Global Automotive Software Market Report 2021-2026 - Rising Integration of Advanced Technology in Vehicles Scripts Phenomenal Growth Story
DUBLIN, Nov. 24, 2021 /PRNewswire/ -- The "Automotive Software - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Automotive Software Market to Reach $29.3 Billion by 2026
Global market for Automotive Software estimated at US$17.7 Billion in the year 2020, is projected to reach a revised size of US$29.3 Billion by 2026, growing at a CAGR of 8.9% over the analysis period.
Also referred as software for in-vehicle embedded systems, automotive software covers programmable data instructions used to execute various tasks of in-vehicle computer-based applications such as infotainment, telematics, communication, body control & comfort, powertrain, safety and advanced driver assistance systems (ADAS).
Growth in the global market is being driven by due to increasing influx of emerging and advanced technologies into vehicle models to improve functionality, safety and the driving experience. The incorporation of new features and increasing use of connectivity services for communication and real-time data transfer are creating a strong demand for automotive software solutions offering high convenience and utility to customers.
Global uptake of automotive software is also favored by stringent regulations pertaining to safety and fuel efficiency coupled with incorporation of electronics-based driving safety and comfort systems. Mandatory installation of e-call systems and rear-view cameras in all vehicles for reducing the chances of back-over accidents are bound to augment the market growth.
This segment currently accounts for a 30.1% share of the global Automotive Software market. Application software is the software layer designed for helping the users to run applications developed and defined by vehicle manufacturers and incorporated in vehicles to perform single or multiple tasks. The increasing integration of infotainment and telematics services is driving the demand for application software.
Middleware represents the software layer that resides between operating systems and application components. Middleware software manages application components that run on distributed hosts, and primarily establishes communications between applications and the back end.
The Automotive Software market in the U.S. is estimated at US$2.4 Billion in the year 2021. The country currently accounts for a 13.28% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$7.4 Billion in th year 2026 trailing a CAGR of 10.4% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.7% and 7.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.2% CAGR while Rest of European market (as defined in the study) will reach US$8.3 Billion by the end of the analysis period. The market growth in Asia-Pacific region is favored by increasing adoption of connected mobility and smart transport systems.
The market growth is also stimulated by enforcement of stringent emission regulations in countries like Japan, China and India, driving the adoption of automotive software for powertrain and engine management systems. Europe represents the second largest regional market and growth is being driven by rising concerns pertaining to vehicle and driver safety along with the resulting implementation of smart transportation systems.
2. FOCUS ON SELECT PLAYERS (Total 247 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/nkghb5
Research and Markets
View original content:https://www.prnewswire.com/news-releases/global-automotive-software-market-report-2021-2026---rising-integration-of-advanced-technology-in-vehicles-scripts-phenomenal-growth-story-301431741.html
SOURCE Research and Markets
Digital Twins and Digital Transformation
IoT Evolution Expo #TECHSUPERSHOW Expo Hall Open
Blockchain Keynote: Blockchain POV - Custody and Blockchain in Banking