Automotive Software Market Overview:
The global automotive software market size is projected to expand at
high CAGR. MRFR’s report on the automotive software market comprises growth
drivers, challenges, and trends on the industry for the forecast period. The
COVID-19 pandemic and its implications are explored in depth in the market.
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.
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.
Competitive Analysis
Airbiquity Inc. (US), Renesas
Electronics Corporation (Japan), BlackBerry (Canada), Green Hills Software
(US), Autonet Mobile, Inc. (US), NXP Semiconductors (Netherlands), NVIDIA
Corporation (US), Microsoft Corporation (US), Elektrobit (Germany), and Wind
River Systems (US) are key players in the global automotive software market.
Development of new features and collaborations are to be witnessed in the
market. Partnerships between chip manufacturers and car makers for product and
service integration can culminate in development of new capabilities.
Industry News
Qualcomm has signed an
agreement with Renault for supplying semiconductors for powering the digital
dashboard and vehicle infotainment system
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.
Segmentation
Passenger Cars to Dominate
Market Demand
Passenger cars are
expected to dominate market demand over the forecast period owing to focus on
fuel-efficient vehicles, development of V2X technology, adoption of electric
and electronic components, and vehicle safety mandates. Rise in per capita
income, demand for personal transportation, and surge in expendable income
levels of customers are factors to drive the segment growth.
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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