Impact of Covid-19 Outbreak on Automotive Software Market

28/lug/2020 07:22:59 Automotive Market Research Reports Contatta l'autore

The automotive software market 2020 is likely to gain momentum. Software is used in automobiles to display control functions and also to transfer instructions. Services and software have penetrated into the automotive industry and are now extensively sued to enhance performance. In an assessment presented by Market Research Future (MRFR) it has been revealed that the global automotive software market is expected to strike 20% CAGR across the forecast period 2018 to 2023. The automotive software market size is also anticipated to reach a decent value by the end of 2023.

The automotive software market is expected to capitalize on the rising electrification of vehicles. New products are being installed in automobiles to increase passenger comfort and providing driving assistance. These factors are expected to drive the augmentation of the automotive software market in the near future. Also, the governments are mandating the installation of certain software to ensure optimum safety. Increasing demand for driver assistance systems is poised to boost the automotive software market during the review period. In addition, the trend of rising demand for ADAS is likely to continue due to rising road accidents. Every, it is estimated that around a million people die in road accidents across the world. This is poised to boost the growth of automotive software market.

Increasing demand for high-end cars is anticipated to play a crucial role in the development of the automotive software market. Increasing popularity of luxurious cars is likely to accelerate automotive software market growth in the upcoming years. Other factors expected to boost market expansion pace are – increasing production of automobiles, technological developments, product launches, etc. However, the lack of standard protocol for the development of the product is anticipated to restrict market growth in the foreseeable future.

Market Segmentation

On the basis of solution, the automotive software market has been segmented into  autopilot software, entertainment software, navigation software, and car safety software.

Based on system, the automotive software market has been segmented into ADAS & safety systems, powertrain systems, body control & comfort systems, communication system, infotainment systems, and telematics system.

On the basis of vehicle type, the segments of the automotive software market are commercial vehicle  and passenger car.

Based on propulsion, the automotive software market has been segmented into  electric vehicle and ICE vehicle.

Regional Analysis

The geographical assessment of the global automotive software market is covered for four regional segments – North America, Asia-Pacific, Europe, and the Rest of the World. Asia-Pacific is likely to witness a rise in production of vehicles. It is supposed to help the region retain the largest share of the global automotive software market across the forecast period. Rising urbanization is presumed to boost demand for automobiles in the region. It is projected to augment market in the region in the coming years. Europe is also expected to witness substantial growth due to rising investments in electrification of vehicles. In addition, new products are being developed in the region to enhance passenger experience. It is poised to catapult the automotive software market on upward trajectory.

Competitive Dashboard

NXP Semiconductors (Netherlands), Renesas Electronics Corporation (Japan), Elektrobit (Germany), BlackBerry (Canada), NVIDIA Corporation (US), Autonet Mobile, Inc. (USA), Airbiquity Inc. (US), Microsoft Corporation (US), Green Hills Software (US), and Wind River Systems, Inc. (US) are the players of the automotive software market. These players are emphasizing on the intensification of competition by increasing investments and launching new products. They are poised to leverage the latest technologies to gain edge over each other. Some of the growth strategies to ve employed by market players are collaborations, partnerships, strategic alliances, and mergers & acquisitions among others.

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