Rockville, March 20, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global automotive software market is set to touch US$ 65 billion by the end of 2033, expanding rapidly at 12.5% CAGR from 2023 to 2033.
Automotive software is a set of programmable instructions that are utilized in completing multiple operations of computer-based in-vehicle applications. This software is utilized in vehicle-embedded systems. Automotive software is used in applications such as body control, infotainment, telematics, advanced driver assistance systems (ADAS), safety and communication, and other applications.
Fast expansion of the automotive sector and the continuous introduction of autonomous and semi-autonomous vehicles are some of the primary reasons driving the market growth. Moreover, the widespread acceptance of ADAS as the primary component of self-driving technology and the increased demand for different sophisticated safety features such as autonomous emergency braking systems and adaptive cruise control are propelling market expansion.
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Many efforts undertaken by regulatory agencies in various nations to reduce traffic accidents and ensure road safety are pushing the usage of automotive software. Additional factors influencing market expansion include the incorporation of the Internet of Things (IoT), artificial intelligence (AI), and cloud-based solutions for controlling devices and guaranteeing security.
The worldwide market is also being fueled by the growth of smart capabilities in several infotainment systems in automobiles, greatly boosting the adoption of automotive software.
Key Takeaways from Market Study
- The global automotive software market amounted to US$ 20 billion in 2023.
- Global demand for automotive software is estimated to surge ahead at a CAGR of 12.5% from 2023 to 2033.
- The global market is predicted to reach a value of US$ 65 billion by 2033.
- Asia Pacific accounted for 36.7% share of the worldwide market in 2022.
Winning Strategy
Leading market players are focusing on collaborations to gain more market share and presence.
- VW Group collaborated with Microsoft to advance the development of automated driving in February 2022. VW Group's Car Software Division and Microsoft collaborated to create an Automated Driving Platform that will allow for the rapid development of autonomous driving functions. Car Software Division will use the cloud-based platform to streamline its development processes on Microsoft Azure to provide automated driving solutions.
- Microsoft and Bosch collaborated in February 2021 to create a software-defined vehicle platform for smooth interaction between cars and the cloud. The collaboration will shape the next generation of automotive software by combining automotive and cloud computing capabilities.
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Competitive Landscape
Key players in the automotive software market are pursuing tactics such as collaborations, investments, new developments, R&D activities, and mergers to grow and strengthen their global footprint. Furthermore, numerous start-ups are raising funds to work on innovative solutions and gain market share.
- Eatron, a start-up based in the United States that creates 'intelligent automotive software', received a US$ 11 million Series A funding round spearheaded by the United Kingdom's MMC Ventures.
- NXP Semiconductors introduced the S32G GoldVIP in February 2022 to meet software-defined vehicles' real-time and application development difficulties. This vehicle integration platform provides a variety of value propositions for S32G processor evaluation, software development, and rapid prototyping.
- APTIV and Audi invested US$ 285 million in the automotive software business TTTech Auto in February 2022. Aptiv invested US$ 228 million in this fundraiser, while Audi plans to boost its existing investment by US$ 57 million.
- Woven Planet Holdings, a division of Toyota Motor Corp., absorbed Renovo Motors in September 2021 to improve software development for driverless vehicles.
- Volvo unveiled plans in July 2021 to revamp its infotainment and data systems with a new in-house built operating system, VolvoCars.OS that will be installed in future cars.
Key Companies Profiled
- Apple, Inc
- Airbiquity, Inc
- Accenture PLC
- Amazon Web Services, Inc
- Adobe Inc
- Akamai Technologies, Inc
- Access Co., Ltd
- ANSYS, Inc
Key Segments of Automotive Software Industry Research
- By Product:
- Application Software
- Middleware
- Operating Systems
- By Application:
- Safety Systems
- Infotainment & Telematics
- Powertrain
- Others
- By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- Electric Vehicles
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive software market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on product (application software, middleware, operating systems), application (safety systems, infotainment & telematics, powertrain, others), and vehicle type (passenger cars, commercial vehicles, electric vehicles), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Key Questions Covered in the Automotive Software Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Automotive Software sales grow until 2033?
- Which are the factors hampering the Automotive Software demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Automotive Software Market during the forecast period?
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