Automotive Software Market to Hit $32.3 Billion by 2030: Driving Digital Transformation
The global automotive software market size is projected to grow from USD 19.0 Billion in 2023 to USD 32.3 Billion by 2030, at a CAGR of 7.8%. The increasing adoption of L2 vehicles across several countries, combined with the advancement in infotainment systems, are expected to drive the automotive software market. Additionally, booming sales of premium passenger cars paired with adoption of software-over-the-air (SOTA) updates will support the revenue growth for automotive software during the projected period.
Based on Vehicle Type: The
light commercial vehicles segment of the automotive software market, by vehicle
type, is expected to register noticeable growth during the forecast period. With
increased demand for technologically advanced light commercial vehicles, the
market for automotive software will grow rapidly in the forecasted period. As
such, light commercial vehicles are largely equipped with automotive software
to support ADAS features such as automatic emergency braking and lane departure
warning. All these aforementioned parameters are expected to augment revenues
for the light commercial vehicles segment in the automotive software market in
the foreseeable future.
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Based on EV Application: The ADAS & safety systems segment, by EV application,
is expected to hold a larger market share in the automotive software market during
the forecast period. This is attributed to the increasing adoption of
ADAS-equipped features in BEVs and PHEVs. Audi Q5 e-tron, BMW i7 xDrive 60, BMW
i3 eDrive35L, Toyota bZ4X, Hyundai Ioniq 6, Kia Niro PHEV, Toyota Harrier PHEV,
and Hyundai Tucson Plug-in Hybrid are a few examples of BEVs and PHEVs with
ADAS features. ADAS relies on software to run its applications effectively. For
example, automatic emergency braking (AEB) systems use software to analyze
sensor data and determine whether to apply the brakes automatically to avoid a
collision. All these above factors are expected to support the revenue growth
for ADAS & safety systems segment of the automotive software market during
the forecast period.
By ICE Application : The infotainment
systems segment is expected to register significant growth during the forecast
period. In-vehicle infotainment systems are becoming increasingly advanced,
with features such as voice control, gesture control, augmented reality, and
integration with smartphones and other devices. These features require complex
automotive software to develop and maintain. Companies such as TomTom
International BV. (Netherlands), Continental AG (Germany), Robert Bosch LLC.
(Germany), Garmin Ltd. (US), and Harman
International (US), among others provide in-vehicle infotainment systems. These
companies are collaborating with automotive OEMs for advancement pertaining to
infotainment systems. For example, in January 2023 Garmin Ltd (US) recently
demonstrated its latest in-cabin solution for the automotive OEMs at consumer
Electronics Show 2023. Similarly, in July 2021, TomTom International BV
(Netherlands) launched Virtual Horizon, a new software that demonstrated ADAS
offering that helps drivers and automated vehicles make more intelligent
decisions. All these aforementioned parameters are likely to bolster the growth
opportunities for the information systems segment of the automotive software
market.
By Region: North America
is expected to have noticeable market for automotive software during the
forecast period. This is owing to the strong penetration of high-end luxury
vehicles coupled with rising sales of L2 vehicles. The market growth in North
America is expected to be significant due to the rise in connectivity-based
applications that include autonomous driving, connected services, ADAS,
high-end infotainment, and powertrain solutions. Thus, the demand for software
solutions in cars will also increase. The presence of key automotive software
providers such as NVIDIA Corporation (US), Alphabet Inc. (US), Automotive Grade
Linux (US), and Green Hill Software (US) would help to drive the North American
automotive software market during the forecast period.
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