Automotive software system is needed to transfer information from the hardware to the display board. This is an essential feature that increases driver’s experience of the car. The global automotive software market is expected to thrive on its benefits and earn 20% revenue during the forecast period (2018-2023). Market Research Future (MRFR) asserts that the growth would also depend on the integration of electric vehicles.
Factors to improve the automotive software market are the need for safety, better navigational system, proper knowledge of the car’s state, and improved experience of the driver. High-end cars are expected to gain more due to this rise in safety concerns. The growth in demand for electric vehicles and connected vehicles can play a vital role in deciding the future for the market. However, the automotive software market could face some flacks due to lack in protocols and complexities of software employed.
MRFR takes a segmental route to study the global automotive software market. The report contains segmentations by solutions, system, vehicle type, and propulsion. The aim of this study is to get a closer look at the global market for a better predictive analysis.
Based on the solution, the automotive software market comprises autopilot software, entertainment software, navigation software, and car safety software. Recent safety demands are propelling the growth for the car safety software. At the same time, better driving experience are triggering demand for entertainment software and navigation software.
Based on the system, the automotive software market consists ADAS & safety systems, powertrain systems, body control & comfort systems, communication system, infotainment systems, and telematics system. Connected vehicles are in high demand which are providing thrust for the growth of the communication system segment.
Based on the vehicle type, the automotive software market consists passenger car and commercial vehicle. The passenger car segment is witnessing remarkable growth due to the rise in disposable income. People are buying cars for personal comfort which is increasing the sale of passenger cars.
Based on the propulsion, the automotive software market includes ICE vehicle and electric vehicle. The electric vehicle segment is winning accolades at present and is gaining strong momentum.
North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW) are regions that have been included in MRFR’s study of the global automotive software market. The study has a particular eye for identifying details about growth possibilities.
The APAC market is expected to rise quite rapidly from its present dominant position. Its extraordinary growth is a result of market titans showing interest in the demographic benefits. Cheap labor, easy access to raw materials, and others are major factors that are luring in the foreign players for better analysis. The growth in sales of connected vehicles and change in automotive infrastructure are providing tailwinds to the regional market.
North America and Europe are showing substantial growth due to the demand for superior safety features and high investment capacity. The second factor has triggered many in adopting high-end cars that is also playing a crucial role during the forecast period.
Influential players in the global automotive software market are trying to take lead by implementing various tactical moves. These strategies are also creating scope for the market expansion. MRFR’s analysis enlists some of them and profiled them for a better analysis of the global automotive software market. These companies are BlackBerry (Canada), NXP Semiconductors (Netherlands), Elektrobit (Germany), Renesas Electronics Corporation (Japan), Autonet Mobile, Inc. (USA), Microsoft Corporation (US), NVIDIA Corporation (US), Green Hills Software (US), Airbiquity Inc. (US), and Wind River Systems, Inc. (US).
In June 2019, Renesas Electronic Corporation, a leading company in the field of supplying advanced semiconductor solutions, inked a partnership with the SAIC Volkswagen Automobile Co. The collaboration is expected to support electronic applications, particularly, for the Chinese market. Renesas’ advanced system-on-chips, microcontrollers, and software expertise are projected to bolster Volkswagen’s software module development program and system integration to stay in sync with the growing demand from the Chinese market.
Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.