Global Demand For Automotive Software Is Estimated To Surge Ahead At A CAGR Of 12.5% From 2023 To 2033
According to Fact.MR, a market research and competitive intelligence service, the global automotive software market is expected to reach US$ 65 billion by 2033, growing at a 12.5% CAGR from 2023 to 2033.
Automotive software is a collection of programmable instructions used to complete various activities of computer-based in-vehicle applications. This software is used in embedded systems in vehicles. Body control, infotainment, telematics, advanced driving assistance systems (ADAS), safety and communication, and other applications require automotive software.
Some of the key factors driving market growth are the rapid expansion of the automotive sector and the continual introduction of autonomous and semi-autonomous cars. Furthermore, the widespread acceptance of ADAS as a fundamental component of self-driving technology, as well as growing demand for various sophisticated safety features such as autonomous emergency braking systems and adaptive cruise control, are boosting market growth.
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Numerous regulatory bodies in many countries are encouraging the use of car software to prevent traffic accidents and ensure road safety. The incorporation of the Internet of Things (IoT), artificial intelligence (AI), and cloud-based solutions for controlling devices and ensuring security are further factors impacting market progress.
The global market is also being pushed by the expansion of smart capabilities in numerous infotainment systems in automobiles, which is significantly increasing the usage of automotive software.
Key Takeaways from Market Study
- The global automotive software market amounted to US$ 20 billion in 2023.
- Global demand for automotive software is estimated to surge ahead at a CAGR of 12.5% from 2023 to 2033.
- The global market is predicted to reach a value of US$ 65 billion by 2033.
- Asia Pacific accounted for 36.7% share of the worldwide market in 2022.
Winning Strategy
Leading market players are focusing on collaborations to gain more market share and presence.
- VW Group collaborated with Microsoft to advance the development of automated driving in February 2022. VW Group’s Car Software Division and Microsoft collaborated to create an Automated Driving Platform that will allow for the rapid development of autonomous driving functions. Car Software Division will use the cloud-based platform to streamline its development processes on Microsoft Azure to provide automated driving solutions.
- Microsoft and Bosch collaborated in February 2021 to create a software-defined vehicle platform for smooth interaction between cars and the cloud. The collaboration will shape the next generation of automotive software by combining automotive and cloud computing capabilities.
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Competitive Landscape
Key players in the automotive software market are pursuing tactics such as collaborations, investments, new developments, R&D activities, and mergers to grow and strengthen their global footprint. Furthermore, numerous start-ups are raising funds to work on innovative solutions and gain market share.
- Eatron, a start-up based in the United States that creates ‘intelligent automotive software’, received a US$ 11 million Series A funding round spearheaded by the United Kingdom’s MMC Ventures.
- NXP Semiconductors introduced the S32G GoldVIP in February 2022 to meet software-defined vehicles’ real-time and application development difficulties. This vehicle integration platform provides a variety of value propositions for S32G processor evaluation, software development, and rapid prototyping.
- APTIV and Audi invested US$ 285 million in the automotive software business TTTech Auto in February 2022. Aptiv invested US$ 228 million in this fundraiser, while Audi plans to boost its existing investment by US$ 57 million.
- Woven Planet Holdings, a division of Toyota Motor Corp., absorbed Renovo Motors in September 2021 to improve software development for driverless vehicles.
- Volvo unveiled plans in July 2021 to revamp its infotainment and data systems with a new in-house built operating system, VolvoCars.OS that will be installed in future cars.
Key Companies Profiled
- Apple, Inc
- Airbiquity, Inc
- Accenture PLC
- Amazon Web Services, Inc
- Adobe Inc
- Akamai Technologies, Inc
- Access Co., Ltd
- ANSYS, Inc
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Key Segments of Automotive Software Industry Research
- By Product:
- Application Software
- Middleware
- Operating Systems
- By Application:
- Safety Systems
- Infotainment & Telematics
- Powertrain
- Others
- By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- Electric Vehicles
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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