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Global Automotive Software Market to Reach US$ 41.76 Billion by 2027, Impelled by the Significant Growth in the Automotive Industry

Published on Apr 11, 2022

According to the latest report by IMARC Group, titled "Automotive Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global automotive software market reached a value of US$ 14.27 Billion in 2021. Automotive software refers to an operating system that consists of programmable data instructions used for interactions of the users and electronic devices available in the vehicle. It consists of essential sensors, memory devices and processors for operating and upgrading the dashboard to ensure passenger safety and eliminate the risk of accidents. Automotive software is used to accept bookings, schedule appointments and digitally inspect vehicles. It also utilizes advanced driver assistance systems (ADAS) for enhancing convenience, safety, vehicle connectivity and communication. It assists in delivering efficiency, productivity, financial benefits, managing garages, easy vehicle booking, enabling digital inspection, and streamlining, organizing, and automating operations. As a result, automotive software is widely used in hybrid electric and battery electric vehicles (HEVs/EVs) and autonomous vehicles.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Automotive Software Market Trends:

Significant growth in the automotive industry  and the continual launch of semi-autonomous and autonomous vehicles across the globe are some of the primary factors creating a positive outlook for the market. Automotive software is widely used to implement the functionalities of a car, keep track of vehicles and help owners schedule maintenances through regular checkups. Moreover, the widespread adoption of ADAS and infotainment systems due to the rising demand for safety features, such as autonomous emergency braking systems and adaptive cruise control, is favoring the market growth. Furthermore, various advancements in technology, such as the integration of the Internet of Things (IoT), and artificial intelligence (AI) for controlling devices, scheduling maintenance and ensuring security, are providing an impetus to the market growth. Additionally, the rising focus on connected vehicles and the increasing demand for safety and security solutions that aid in safeguarding drivers and reducing the risk of accidents is positively impacting the market growth. Other factors, including the rising demand for passenger vehicles, extensive research and development (R&D) activities and the implementation of various government initiatives to ensure road safety, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 41.76 Billion by 2027, growing at a CAGR of 18.50% during 2022-2027.

Market Summary:

  • On the basis of the product, the market has been divided into application software, middleware, and operating system.
  • Based on the vehicle type, the market has been classified into ICE passenger vehicle, ICE light commercial vehicles, ICE heavy commercial vehicles, battery electric vehicles, hybrid electric vehicle, plug-in hybrid electric vehicles. and autonomous vehicles.
  • On the basis of the application, the market has been divided into safety and security, infotainment and instrument cluster, vehicle connectivity, and others
  • Based on region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Airbiquity Inc., Autonet Mobile Inc., BlackBerry Limited, Google LLC, Green Hills Software, KPIT Technologies Limited, Microsoft Corporation, MontaVista Software LLC, NVIDIA Corporation, NXP Semiconductors N.V., Robert Bosch GmbH and Wind River Systems Inc. (Intel Corporation).

 

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