The Automotive software market is expected to grow at a Compound Annual Growth Rate ( CAGR ) of 18.13 % over the forecast period (2021-2028). The global market value is anticipated to be worth USD 94.06 billion by the end of the forecast period.
Automotive software is an operating system that allows the interaction of the user with control and other electrical components of the vehicle. This software is used to collect and execute data from pre-coded instructions, sensors, and processors and also to provide rich insights to the drivers. Automotive software helps in enhancing the performance, safety, and driving experience of the vehicle. There are different automotive software like auto mechanical software, connectivity software, auto driver software, entertainment, safety, and navigation software that aids in easing the responsibility of drivers. This software is also an essential component of semi-automatic and self-driving automobiles.
The increasing sales of automobiles with rising disposable income of people is driving the growth of the global Automotive software market. The benefits offered by this software in easing the responsibilities of drivers are helping it to gain wide popularity. Moreover, the rising concept of the Advanced Driving Assistance System ( ADAS ) in vehicles, which helps in enhancing vehicle safety, will bring better prospects for the market. The greater electrification in vehicles and increasing sales of electric vehicles where automotive software has greater function is generating huge demand for this software.
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The covid-19 pandemic greatly affected the global Automotive surface market. The poor performance of the automotive industry during the period led to a sharp fall in the demand for this software. The automotive industry was the worst hit during the pandemic with dwindling sales which directly affected the demand for automotive software. The economic, as well as workforce shortage problem, was also responsible for decreasing the growth rate during these unprecedented times.
Market Segmentation, by Solution
Market Segmentation, by System
Market Segmentation, by Vehicle Type
Market Segmentation, by Propulsion
The Global automotive software market is segmented into five major regions namely: Asia-Pacific, North America, Europe, Latin America, and the Rest of the World including the Middle East & Africa. Among these different regions, Asia-Pacific holds the major market share with increasing sales of vehicles with rising disposable income. Additionally, the growing vehicle manufacturing base in this region is itself a big market for automotive software. North America with a tech-savvy population follows next with the second largest market share. The high adoption rate here as well as in Europe are fuelling the market growth in both regions.
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The technological modifications in the automotive industry are being highly welcomed by users. Automotive software has an essential role to play in future vehicles which are expected to perform more work with the least human intervention.
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