Automotive Software Market Future Forecast Assessed On The Basis Of...

Automotive Software Market Future Forecast Assessed On The Basis Of How The Market Is Predicted To Grow

Posted 2023-02-14 08:14:54

Automotive Software Market Overview:

Automotive Software Market is expected to be valued at USD 28 Billion with a CAGR of 20% Forecast by 2030

The global automotive software market size is projected to expand at 20% CAGR from 2020 to 2030. MRFR’s report on the automotive software market comprises growth drivers, challenges, and trends on the industry for the forecast period (2022-2030). The COVID-19 pandemic and its implications are explored in depth in the market.

Automotive Software Market Market Scope

The global automotive software market is driven by improvement in four-wheelers and integration of information technology to enhance their features. Rise in sales of automobiles, adoption of driver assistance safety system, and demand for fuel-efficient vehicles. The use of software and its continuous improvement through feedback can lead to efficient systems.

Adoption of software solutions and services in the automotive sector, rise in purchasing power of customers in APAC and the Middle East, and the growing population can drive market demand significantly. Focus on development of automotive infotainment systems and declining prices of software can bode well for the market.

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Connected services can allow car owners, fleet owners, and carriers to communicate through a common platform. Presence of Alibaba and Baidu coupled with a platform for connected cars can bode well for the market. Rising support for 5G and development of infrastructure to support connected vehicles in the APAC region coupled with measures to curb rising pollution levels can augur favorably for the market. Smart mobility projects and stringent emission norms can lead to demand of software for powertrain, infotainment, and other vehicle technologies.

But lack of standard protocols for development of automotive software may hamper market growth.

Automotive Software Market COVID-19 Impact

Players in the automotive industry are likely to invest in various digital technologies such as cloud, IoT, and AI to leverage on large volume of data generated and its potential in delivering customer experience. Automotive players are teaming with software developers for creating compatible solutions with associated hardware for ensuring customer excellence. Implementation of digital models for driving sales of cars is an instance of the potential of leaders offering software and solutions to auto makers.

Automotive Software Market Regional Analysis

APAC to Lead in Global Automotive Software Market Share

Asia-Pacific (APAC) is expected to take the lead in the global automotive software market owing to rise of automotive hubs in developing economies and increasing sales of connected vehicles. Rising production of electric vehicles, integration of safety features in EVs, and investments by public and private players for developing ICT infrastructure can drive market demand significantly.

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Automotive Software Market Industry News

Qualcomm has signed an agreement with Renault for supplying semiconductors for powering the digital dashboard and vehicle infotainment system.

Automotive Software Market Competitive Analysis