Vancouver, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The global software-defined vehicles market size was USD 35.72 Billion in 2022 and is expected to register a revenue CAGR of 19.2% during the forecast period, according to the latest analysis by Emergen Research. Rise of electric and connected vehicles, increasing adoption of over-the-air software, rising investments and funding towards production of such devices, and recent advancements in autonomous driving are some of the major factors driving the software-defined vehicles market revenue growth.
Software-Defined Vehicles (SDVs) can transform the automotive industry by transforming vehicles from just transportation platforms to dynamic platforms that learn and improve over time. Rapid technological advancements, as well as a need for more customized autos, have fueled the emergence of Software-Defined Vehicles (SDVs): vehicles whose functionality and underlying hardware are governed and controlled by an operating system. Software-defined cars are distinguished by the fact that they are constantly changing and adapting via over-the-air upgrades.
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This enables manufacturers to easily add new features, improve vehicle performance, change functionality, and increased safety without requiring physical vehicle alterations. Through agile product management, collaboration, and digital platforms, they can transform cars and automobiles into dynamic, constantly evolving structures that give ever-increasing value to consumers. GM, Renault, Ford, and Hyundai have been engaged in recruiting, funding, creating, and deploying software teams, talent, and platforms. Rising investments and funding for the manufacturing of such gadgets are one of the major factors driving revenue growth of the market. The Original Equipment Manufacturers (OEMs) are putting money into software-defined vehicles and cutting-edge service-oriented platforms.
Rapidly increasing usage of over-the-air software is a major industry trend that is expected to drive market revenue growth. Over-the-Air (OTA) is a critical technology for SDVs during the design, development, and manufacturing phases, as well as during their operational lives. SDVs promise a dynamic comparable to that of a smartphone, which receives regular software upgrades to add new features and fix bugs. Over-the-Air (OTA) upgrades will enable vehicles to add new features, improve performance, and address defects without visiting a repair facility.
One of the major challenges restraining revenue growth of the market is concerns regarding data security and malfunctions. These difficulties focus on cybersecurity, data privacy, and the need for new infrastructure and standards. Cyber risks are among the most frightening. As the quantity of software in a car increases and it becomes more networked, its 'attack surface' expands, making greater room for cyber threats. The requirement to maintain vehicle reliability as well as end-user safety, security, and privacy raises various issues when designing cybersecurity for software-defined cars. As the connected automobile industry expands, there is a pressing business need to address cybersecurity in SDVs. These factors are restraining revenue growth of the market.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 35.72 Billion |
| CAGR (2023–2032) | 19.2% |
| Revenue forecast to 2032 | USD 207.51 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019-2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Propulsion, application, vehicle type, level of autonomy, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Hyundai Motor Group, Sonatus, Inc., Renault Group, Tesla, Volkswagen, General Motors., TOYOTA MOTOR CORPORATION, Mercede-Benz AG, KIA CORPORATION., and BYD Company Ltd. |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global software-defined vehicles market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective software-defined vehicle (SDV) solutions. Some major players included in the global software-defined vehicles market report are:
- Hyundai Motor Group
- Sonatus, Inc.
- Renault Group
- Tesla
- Volkswagen
- General Motors.
- Toyota Motor Corporation
- Mercedes-Benz AG
- KIA CORPORATION.
- BYD Company Ltd.
Strategic Development
- On 4 May 2023, Kia announced its Software Defined Vehicle (SDV) technology in the form of on-demand features and Over-the-Air (OTA) software upgrades for its EV9 SUV, allowing consumers to remotely purchase and install additional software functions based on their demands. Kia, which is part of the Hyundai Motor Group, just unveiled their flagship electric SUV, the EV9. Particularly, it is the first model offered by the Group to offer a variety of digital features and services accessible through the Kia Connect Store.
- On 15 March 2023, KPIT Technologies announced a collaboration with Honda to achieve Honda's Software-Defined Mobility (SDM) journey. Honda is going to keep offering various services and enhanced value to customers around the world in the years to come, due to Honda's next-generation software architecture and control-safety technology, as well as KPIT's deep domain & software expertise in the areas of Autonomous Driving, Vehicle Electrification, In-Vehicle Infotainment systems, and Platform Software.
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Some Key Highlights From the Report
- The electric vehicles segment accounted for largest revenue share in 2022. The Electric Vehicle (EV) motor is benefitting from industry's shift to the SDV approach, which provides ability to retrieve deep vehicle data for tracking EV motor performance and aging, as well as more powerful automotive microcontrollers that are capable of supporting new features over time and software upgrades via OTA updates. As the number of electric vehicles sold exceeds over 15 million by 2023, leading market OEMs such as Volkswagen, Mercedes, and Hyundai have already made achievements in electrification, while new entrants such as Togg and VinFast have also launched new EVs. The software-defined EV motor uses in-vehicle data and processing, as well as the cloud, to improve over time through agile development. The automotive industry's transition to SDVs and EVs is having a major impact on the vehicle, but one of the most important and exciting areas is the software-defined motor, which is effectively leveraging in-vehicle data and processing, as well as the cloud, to improve over time utilizing agile development methods, which is driving revenue growth of this segment.
- The commercial vehicles segment is expected to register a steady revenue CAGR during the forecast period. Commercial vehicles are often less expensive to operate than diesel vehicles. This implies that monthly expenses are reduced, and savings are reinvested in other areas of the business. Several purchase incentives and subsidies have become available with the introduction of Electric Vehicle (EV) and Plug-in Hybrid Electric Vehicle (PHEV) commercial vehicles, helping businesses to reduce overall amount they spend on vans or commercial vehicles. This considerably improves safety, particularly in commercial vehicles, because the capacity of passive safety equipment to provide protection decreases as vehicle weight grows (towards greater tonnage). OEMs are cooperating with autonomous driving software platform companies such as Torc Robotics, Tu Simple, Aurora, Gatik, and others to accelerate process of bringing autonomous commercial vehicles to market. OEMs demand innovative and next-generation software platforms from these platform vendors in these engagements. These are the major factors that are contributing to revenue growth of this segment.
- The North America market accounted for a significantly large revenue share in 2022. This is attributed to growing number of technological advancements and upgradation in the field of software-defined vehicles, as well as key strategic initiatives and partnerships between major market companies developing software-defined vehicles, especially in the U.S. For instance, on 8 November 2022, Google and the Renault Group expanded their four-year collaboration to encompass the creation of an advanced software platform for future automobiles. According to the firms, this software-defined car will be built on Google's Android Automotive operating system and would transfer data to the company's cloud servers for processing. As part of the agreement, the Alliance stated that it would use Google's native auto operating system, which includes Assistant, Maps, and the Play Store, which has resulted in continued growth of this industry.
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Emergen Research has segmented the global software-defined vehicles market on the basis of propulsion, vehicle type, application, level of autonomy, and region:
- Propulsion Outlook (Revenue, USD Billion; 2019-2032)
-
- ICE Vehicles
- Electric Vehicles
- Application Outlook (Revenue, USD Billion; 2019-2032)
-
- ADAS & Safety
- Connected Vehicles Services
- Autonomous Driving
- Body Control & Comfort System
- Powertrain System
- Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
-
- Passenger Car
- Commercial Vehicles
- Level of Autonomy Outlook (Revenue, USD Billion; 2019-2032)
-
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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