Automotive Software Market Growth, Opportunities & Forecast by 2030
The global automotive software market size was valued at USD 19.0 billion in 2023 and is expected to reach USD 32.3 billion by 2030, at a CAGR of 9.2%, during the forecast period 2023-2030.
The amount of software in vehicles has increased
exponentially with the growing demand for automotive safety and convenience.
This is evident from software used across various new-gen automotive
applications, including ADAS/AD, advanced navigation systems, intelligent
infotainment systems, and connectivity. New and legacy OEMs are developing
their future vehicle lineup using a software-first approach. They have also
announced plans to develop specialized software to create new revenue streams
based on add-on features for a more customized driving experience.
Operating system segment is expected to have significant
share in the global automotive software market
The operating system is expected to be a noticeable segment
in the automotive software market, as it controls the core capabilities of the
vehicle while keeping passengers and the driving environment safe, which makes
it the most important part of the software. Additionally, the automotive
operating system market is expected to grow significantly with the growing
adoption of connected car technologies. As such, operating system (OS) plays a
critical role in connected vehicles. The OS provides the platform for the
telematics system to run on and provides the features and functionality that
allow the vehicle to communicate with other devices and services.
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Passenger car segment is expected to have significant
growth opportunities in global automotive software market
The passenger car segment is expected to have significant
growth opportunities in the automotive software market during the forecast
period. This is due to the increasing adoption of ADAS features in passenger
cars and the rising inclination towards autonomous driving. Additionally,
rising demand for passenger cars in emerging and developed countries has also
contributed to the growth of the automotive software market. For example, in
2022, car production in China was around 23.8 million units, while in Japan, it
was around 6.5 million. South Korea accounted for around 3.4 million units; in
India, it was around 4.4 million units in the same year. The demand for
automotive software in the Asia Pacific region is expected to increase due to
the advent of autonomous driving, rising vehicle production, and prominent
growth in demand for high-end services such as connected car services and
telematics. All these aforementioned factors are anticipated to bolster the
revenue growth of the passenger car segment during the forecast period.
“Germany to lead the automotive software market in
Europe”
Germany is expected to have a sizeable market for automotive
software among all the European countries. The most significant factors
supporting the growth of the automotive software market in Germany are the
penetration of premium passenger car brands with high-end software applications
and government mandates regarding safety. The high sales of premium vehicles,
such as the Mercedes-Benz S-Class, BMW 7 Series, Mercedes-Benz G-Class Audi A8,
and Audi S8, are expected to drive the automotive software market in Germany
during the forecast period.
Key Players
The automotive software market is dominated by global
players such as Robert Bosch GmbH (Germany), NXP Semiconductors (Netherlands),
NVIDIA Corporation (US), BlackBerry Limited (Canada), and Continental AG
(Germany), among others. These companies adopted new product development
strategies, expansion, partnerships & collaborations, and mergers &
acquisitions to gain traction in the market.
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