Dublin, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The "Automotive Simulation Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global automotive simulation market is set to experience robust growth, with an estimated value of USD 3.17 billion by 2027, according to a comprehensive market analysis. The report offers in-depth insights into the current market scenario and future growth prospects.
Market Growth Drivers
The automotive simulation market is on track to expand from $1.77 billion in 2022 to an anticipated $2.01 billion in 2023, with a Compound Annual Growth Rate (CAGR) of 13.4%. This growth trajectory is attributed to the increasing demand for comfort and safety features in vehicles, particularly during long-distance travel. Despite short-term disruptions caused by the Russia-Ukraine war, economic sanctions, inflation, and supply chain disturbances, the automotive simulation market is expected to maintain strong growth, reaching a value of $3.17 billion by 2027, at a CAGR of 12.1%.
Technological Advancements Driving Innovation
The market is witnessing a notable trend of technological advancements that are spurring innovation in the automotive simulation sector. Leading companies are focusing on developing cutting-edge solutions to enhance their market presence. For instance, MORAI, a South Korea-based autonomous vehicle simulation company, introduced MORAI SIM Cloud, a cloud-based autonomous driving simulation technology. This Software as a Service (SaaS) solution automates test case distribution in a cloud environment for efficient simulation testing.
Strategic Acquisitions for Enhanced Offerings
Strategic acquisitions are playing a role in shaping the market landscape. In March 2022, Applied Intuition Inc., a US-based autonomous vehicle testing company, acquired Mechanical Simulation Corporation (CarSim) to expand their product portfolio and better serve their customer base. Mechanical Simulation Corporation is known for its vehicle dynamics simulation software.
Global Market Highlights
- The Asia-Pacific region led the global automotive simulation market in 2022 and is projected to be the fastest-growing region during the forecast period.
- The light commercial vehicle segment captured the largest market share in 2022 due to increased demand for enhanced safety and performance in commercial vehicles.
- Electronic controlled technology dominated the market in 2022, driven by its integration in luxury vehicles.
- Growing automobile production and passenger vehicle sales are expected to drive market growth, as the demand for enhanced safety and efficiency in vehicles continues to rise.
Segmented Analysis for Deeper Insights
The market report provides insights based on segmentation:
- Component Outlook:
- Software
- Services
- Deployment Outlook:
- On-Premises
- Cloud
- Application Outlook:
- Prototyping
- Testing
- End-User Outlook:
- Regulatory Bodies
- OEMs
- Automotive Component Manufacturers
A selection of Companies Mentioned in this report includes
- Altair Engineering Inc.
- Ansys Inc.
- Autodesk Inc.
- AVL List GmbH
- Dassault Systemes SE
- dSpace GmbH
- ESI Group
- Gamma Technologies Inc.
- IPG Automotive GmbH
- PTC Inc.
- Siemens AG
- Simscale GmbH
- SIMUL8 Corporation
- Synopsys Inc.
- The MathWorks Inc.
- Design Simulation Technologies Inc.
- Comsol AB
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 275 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $2.01 billion |
| Forecasted Market Value (USD) by 2027 | $3.17 billion |
| Compound Annual Growth Rate | 12.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/mbzums
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