Automotive Software Market Surges from $18.5 Billion in 2019 to $43.5 Billion by 2027, with a 14.5% CAGR from 2020-2027

PORTLAND, OREGAON, UNITED STATES, February 13, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, “Automotive Software Market by Application, Product and Vehicle Type: Opportunity Analysis and Industry Forecast, 2020–2027,”𝐓𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐚𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐬𝐨𝐟𝐭𝐰𝐚𝐫𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 $𝟏𝟖.𝟓 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟏𝟗, 𝐚𝐧𝐝 𝐢𝐬 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐫𝐞𝐚𝐜𝐡 $𝟒𝟑.𝟓 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟐𝟕, 𝐫𝐞𝐠𝐢𝐬𝐭𝐞𝐫𝐢𝐧𝐠 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟏𝟒.𝟓%.

Europe dominates the market in terms of revenue, followed by Asia-Pacific, North America and LAMEA. Germany dominated the global automotive software market share in 2019, and is expected to grow at a significant rate during the forecast period, due to increase in production & sales of vehicles followed by the adoption of latest vehicle related technologies across the country.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/2871

Software in automotive industry helps the user interact with underlying in-vehicle hardware and also perform control functions in a vehicle. With the advancement in technology followed by the introduction of automation in transportation industry, the automotive software industry has registered a lucrative growth. This growth is due to the introduction of different safety and security systems such as advanced driver assistance system (ADAS) in vehicles. Also, the inclination of vehicle manufacturers toward the introduction of autonomous vehicles has increased the demand for efficient and reliable software, which can support the autonomous vehicle infrastructure in the near future.

Based on the application, the global automotive software market has been categorized into safety system, infotainment & telematics, powertrain and chassis. The safety system holds a majority of the market share owing to the application of advanced safety system in vehicles. Meanwhile the infotainment & telematics system in vehicles is expected to register a significant growth rate during the forecast period owing to its application in vehicles in the near future.

By product, the automotive software market is categorized into operating system, middleware and application software. The application software segment accounted for the highest revenue in 2019, owing to high adoption of software with different features in vehicles. However, the operating system segment is anticipated to witness the highest growth rate during the forecast period, owing to the increased implementation of advanced software in vehicles.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/automotive-software-market/purchase-options

On the basis of vehicle type, the automotive software market is segregated into 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. The ICE passenger car accounted for a majority of the market share in 2019 owing to increased engine-based software installed in them. Meanwhile, the autonomous vehicles are expected to register a significant growth rate during the forecast period owing to the introduction of autonomous vehicles (Level 3-5) in the near future.

Factors such as adoption of ADAS features in vehicles, increasing adoption of connected car services, and intervention of innovative technologies for advanced UI are expected to drive the market growth.

However, lack of standard protocols to develop software platforms, lack of connected infrastructure, and troubleshooting and maintenance of automotive software hinders the market growth during the forecast period. Furthermore, potential of 5G and AI, growing developments in semi-autonomous and autonomous vehicles and data monetization in extended automotive ecosystem are expected to supplement the global automotive software market, thus providing a better opportunity for the growth of the market in the near future.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

By application, the infotainment & telematics segment is expected to register a significant growth during the forecast period.

Depending on product, the operating system segment is anticipated to exhibit significant growth in the near future.

On the basis of vehicle type, the autonomous vehicles segment is projected to lead the global automotive software market owing to higher CAGR as compared to other vehicle types.

Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/2871

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

Adobe Inc.,
Airbiquity Inc.,
Atego Systems Inc. (PTC),
Autonet Mobile, Inc.,
Blackberry Limited,
Goggle,
Green Hills Software,
Microsoft Corporation,
Montavista Software,
Wind River Systems, Inc.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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