The global Automotive Software Market is predicted to grow from USD 16.9 billion in 2020 to USD 37.0 billion by 2025, growing at a CAGR of 16.9%. Compliance towards fuel efficiency standards, government safety mandates, and the adoption of electronics-based driving comfort & safety systems is driving the market for automotive software.
The passenger car segment is expected to hold the largest share in the automotive software market during the forecast period
The passenger car segment holds the largest market share, by vehicle type. The vehicle safety mandates, rising demand for connected vehicles, increasing adoption of electrical & electronic components, continuous development in V2X technology, and fuel-efficient vehicles coupled with the increasing stringency of emission norms, has propelled the growth of the passenger car segment in the automotive software market.
Increasing disposable income, high demand for personal mobility, increased per capita income, and improved lifestyle has enhanced the need for passenger cars with high-end electronics. The adoption of advanced technologies continues to be high in this vehicle segment due to the higher production and sales of passenger cars worldwide in comparison to commercial vehicles. Manufacturers are focusing on luxury passenger vehicles that are equipped with advanced features, such as advanced driver assistance systems, advanced infotainment systems, enhanced body control and comfort, and others. Additionally, the demand for automotive software is expected to increase due to the advent of technologies such as autonomous driving and IoT, in turn boosting the growth of the overall automotive software market as well.
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Governments in European countries and the US have mandated the use of AEB in vehicles. For instance, Regulation No. 661/2009 of the European Parliament and Council mandates the introduction of advanced emergency braking systems. The systems were mandated in all new commercial vehicles above 3.5 tons and buses in November 2013 and in all vehicles sold in the European Union in November 2015. In addition, 40 European countries agreed to standardize and lay down technical specifications for advanced AEB systems at the United Nations Economic Commission for Europe (UNECE) in 2019. These specifications will lay down the foundation of vehicle-to-vehicle, and vehicle-to-pedestrian AEBS (Advanced Emergency Braking Systems) fitted on cars. Such developments would surge the demand of automotive software for advanced application during the forecast period.
Battery management software will be a key focus area of automotive software player for electric vehicle. It will cover the largest market share of the automotive software market for EV applications. The advent of electric vehicles has driven the growth of battery management software. Despite the slowdown in the automotive sector, electric vehicle sales have increased steadily in Europe. According to CleanTechnica, in June 2019, Tesla Model 3 and Renault Zoe sold 11,604 units and 4,881 units, respectively, in Europe. Major OEMs plan to introduce electric vehicles with a high voltage powertrain. For instance, in March 2020, General Motors unveiled its modular electric vehicle platform with an improved battery pack called Ultium. Ultium-powered vehicles will have a 400-volt battery pack and up to 200kW fast charging capability. In addition, truck platforms will have 800-volt battery packs with 350 kW fast charging capability. GM’s major brands, such as Chevy, Cadillac, GMC, and Buick, will launch new electric vehicles. In addition, the OEM announced a joint venture in December 2019 with LG Chem with an investment of USD 2.3 billion to mass-produce batteries for electric vehicles in Lordstown, Ohio. Such developments will escalate the demand for battery management software for charging management applications.
Key Market Players
The automotive software market is dominated by a few global players and comprises several regional players. Some of the key players in the automotive software industry are Robert Bosch (Germany), NXP (Netherlands), Renesas Electronics (Japan), BlackBerry (Canada), NVIDIA (US), Airbiquity (US), Elektrobit (US), Green Hills Software (US), and Wind River Systems (US).
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