Global Automotive Software Market to Exceed $32.3 Billion by 2030
Automotive software market is projected to witness substantial growth, reaching a value of $32.3 billion by 2030, according to a recent study by MarketsandMarkets™. This growth is driven by the increasing focus on software-defined vehicles and the rising adoption of Advanced Driver Assistance Systems (ADAS) features in vehicles. Government initiatives to enhance vehicle safety, coupled with the growing popularity of software-over-the-air (SOTA) updates, are expected to drive the demand for automotive software solutions.
Key Players in the Automotive Software Market
Some of the key players in the automotive software market include Robert Bosch GmbH (Germany), NXP Semiconductors (Netherlands), NVIDIA Corporation (US), BlackBerry Limited (Canada), and Continental AG (Germany).
Drivers, Opportunities, and Challenges in the Automotive Software Market
– Driver: Advancements in infotainment systems
– Restraint: Lack of standard protocols for automotive software systems
– Opportunity: Developments in automated driving and software-defined vehicles
– Challenge: Risk of Cyberattacks
Key Findings of the Study
– The ADAS & safety systems segment is expected to witness significant growth in the global automotive software market.
– Application software is projected to lead the growth of the automotive software market.
– Body control & comfort systems are anticipated to have substantial growth opportunities in Electric Vehicles (EVs) during the forecast period.
– By 2030, the automotive software market in Asia Pacific is expected to hold the largest market share.
Significance of Operating Systems in the Automotive Software Market
The operating system is a crucial segment in the automotive software market, as it controls the core capabilities of the vehicle, ensuring passenger safety and driving environment security. The adoption of connected car technologies is expected to fuel the growth of the automotive operating system market, facilitating communication between vehicles and other devices and services.
Potential Growth in the Passenger Car Segment
The passenger car segment is poised for significant growth in the automotive software market, driven by the increasing integration of ADAS features and the rising demand for autonomous driving technologies. The surge in passenger car production in countries like China, Japan, South Korea, and India is expected to boost the demand for automotive software, especially in the Asia Pacific region.
Germany Leading the Automotive Software Market in Europe
Germany is projected to lead the automotive software market in Europe, supported by the penetration of premium passenger car brands equipped with advanced software applications. Government regulations emphasizing vehicle safety and the high sales of luxury vehicles in Germany, such as Mercedes-Benz and BMW models, are expected to propel the growth of the automotive software market in the country.
Recent Developments in the Automotive Software Market
– Bosch introduced its Vehicle Dynamics Control 2.0, enhancing vehicle handling and safety.
– NXP Semiconductors collaborated with Elektrobit to develop software for next-generation automotive Battery Management Systems (BMS).
– BlackBerry Limited unveiled its QNX Software Development Platform (SDP) 8.0, enabling automakers to deliver powerful software products at lower costs.
– Jaguar Land Rover partnered with NVIDIA Corporation to enhance ADAS and AI-powered services in new vehicles.
In Conclusion
The automotive software market is poised for significant growth, driven by the increasing demand for software-defined vehicles, advanced safety systems, and autonomous driving technologies. With key players innovating and collaborating to develop cutting-edge automotive software solutions, the market is expected to witness substantial expansion in the coming years.