Automotive Software Market Size Will Register Exponential Gains From 2021 To 2025
Global automotive software market size is largely fueled by escalating consumer demand for comfort, safety and convenience in vehicles. Growing integration of technologically advanced features in vehicles such as smart electric roof, ADAS, walk away safety lock and cooled glove box have resulted in increased number electronic components in vehicles.
In fact, according to the World Economic Forum, automotive software development is increasingly moving towards complete connectivity between automobiles, municipal services & traffic through sensor-embedded infrastructure & roads. This will allow for more efficient traffic management or automated driving, paving the way toward proliferating automotive software market trends.
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Impact of autonomous driving on automotive software market size
The Potential: Autonomous driving technology holds the potential of completely transforming the global automotive industry. A number of automotive software companies are increasingly making significant inroads in the field of self-driving, wherein vehicle drivers aren’t required to take control of the steering to drive the vehicle, which would be further elevating automotive software market outlook to new heights.
The Projection: While there have been substantial developments in autonomous driving, owing to the unforeseen nature of the technology, there are no laws that dictate & regulate the use of fully-automated vehicles across the world.
According to the Union of Concerned Scientists, the benefits of this novel and rapidly updating technology are still largely undiscovered as it has yet to witness widespread deployment.
However, the technology’s potential, such as significantly improving road safety and making transport more accessible, is estimated to bring in substantial growth opportunities to the global automotive software market contenders. Indeed, the Victoria Transport Policy Institute predicts that automated driving would be replacing most of human driving by 2030. As per estimates, autonomous driving software market is projected to record a CAGR of 17% over 2019-2025.
The MVP: The most prominent automated driving software company is Alphabet Inc’s Waymo. According to Bloomberg Hyperdrive, the Google sibling, through its capabilities which have enabled it to lead the launch of driverless cars, has placed itself in a lucrative position to capitalize on the business opportunities automated driving would be bringing forth in the years to come. In fact, the company in 2018, was valued to be a $175 billion startup.
Role of in-vehicle infotainment technology on automotive software market share
The most glaring noticeable change in newer automobile models as opposed to the older ones is the in-vehicle infotainment system.
The Potential: The automotive infotainment technology has witnessed significant advancements in recent years, wherein it has transformed into the vehicle’s centralized controlling unit which could control several vehicular features such as selecting driving modes, ride suspension and select a radio station or pick up an incoming call on your cellphone.
The Projection: The sub-segment of the in-vehicle infotainment system, owing to growing customer demands, is further slated to become a common feature of a majority of automobiles in the forthcoming years. In fact, according to Intel, driven by the demand for more features the overall share of an in-vehicle infotainment industry is slated to reach a considerable billion-dollar remuneration by 2022.
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Partial Chapter of the Table of Content
Chapter 5. Automotive Software Market, By Software
5.1. Key trends, by software
5.2. Autonomous driving software
5.2.1. Autonomous driving software market estimates and forecast, 2014-2025
5.3. Safety & security software
5.3.1. Safety & security software market estimates and forecast, 2014-2025
5.4. Vehicle management software
5.4.1. Vehicle management software market estimates and forecast, 2014-2025
5.5. Infotainment software
5.5.1. Infotainment software market estimates and forecast, 2014-2025
Chapter 6. Automotive Software Market, By Application
6.1. Key trends, by application
6.2. Engine Management System (EMS)
6.2.1. Engine management system market estimates and forecast, 2014-2025
6.3. Anti-locking braking system (ABS)
6.3.1. Anti-locking braking system (ABS) market estimates and forecast, 2014-2025
6.4. Airbag Control
6.4.1. Airbag control market estimates and forecast, 2014-2025
6.5. Car Navigation System
6.5.1. Car navigation system market estimates and forecast, 2014-2025
6.6. Infotainment System
6.6.1. Infotainment system market estimates and forecast, 2014-2025
6.7. Mobility Service
6.7.1. Mobility service market estimates and forecast, 2014-2025
Chapter 7. Automotive Software market, By Vehicle Type
7.1. Key trends, by vehicle type
7.2. Passenger vehicle
7.2.1. Passenger vehicles market estimates and forecast, 2014-2025
7.3. Commercial vehicle
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