NEW YORK, Nov. 16, 2020 /PRNewswire/ — With advancements in technology, the demand or connected cars is rising. As a result, the global automotive software market revenue is projected to grow from $28,214.6 million in 2019 to $78,894.2 million by 2030, at a 12.4% CAGR between 2020 and 2030. This is because connected cars are equally dependent on software as on the mechanical components. In essence, it is the increasing number of fatal accidents which is leading to the rising demand for connected cars, according to the market research study published by P&S Intelligence.
The major functionalities in such vehicles, such as automatic braking, advanced driver-assistance systems (ADAS), and lane assist, prevent the violation of traffic rules, which makes the roads safer for pedestrians and the vehicle for the driver and passengers. Similarly, the automotive software market is also being benefitted by the adoption of internet of things (IoT) features, such as connectivity solutions and infotainment solutions.
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The automotive software market is being negatively impacted by the corona virus pandemic, which has put a serious dent in the production and sale of automobiles. Due to the implementation of lockdown measures in China, India, the U.S., and other major automobile-producing countries, automakers have had to shut down their operations. However, the interest in ADAS features and electric vehicles is still high, which is why this industry is not expected to witness as sharp a decline as the broader automotive industry.
During 2014–2019, the development category, under segmentation by function, dominated the automotive software market, due to the rapid development of all-inclusive software, to offer advanced functionalities in automobiles. Software manages numerous systems in a vehicle, such as high-tech drive trains and infotainment systems.
Browse detailed report on Automotive Software Market Research Report: By Software (ADAS and Autonomous Driving , Infotainment, Connectivity, Security, and Connected Services, Powertrain and Chassis, Body and Energy, Operating System and Middleware), Function (Development, Validation and Verification, Integration), Vehicle Type (Passenger Car, Commercial Vehicle) – Global Industry Analysis and Growth Forecast to 2030: https://www.psmarketresearch.com/market-analysis/automotive-software-market
The commercial vehicle bifurcation, on the basis of vehicle type, is predicted to witness faster growth in the automotive software market in the near future, at a CAGR of 13.9%. This would be because of the rising demand for advanced software in commercial vehicles, as they are being swiftly integrated with IoT and telematics solutions.
Historically, Asia-Pacific (APAC) has been the largest automotive software market, and the situation is projected to be unchanged in the future. This is because APAC is the largest automotive producer and buyer, which automatically leads to the highest worldwide demand for automotive software here. Additionally, owing to environmental concerns, the sale of electric vehicles is rising fast here, and as software is a vital component of these automobiles, the integration rate of automotive software will remain the highest in this region.
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The major companies in the global automotive software market are Robert Bosch GmbH, NXP Semiconductors N.V., Renesas Electronics Corp., Airbiquity Inc., Microsoft Corp., BlackBerry Ltd., Continental AG, NVIDIA Corp., Alphabet Inc., and Green Hills Software