Portland, Ore., Nov. 17, 2020
Surge in adoption of ADAS features in automobiles, growing inclination toward connected car services, and emergence of innovative technologies for advanced user interface (UI) fuel the growth of the global automotive software market
Portland, Ore., Nov. 17, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Software Market by Application (Safety System, Infotainment and Telematics, Powertrain and Chassis), Product (Operating System, Middleware and Application Software) and Vehicle Type (ICE Passenger Car, ICE Light Commercial Vehicle, ICE Heavy Commercial Vehicle, Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle and Autonomous Vehicles): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global automotive software industry was estimated at $18.5 billion in 2019 and is anticipated to hit $43.5 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Rise in adoption of ADAS features in vehicles, growing inclination toward connected car services, and intervention of innovative technologies for advanced user interface (UI) drive the global automotive software market. On the other hand, lack of standard protocols to develop software platforms and scarcity of connected infrastructure restrain the growth to some extent. Nevertheless, future potential of 5G and Artificial Intelligence (AI), surge in developments in semi-autonomous and autonomous vehicles, and data monetization in extended automotive ecosystem are expected to create lucrative opportunities in the industry.
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The safety system segment to dominate by 2027-
Based on application, the safety system segment accounted for around one-third of the global automotive software market share in 2019 and is expected to rule the roost by the end of 2027. The infotainment and telematics segment, on the other hand, would manifest the fastest CAGR of 16.2% throughout the forecast period, due to technological advancements and increasing demand for smartphone features in vehicles.
The application software segment to maintain the dominant share-
Based on product, the application software segment contributed to nearly half of the global automotive software market revenue in 2019 and is anticipated to lead the trail by 2027, owing to the growing demand for smartphone-based infotainment system applications, real-time onboard diagnostic system and car maintenance. Simultaneously, the operating system segment would portray the fastest CAGR of 17.2% from 2020 to 2027. Growing trend of connected cars and autonomous vehicles technology propels the segment growth.
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Europe, followed by Asia-Pacific and North America, garnered the major share in 2019 –
Based on region, Europe, followed by Asia-Pacific and North America, garnered the major share in 2019, holding more than one-fourth of the global automotive software market. At the same time, Asia-Pacific would register the fastest CAGR of 16.6% till 2027. This is due to rapid development of intelligent transport systems and connected mobility in countries such as China and Japan.
Key players in the industry-
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