-Pacific region is predicted to ensure the top spot across the automotive software market over the assessment era. The growth of the regional market is ascribed to the factors such as increased production & sales of electric vehicles, increased sales of connected vehicles, growing automotive infrastructure, increasing investment by public and private players, and a rise in demand for safety features in vehicles.
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Automotive Software Market USP Covered
The automotive software market has exhibited tremendous expansion in past few years. The prime parameter supporting the expansion of the market is the developing automotive infrastructure around evolving economies such as Japan, Norway, the US, Germany, and China. Furthermore, the growing production and sales of automobiles globally is another crucial aspect predicted to impact automotive software expansion over the assessment era positively. Moreover, factors such as the growing demand for environment-friendly vehicles, growing concern over driver and vehicle safety, rapidly growing demand for autonomous and connected vehicles, and increasing adoption of driver assistance safety systems are also likely to have a positive impact on the expansion of the market over the coming years.
In addition, aspects such as the rising purchasing power of people from countries, the improving economy, the growing adoption of advanced software solutions and services in the automobile sector, and the growing population are also projected to boost the market performance over the review timeframe. Moreover, the market has observed a sudden rise in the production of automobiles along with the increasing emphasis by consumers and OEMs on the automotive infotainment system as well as lowering in the cost of automotive software applications, which in turn is also likely to have a substantially positive effect on the development of the market over the review era.
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On the other hand, certain aspects may impede the performance of the market. The primary parameter affecting the expansion of the market is the lack of standard protocols for developing software platforms, along with the increasing complexity of the software architecture. Furthermore, the increase in the maintenance cost of vehicle hardware is also likely to restrict the market's performance over the coming years.
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