CHICAGO, December 20, 2018
CHICAGO, December 20, 2018 /PRNewswire/ --
According to the new market research report "Automotive Software Market by Application (Infotainment, Powertrain, ADAS & Safety), Vehicle Type (Passenger Vehicle, Commercial Vehicle), EV Type (BEV, HEV, PHEV), and Region (Asia Pacific, Europe, North America, and RoW) - Global Forecast to 2025", published by MarketsandMarkets™, the Automotive Software Market is projected to grow at a CAGR of 18.12% during the forecast period, to reach USD 60.0 billion by 2025 from an estimated USD 18.7 billion in 2018. The demand for enhanced safety, convenience, and comfort features in automobiles is growing steadily. These rapid changes compel manufacturers to alter their designs repetitively. The continuous use of electronic content in powertrain, HEV/EV, chassis, ADAS, and infotainment systems are expected to drive the growth of the Automotive Software Market.
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149 - Pages
Passenger vehicle segment, by vehicle type, is estimated to hold the largest market share during the forecast period.
The passenger vehicle segment of the Automotive Software Market is estimated to be the largest market. Across the globe, sales of luxury vehicles is increasing. These vehicles are equipped with modern electronic content that is being installed with different software. It is driving the Automotive Software Market for the passenger vehicle segment. The mid-size segment of this vehicle type is the major contributor to the growth of passenger vehicle segment. Globally, the sales of mid-size passenger vehicle have increased in the last decade. These vehicles are installed with modern software deployment.
Communication systems segment, by applications, is estimated to be the fastest growing segment
The communication systems segment of the Automotive Software Market is estimated to be the fastest growing segment. As people across the globe want their vehicles to be safer and advanced, OEMs are manufacturing vehicles with more electronic content. For the proper functioning of electronic content, it must communicate with each other in a seamless manner. For the right communication, software is being used extensively. On the backend of autonomous driving, AI, and HMI, the Automotive Software Market for communication systems is growing.
Asia Pacific to be the largest market for automotive software by 2025
Asia Pacific is projected to be the largest market for automotive software from 2018 to 2025. The market growth in this region can be attributed to the increasing vehicle production, changing in-vehicle electronics architecture, increasing in-vehicle services connected to the external cloud, and expansion of leading OEMs and automotive component suppliers. The market growth in the region can also be attributed to the increasing sales of connected vehicles and government initiatives regarding the use of environment-friendly electric vehicles.
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The Automotive Software Market is dominated by globally established players such as NXP (Netherlands), BlackBerry (Canada), Renesas (Japan), Elektrobit (Germany), and NVIDIA (US). Also, Microsoft (US), Airbiquity (US), Green Hills Software (US), and Wind River (US) provide automotive software solutions.
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