Chicago, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Automotive Software Market size is projected to grow from USD 19.0 billion in 2023 to USD 32.3 billion by 2030, at a CAGR of 7.8%., according to a new report by MarketsandMarkets™.
Browse and in-depth TOC on "Automotive Software Market"
206 – Tables
80 – Figures
274– Pages
| Report Attributes | Details |
| Market size value in 2023: | USD 19.0 billion |
| Projected to reach 2030: | USD 32.3 billion |
| CAGR: | 7.8% |
| Forecast Period: | 2023-2030 |
| Largest Market: | Asia Pacific |
| Region Covered: | Asia Pacific, North America, Europe, Latin America and Rest of the World |
| Segments Covered: | Software Layer, ICE Application, EV Application, Vehicle Type, and Region |
| Companies Covered: | Robert Bosch GmbH (Germany), NVIDIA Corporation (US), NXP Semiconductors (Netherlands), BlackBerry Limited (Canada), and Continental AG (Germany) |
The rise in focus towards software-defined vehicles paired with increasing penetration of ADAS features in vehicles are expected to increase the demand for automotive software solutions. Also, the strong government support for vehicle safety paired with rising adoption of software-over-the-air (SOTA) updates are anticipated to promote the revenue growth of automotive software market.
Operating system segment is expected to have significant share in the global automotive software market
The operating system is expected to be a noticeable segment in the automotive software industry, as it controls the core capabilities of the vehicle while keeping passengers and the driving environment safe, which makes it the most important part of the software. Additionally, the automotive operating system market is expected to grow significantly with the growing adoption of connected car technologies. As such, operating system (OS) plays a critical role in connected vehicles. The OS provides the platform for the telematics system to run on and provides the features and functionality that allow the vehicle to communicate with other devices and services.
Passenger car segment is expected to have significant growth opportunities in global automotive software market
The passenger car segment is expected to have significant growth opportunities in the automotive software market during the forecast period. This is due to the increasing adoption of ADAS features in passenger cars and the rising inclination towards autonomous driving. Additionally, rising demand for passenger cars in emerging and developed countries has also contributed to the growth of the automotive software market. For example, in 2022, car production in China was around 23.8 million units, while in Japan, it was around 6.5 million. South Korea accounted for around 3.4 million units; in India, it was around 4.4 million units in the same year. The demand for automotive software in the Asia Pacific region is expected to increase due to the advent of autonomous driving, rising vehicle production, and prominent growth in demand for high-end services such as connected car services and telematics. All these aforementioned factors are anticipated to bolster the revenue growth of the passenger car segment during the forecast period.
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“Germany to lead the automotive software market in Europe”
Germany is expected to have a sizeable market for automotive software among all the European countries. The most significant factors supporting the growth of the automotive software market in Germany are the penetration of premium passenger car brands with high-end software applications and government mandates regarding safety. The high sales of premium vehicles, such as the Mercedes-Benz S-Class, BMW 7 Series, Mercedes-Benz G-Class Audi A8, and Audi S8, are expected to drive the automotive software market in Germany during the forecast period.
Key Market Players
The Automotive Software Companies are Robert Bosch GmbH (Germany), BlackBerry Limited (Canada), Continental AG (Germany), NXP Semiconductors (Netherlands), and NVIDIA Corporation (US), among others.
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