Asia-Pacific is to dominate Global Automotive Software Market till 2026
Rising demand for automated and electric vehicles is expected to drive the demand for global automotive software market in the forecast period.
According to TechSci Research report, “Global Automotive Software Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicle) By Application (ADAS & Safety, Connected Services, Autonomous Driving, HMI, V2X, Infotainment, Electric Vehicle Charging Management, Electric Vehicle Battery Management, V2G) By Software Layer (Operating System, Middleware, Application Software) By Company, By Region, Forecast & Opportunities, 2026”, the global automotive software market is expected to witness significant growth for the next five years on account of increasing demand for vehicle applications such as remote vehicle assistance, emergency assistance and automatic crash notification, among others. To avoid back-over accidents in automobiles consumers are installing rear-view camera and e-call systems connecting automobile functions to software thereby fueling the growth of the market. Automotive software aids in improving dashboard display and ensuring the safety of operator and passengers. Integration of automotive software aids in increasing the functionality of the automobiles without having any significant effect on cost factor thereby considered a major driver for global automotive software market growth. Automotive software also aids in maintaining operational controls and providing protection to automobiles which ensures comfort level of drivers. It majorly focuses on emerging trend of on-board vehicle health monitoring, sensor fusion and diagnostic systems. Incorporation of large number of microprocessors coupled with huge memory spaces in automobiles is aiding to growth of the market. Growth in expenditure capacity by potential buyers is paving the way for market growth. Usage of open-source platforms in automobiles and standardization of product offerings has led to reduction in overall cost of software development. Development of autonomous and semi-autonomous vehicles and SOTA updates to reduce vehicle recalls is attributing to growth of automotive software market opportunities. Also, data monetization in automotive software system and huge potential in untapped markets is aiding to the market growth.
However, lack of connected infrastructure and maintenance of software may create hindrance in the global automotive software market growth.
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Global automotive software market is segmented into vehicle type, application, software layer, region, and company. Based on software layer, market is further categorised into operating system, middleware, and application software. Application software is expected to dominate the market for the forecast period, 2022-2026. Application software consists of diverse applications and software layers which leads to execution of tasks based on set of application. Huge adoption of software in automobiles to perform different functions of automobiles is fueling the market growth of application software. It also facilitates customization of the functions and architecture of the vehicles. Development of technology to improve the commercial side of automotive software market is influencing consumers as well as OEMs to put emphasis on software application over the automobiles. Based on application, market is divided into ADAS & safety, connected services, autonomous driving, HMI, V2X, infotainment, electric vehicle charging management, electric vehicle battery management and V2G. Infotainment segment followed closely by ADAS & safety segment is to hold the major market share in the upcoming years. ADAS & safety helps in building communication with features such as blind spot detection, lane departure warning and others. Based on vehicle type, market is fragmented into passenger car, light commercial vehicle, and medium and heavy commercial vehicle. Passenger cars are expected to witness highest sale in the forecast period owing to growing preference for single ownership, highly disposable income and higher living standards is boosting the global automotive software market. Implementation of technologies in passenger cars is positively impacting the growth for the next five years.
Robert Bosch GMBH, Intel Corporation, Wind River System, Green Hills Software, Microsoft Corporation, Siemens Industry Software Inc., Aptiv Plc, KPIT Technologies, NXP Semiconductor, Renesas Electronics are the leading players operating in global automotive software market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several automotive software manufacturers are coming up with their technologically advanced offerings.
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“Advent of new technologies comprising of artificial intelligence, IoT and roll-out of 5G technology is expected to create impact on the demand for automotive software market. Preference shift towards connected cars for automation and improve safety standards is influencing the market. Integration of automotive software along with connected car technology to monitor, configure and analyze automobile functions to increase efficiency of automobiles is expected to foster the market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Automotive Software Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicle) By Application (ADAS & Safety, Connected Services, Autonomous Driving, HMI, V2X, Infotainment, Electric Vehicle Charging Management, Electric Vehicle Battery Management, V2G) By Software Layer (Operating System, Middleware, Application Software) By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of global automotive software market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global automotive software market.
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