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Automotive Software Market grow at a CAGR of 18.12% – Report by Marketsandmarkets™

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Automotive Software Market grow at a CAGR of 18.12% – Report by Marketsandmarkets™

January 17
23:58 2019

The key players in the automotive software market are NXP (Netherlands), BlackBerry (Canada), Renesas (Japan), Elektrobit (Germany), NVIDIA (US), Microsoft (US), Airbiquity (US), Green Hills Software (US), and Wind River (US).
The report defines, describes, and forecasts the global Automotive Software Market by Application, Vehicle Type, EV Type, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market.

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%. It is estimated to be USD 18.7 billion by 2018 and is projected to reach USD 60.0 billion by 2025. The market growth is primarily driven by factors such as increasing number of connected cars, intervention of innovative technologies for advanced UI, and increase in electronic applications in vehicles. 

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Owing to the emergence of newer technologies in the automotive industry along with the growing demand for electric cars, the Automotive Software Market has started to prosper. Regional adoption of these technologies depends on governmental norms and emission regulations along with customer preference and R&D activities by Tier I and Tier II companies. Moreover, vehicle manufacturers are offering additional advanced features in vehicles to acquire more customers and boost profitability, thereby inflating the growth of the Automotive Software Market. The European Automotive Software Market is growing at the fastest rate followed by Asia Pacific, Europe, and the RoW. Europe is estimated to be the fastest growing market because of fast advancements on the technology front and the governing bodies pushing OEMs to make smarter and efficient vehicles.

Browse and in-depth TOC on “ Automotive Software Market “

54 – Tables

51 – Figures

149 – Pages

View more detailed TOC @

https://www.marketsandmarkets.com/Market-Reports/automotive-software-market-200707066.html

The communication systems segment of the Automotive Software Market, by application, is expected to grow at the highest CAGR during the forecast period. The automotive communication technology has been used as a combination of various data network protocols, namely, LIN, CAN, FlexRay, MOST, and Ethernet. The network protocols are increasing with the number of electronic components, and as a result, the need for a protocol gateway management system is growing. The network architecture is integrated by using different combinations of protocols with a focus on the lowest implementation cost. Hence, the suppliers of automotive communication technology across the globe are investing in R&D activities to make robust in-vehicle networks at a low cost. Increasing electronic content inside the vehicle and use of communication technologies for the same is imposing the use of software for handling operations of complex systems. 

The light commercial vehicle (LCV) segment is estimated to be the fastest growing market, in terms of value, in the Automotive Software Market. The use of LCVs is increasing in North America, Asia Pacific, and Europe. People in these regions are using SUVs and pickup trucks for transportation of small goods or people as well. These vehicles are made on a similar platform as passenger vehicles. Electronic architecture in these vehicles is increasing, especially in North America. The US holds the largest share in the LCV Automotive Software Market. Fleet monitoring, telematics, and GPS are some of the features that are heavily used in LCVs. Moreover, driver’s safety is an important concern in LCVs. Accidents at high speeds could be fatal for the occupants of the vehicle as well as the surrounding vehicles and pedestrians. Hence, governments, regulatory bodies, and associations are keen on making automobiles safer for the occupants, pedestrians, and the surroundings. Stringent passenger safety regulations have been implemented in developed countries. Developing countries such as China, Brazil, and India are currently formulating mandates for passenger safety in vehicles. Moreover, the EU is set to introduce the Euro 6 norms by the year 2020. All the aforementioned factors are fueling the growth of the Automotive Software Market in the regulatory bodies segment.

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