The global automotive simulation market share, according to the analysis by Market Research Future (MRFR), is slated to reach a substantial market valuation at a moderate CAGR over the forecast period.
Drivers and Restraints
The global automotive simulation market is anticipated to witness remarkable growth during the assessment period. The increasing production of automobiles is estimated to fuel the growth of the automotive simulation market. Additionally, preliminary design and evaluation of hybrid, electric, and conventional drive systems, including operating approaches and thermal management, are projected to enhance the growth of the automotive simulation market.
Innovation and constant improvement have always been the core of the automotive industry. Vehicle manufacturers and component suppliers depend on simulation software to maximize productivity, support constant improvement, respond to changing customer demand, and reduce costs to align with the growing production program costs.
The need for new and stimulating vehicle test applications that need high-performance equipment, more ground-breaking approaches, and new solutions is growing due to affected changes in the environment. Automotive simulator and its software elements are precise through real-time innovation and modeling systems that aid in relaxed configuration and management of the vehicle’s monitoring dynamics, and driver feedback through a graphical interface.
The growing investments by automobile OEMs in evolving advanced vehicle technology such as smart electronics, safety-critical control software, and self-directed driving systems are attributed to the requirement for automotive simulation coupled with the improvement of fuel proficiency and emission reduction. Moreover, automotive simulation allows us to re-model diverse vehicle parts and deliver innovations faster through rapid virtual prototyping and testing for smart controls, energy efficiency, electrification, and light-weighting.
Some of the major factors driving the market growth are increasing demand for environmental-friendly simulation program generators which incline to offer information at the macro level; designing simulators to control traffic, weather, pedestrians, wildlife, and other vehicles; and improvement in the analysis and comprehension of the decision-making processes in the assembly plants.
The global automotive simulation market is segmented on the basis of application, deployment, end-users, component, and region. On the basis of application, the market has been segmented into mechanical, drive systems, and fluid power. On the basis of end-users, the automotive simulation market has been segmented into component suppliers, OEM, and research & engineering organizations. On the basis of deployment, the automotive simulation market has been segmented into on-premises and on cloud. On the basis of components, the automotive simulation market has been bifurcated into software and services.
On the basis of the region, the global market for the Automotive Simulation is analyzed in Europe, North America, Asia-Pacific, and the Rest of the World. The Europe region is assessed to account for the maximum market share over the evaluation period due to the growing production of automobiles. Additionally, significant adoption of cost-effective testing and simulating solutions by vehicle producers and component suppliers to drive the demand for automotive simulation market in this region. North America is predicted to grow at a significant rate in Automotive Simulation Market during the forecast period owing to developments and innovations inefficient solutions for simulating and testing of vehicles by substantial producers in the region. The Asia Pacific is projected to observe substantial growth during the assessment period due to growing automotive production in developing countries such as India, Japan, and China.
The major market players in the global Automotive Simulation Market identified by MRFR include dSPACE GmbH (Germany), ESI Group (Germany), ANSYS, Inc. (US), Dassault Systèmes (France), MOOG INC. (US), PG Automotive GmbH (Germany), Siemens PLM (US) TESIS GmbH (Germany), and others.
The major market players are changing their focus towards various profitable business strategies in order to withstand their expansion in the competitive dynamics of the global automotive simulation market. This is anticipated to upsurge the number of mergers, acquisitions and joint ventures in the market, subsequently contributing towards the overall market growth over the review period.