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Automotive Software Market worth $32.3 billion by 2030 - Exclusive Report by MarketsandMarkets™
[November 27, 2023]

Automotive Software Market worth $32.3 billion by 2030 - Exclusive Report by MarketsandMarkets™


CHICAGO, Nov. 27, 2023 /PRNewswire/ -- Automotive Software Market size is projected to grow from USD 19.0 billion in 2023 to USD 32.3 billion by 2030, at a CAGR of 7.8%, according to a new report by MarketsandMarkets™. The rise in focus towards software-defined vehicles paired with increasing penetration of ADAS features in vehicles are expected to increase the demand for automotive software solutions. Also, the strong government support for vehicle safety paired with rising adoption of software-over-the-air (SOTA) updates are anticipated to promote the revenue growth of automotive software market.

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Browse in-depth TOC on "Automotive Software Market".

150 - Tables
75 - Figures        
230 - Pages

Automotive Software Market Scope:





Report Coverage

Details

Market Size

USD 32.3 billion by 2030

Growth Rate

CAGR of 7.8%

Largest Market

Asia Pacific

Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period

2023-2030

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Software Layer, ICE Application, EV Application, Vehicle Type, and Region

Geographies Covered

Asia Pacific, North America, Europe, Latin America, and Rest of the World

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Developments in semi-autonomous and autonomous vehicles

Key Market Drivers

Advancements in infotainment systems


Operating system segment is expected to have significant share in the global automotive software market

The operating system is expected to be a noticeable segment in the automotive software industry, as it controls the core capabilities of the vehicle while keeping passengers and the driving environment safe, which makes it the most important part of the software. Additionally, the automotive operating system market is expected to grow significantly with the growing adoption of connected car technologies. As such, operating system (OS) plays a critical role in connected vehicles. The OS provides the platform for the telematics system to run on and provides the features and functionality that allow the vehicle to communicate with other devices and services.

Passenger car segment is expected to have significant growth opportunities in global automotive software market

The passenger car segment is expected to have significant growth opportunities in the automotive software market during the forecast period. This is due to the increasing adoption of ADAS features in passenger cars and the rising inclination towards autonomous driving. Additionally, rising demand for passenger cars in emerging and developed countries has also contributed to the growth of the automotive software market. For example, in 2022, car production in China was around 23.8 million units, while in Japan, it was around 6.5 million. South Korea accounted for around 3.4 million units; in India, it was around 4.4 million units in the same year. The demand for automotive software in the Asia Pacific region is expected to increase due to the advent of autonomous driving, rising vehicle production, and prominent growth in demand for high-end services such as connected car services and telematics. All these aforementioned factors are anticipated to bolster the revenue growth of the passenger car segment during the forecast period.

"Germany to lead the automotive software market in Europe"

Germany is expected to have a sizeable market for automotive software among all the European countries. The most significant factors supporting the growth of the automotive software market in Germany are the penetration of premium passenger car brands with high-end software applications and government mandates regarding safety. The high sales of premium vehicles, such as the Mercedes-Benz S-Class, BMW 7 Series, Mercedes-Benz G-Class Audi A8, and Audi S8, are expected to drive the automotive software market in Germany during the forecast period.

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Key Market Players:

The major players in Automotive Software Companies include Robert Bosch GmbH (Germany), NXP Semiconductors (Netherlands), NVIDIA Corporation (US), BlackBerry Limited (Canada), and Continental AG (Germany), among others.

Recent Developments

  • In September 2023, Robert Bosch Gmbh announced the Vehicle Dynamics Control 2.0 at IAA Mobility 2023. This software will provide better handling and safety of vehicles through intervention in the braking system, electric powertrain, and electric steering system, resulting in less counter-steering and a shorter braking distance.
  • In September 2023, NXP Semiconductors collaborated with Elektrobit, a leading AUTOSAR and Linux software provider, to develop software for next-generation automotive battery management systems. The software will reduce the entry-level cost of battery management system (BMS) development and enhance the ease of use of NXP's high-voltage BMS reference design (HVBMS RD).
  • In May 2023, BlackBerry Limited released QNX Software Development Platform (SDP) 8.0 that enables automakers and IoT system developers to deliver more powerful products at lower costs, while maintaining the unparalleled safety, security and reliability standards of QNX technology.
  • In February 2022, Jaguar Land Rover formed a multi-year strategic partnership with NVIDIA Corporation to develop and deliver next-generation automated driving systems and AI-enabled services and experiences for its customers. Starting in 2025, all new Jaguar and Land Rover vehicles will be built on the NVIDIA DRIVE software-defined platform, delivering a wide spectrum of active safety, automated driving, parking systems, and driver assistance systems.

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About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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