The automotive software market was valued at USD 21.7 Billion in 2022, and it is expected to reach USD 40.1 Billion by 2027, registering a CAGR of about 13.1% in terms of revenue during the forecast period (2022-2027). The market is driven by factors such as the rising adoption of ADAS features in automobile, demand for advance application, and the high adoption of connected car services. In addition, increasing adoption of regulation for safety by the governments in various region is driving the market.
The ADAS & safety system segment is expected to be the largest application of the automotive software market
Increasing adoption of the advance driver assistance system in vehicles is one of the major reasons for the growth of automotive software market, as these features enables safety, comfort as well as luxury. Government of different countries are focusing on implementing ADAS as well as safety features. For example, EU and US are mandating that all vehicles be equipped with ABS (Automatic braking systems) and forward collision warning by year 2020.
The purpose of the software is for communicating autonomously with other devices. Thus, for establishing communication between vehicle and driver, demand of the software is expected to grow at prominent pace.
Rapid evolution of safety features in automotive industry. The growth of safety features is expected to rise in the coming years. The main motive behind the implementation of the features in vehicle is to offer convenient, efficient, and safer driving experience.
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China is expected to be the largest in Asia Pacific automotive software market by 2027
China has been a dynamic power in the global economy and an established market in the field of connectivity. Furthermore, efforts to enhance the intelligent driving experience in the world’s most prominent car market are estimated to further drive the growth of the automotive software market in this country.
Key manufacturers are focusing on strategic partnerships with key market players, market expansion, R&D, and product advancements to keep up with the changing needs of people. This is estimated to drive the automotive software market over the estimated time period. For instance, in 2019, German automotive supplier Boschs car multimedia business unit officially inaugurated a new Bosch digital cabin R&D center in Shanghai. Located in Zhangjiang of the Pudong New Area, the 2,500 m2 new R&D center will develop smart digital cabin products, such as information domain computers, driver, and passenger monitoring systems, and 5G-V2X (vehicle-to-everything) connectivity control units. The development of these connectivity solutions in the Chinese market will drive the demand for automotive software.
Autonomous driving is expected to be the fastest automotive software market by 2027
The successful deployment of autonomous driving in real-world situations will be complemented by the penetration of highly advanced software in vehicles. Leading OEMs, including Audi (Germany), BMW(Germany), Ford (US), Jaguar Land Rover (UK), Mercedes-Benz (Germany), Nissan (Japan), Tesla (US), and Volvo (India), already provide Level 2 driver assistance features globally. These include systems that provide the steering, acceleration, and braking assistance when driving on motorways and dual carriageways. The full usage of connected car services will come into the picture when Level 3 autonomy gets introduced to the market. Currently, the Audi A8 has Level 3 features. Level 3 and above autonomous cars would require HD maps and V2X connectivity and various sensors and AI solutions to communicate with internal and external environments. The vehicles rely heavily on advanced vehicle-to-vehicle and vehicle-to-environment communications to ensure Level 5 automation. AI car software is connected to all the sensors and collects input from Google Street View and video cameras inside the car. The software encompasses multiple open and customizable layers, including an array of redundant and diverse deep neural networks, which enable key self-driving functionalities such as sensor fusion and perception. Therefore, the introduction of high-level automation in the market would drive automotive software demand in the near future.
Key Market Players:
The major players in automotive software market includes Robert Bosch (Germany), NXP Semiconductors (Netherland), Renesas Electronics (Japan), BlackBerry Limited (Canada), and NVIDIA (US).
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