Automotive Software Market is expected to grow from USD 22.01 billion in 2021 to USD 61.31 billion by 2029, at a CAGR of 13.9% during the forecast period 2022-2029 : GreyViews

Pune India, The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Automotive Software market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Automotive Software market is present across various countries in the above-mentioned regions.

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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the application, vehicle type, software layer, EV application, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.

The significant players operating in the global Automotive Software market are Robert Bosch, NVIDIA, NXP, BlackBerry, Elektrobit, Renesas Electronics, Airbiquity, Wind River Systems, Green Hills Software, Microsoft Corporation and others. To achieve a substantial market share in the worldwide automotive software market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Robert Bosch is one of the most significant manufacturers and distributors present in the global Automotive Software market.

Automotive Software solutions comprises of a wide-ranging tools that are used for performing computer-based in-vehicle operations. It interacts with hardware components, controls functions, and augments experience of operating a motor vehicle. Also, it helps in implementation of car’s functionality that runs on the essential processors, sensors, and memory. These software includes telematics, infotainment, body control & comfort, powertrain, communication, and advanced driver assistance systems (ADAS) software.  Such software solutions are transforming the car capabilities; however, creating development challenges for various automotive players.

Artificial intelligence (AI) is rapidly being implemented across the automotive manufacturing, including design, production, supply chain, and post-production. In addition, it is rapidly being integrated in driver assistance and driver risk assessment systems. Owing to such functionality, OEMs are planning to develop their own automotive software solutions. For instance, in January 2022, Toyota announced its plans to develop its own automotive software solutions for its vehicles by 2025 to compete with German rivals, Daimler AG and Volkswagen AG. Hence, need for AI and deep learning-based solutions to enable the OEMs to significantly enhance efficiencies and make faster data-driven decisions has boosted growth of the automotive software market.

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Scope of Automotive Software Market Report

Segmentation Analysis

Telematics systems segment is expected to be the fastest growing segment in 2021.

The application segment includes ADAS and safety systems, body control and comfort systems, powertrain systems, infotainment systems, communication systems, and telematics systems. Telematics systems segment is expected to witness highest growth rate during the forecast period. These systems are being used in vehicles, to enable communication among the electronic devices and other devices (or human users) over a network. Growth of this segment is mainly driven by demand for telematics software applications to ensure functions such as vehicle tracking, container tracking, fleet management, satellite navigation, and trailer tracking along with the safety communication of wireless vehicle and emergency warning system. For instance, August 2020, Zoomcar, the vehicle rental platform launched a software stack to help tracking the driver behavior and vehicle status in real-time to curb vehicular damage and prevent rash driving.

HCV segment is expected to be the fastest growing segment in 2021.

The vehicle type segment includes passenger car, LCV, and HCV. Heavy commercial vehicle (HCV) segment is expected to witness highest CAGR during the forecast period. This growth is mainly attributed to the rising usage of IoT services in HCVs. In addition, demand to achieve fleet and vehicle management goals has created lucrative growth opportunities for this segment. On the other hand, heavy commercial vehicle manufacturers such as Daimler Trucks and Volvo are introducing autonomous heavy-duty trucks. This factor is also opportunistic for growth of the segment.

Operating system segment is expected to be the fastest growing segment in 2021.

The software layer segment includes operating system, middleware, and application software. The operating system (OS) segment is expected to witness considerable growth rate during the forecast period. OS has become necessary component for the automotive software-defined functions such as vehicle control, autonomous driving, and infotainment. In addition, several market players are planning to introduce their own automotive software OS. For instance, Toyota Motor Corp., the Japanese automaker has recently planned to introduce its own operating system to handle advanced operations such as vehicle control and autonomous driving, for its vehicles by 2025.

Regional Analysis

The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Automotive Software market include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

Asia-Pacific region has registered highest value for the year 2021. Growth of this region is mainly driven by factors such as rising production of passenger vehicles in China and India, demands for connected vehicles, and cheap raw materials. However, North America is projected to register considerable growth rate during the forecast period of 2022-2029. Upsurge in demand for autonomous vehicles along with the easy availability of convenient financing options by the governments to ensure in-house automotive production has driven growth of the market.

Country Analysis

Germany

Germany Automotive Software market size was valued at USD 2.42 billion in 2021 and is expected to reach USD 6.65 billion by 2029, at a CAGR of 13.7% from 2022 to 2029. Germany is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries. In addition, the government in this country is actively focusing on introduction of new supportive regulations for operating autonomous motor vehicles in Germany. This is the major factor contributing to the demand for automotive software in the country.
In addition, according to the Germany Trade & Invest, the economic development agency of the Federal Republic of Germany, this country is the leading automotive market in Europe, accounting for about 25% of all passenger cars manufactured in the region. This huge market for passenger vehicles is opportunistic for growth of the market.

China                                     

China Automotive Software market size was valued at USD 3.74 billion in 2021 and is expected to reach USD 10.06 billion by 2029, at a CAGR of 13.4% from 2022 to 2029. China is the world’s largest light vehicle manufacturer. In addition, this country is leading automotive producer, consumer and exporter. For instance, the country continues to be the largest vehicle market by both manufacturing output and annual sales, with domestic production anticipated to reach 35 million vehicles by 2025.
On the other hand, the countries such as the U.S., EU, Japan, and South Korea are heavily investing in the electric vehicles and autonomous vehicles technology in China. These investments are projected to create lucrative growth opportunities for the automotive software market. For instance, in 2021, the country has seen with more than $8.5 billion investments in robotaxi startups, smart electric car manufacturers, and self-driving truck developers.

India

India automotive software market size was valued at USD 1.10 billion in 2021 and is expected to reach USD 3.11 billion by 2029, at a CAGR of 14.1% from 2022 to 2029. India is one of the strongest growing economies in Asia. In addition, the emerging popularity of ADAS and connected vehicles in this country is expected to create lucrative growth opportunities for market.  On the other hand, the OEMs in automotive industry in this country are actively integrating software applications in their vehicles. For instance, in February 2022, Mahindra & Mahindra Ltd. collaborated with BlackBerry to integrate its QNX Neutrino Realtime Operating System (RTOS) and QNX Hypervisor solutions with a Cockpit Domain Controller (CDC) of the next-generation XUV700 SUV.

Covid-19 Impact

Covid-19 had a major impact on almost all of the industries such as automotive, construction, manufacturing, oil and gas, etc. The demand for automotive software has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of automotive were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for automotive software significantly decreased.

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