Automotive Software Market worth $32.3 billion by 2030, Globally, at a CAGR of 7.8%, says MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, Sept. 29, 2024 (GLOBE NEWSWIRE) -- Automotive Software Market size is projected to grow from USD 19.0 billion in 2023 to USD 32.3 billion by 2030, at a CAGR of 7.8%, as per the recent study by MarketsandMarkets™.  The rise in focus towards software-defined vehicles paired with increasing penetration of ADAS features in vehicles are expected to increase the demand for automotive software solutions. Also, the strong government support for vehicle safety paired with rising adoption of software-over-the-air (SOTA) updates are anticipated to promote the revenue growth of automotive software market.

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List of Key Players in Automotive Software Market:

• Robert Bosch GmbH (Germany)
• NXP Semiconductors (Netherlands)
• NVIDIA Corporation (US)
• BlackBerry Limited (Canada)
• Continental AG (Germany)

Drivers, Opportunities and Challenges in Automotive Software Market:

1. Driver: Advancements in infotainment systems
2. Restraint: Lack of standard protocols for automotive software systems
3. Opportunity: Developments in automated driving and software-defined vehicles
4. Challenge: Risk of Cyberattacks

Key Findings of the Study:

1. ADAS & safety systems segment is expected to witness a significant growth rate in the global automotive software market during the forecast period
2. The application software segment is expected to lead the automotive software market growth
3. Body control & comfort systems are expected to have significant growth opportunities in EVs during the forecast period
4. The automotive software market in Asia Pacific is projected to hold the largest market share by 2030

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Operating system segment is expected to have significant share in the global automotive software market

The operating system is expected to be a noticeable segment in the automotive software market, as it controls the core capabilities of the vehicle while keeping passengers and the driving environment safe, which makes it the most important part of the software. Additionally, the automotive operating system market is expected to grow significantly with the growing adoption of connected car technologies. As such, operating system (OS) plays a critical role in connected vehicles. The OS provides the platform for the telematics system to run on and provides the features and functionality that allow the vehicle to communicate with other devices and services.

Passenger car segment is expected to have significant growth opportunities in 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 ADAS features in passenger cars and the rising inclination towards autonomous driving. Additionally, rising demand for passenger cars in emerging and developed countries has also contributed to the growth of the automotive software market. For example, in 2022, car 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, rising vehicle production, and prominent growth in demand for high-end services such as connected car services and telematics. All these aforementioned factors are anticipated to bolster the revenue growth of the passenger car segment during the forecast period.

“Germany to lead the automotive software market in Europe”

Germany is expected to have a sizeable market for automotive software among all the European countries. The most significant 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 mandates regarding safety. The high sales of premium vehicles, such as the 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.

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Recent Developments:

• In September 2023, Bosch showcased its Vehicle Dynamics Control 2.0 at IAA Mobility 2023. The software will provide easier handling and safety of automobiles with control over braking, electric powertrain, and electric steering systems. This will lead to less counter-steering 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 entry-level cost of BMS development and the use of NXP's high-voltage BMS design.
• In May 2023, BlackBerry Limited showcased its QNX Software Development Platform (SDP) 8.0. It will enable automakers to deliver more powerful software products at lower costs while maintaining the safety, security, and reliability of QNX software.
• In February 2022, Jaguar Land Rover partnered with NVIDIA Corporation to deliver next-generation ADAS and AI-powered 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.

Related Reports:

1. Automotive Cybersecurity Market
2. V2X Cybersecurity Market
3. Connected Car Market

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