Automotive Software Market– Global Forecast to 2030

-

Automobiles are no longer merely a system of interconnected cogwheels, belts, and other mechanical parts but a complex interplay of electronic sensors and systems. With technological advancements aimed at making the job of the driver easier, so that as much attention as possible is on the road, and offering passengers more comfort and convenience, a number of electronic systems and sensors have become an important part of vehicles. As a result, the usage of sophisticated software is no longer limited to the electronic control unit (ECU), for controlling fuel injection and sparkplug operations, for instance, but has expanded to a whole range of cutting-edge systems, such as advanced driver-assistance systems (ADAS) and digital instrument clusters.

Automotive Software Market Outlook


Therefore, with the increasing complexity in the functioning of vehicles, P&S Intelligence has forecast a high 12.4% CAGR for the automotive software market during 2020–2030 (forecast period). At this rate, the revenue generated by software vendors will likely rise to $78,894.2 million in 2030 from $28,214.6 million in 2019. One of the key reasons advanced system and software integration in vehicles has become important is the rising incidence of road accidents, which kill over 1 million people every year, as per the World Health Organization (WHO).

Request to Get the Sample Report: https://www.psmarketresearch.com/market-analysis/automotive-software-market/report-sample

Sadly, being a result of human error, including over-speeding, talking on the phone while driving, falling asleep on the wheel, and keeping a lesser distance from the vehicle in front than required, most of the accidents are preventable. Therefore, the demand for connectivity and safety features, such as navigation, traffic and collision warnings, drowsiness monitoring, automatic braking, and lane and parking assist, is rising. For such features, an array of sensors, such as radar, LiDAR, and camera sensors, are integrated, and the data generated by them is displayed on digital instrument clusters, all of which are ultimately dependent on computer software.

With improvements in technology, all such software can now be updated without the need to plug-in the software data bank into the vehicle’s computer. This is being accomplished via the over-the-top (OTT) technology, which uses the vehicle-to-infrastructure (V2I) connectivity to update the software. It essentially connects the automobile to the software vendor via the former’s Wi-Fi network, so that software updates can be done on the go. These updates are not only available for infotainment, connectivity, and security software but also the programs that control the vehicle at the mechanical level, such as suspension and engine settings.

Asia-Pacific (APAC) dominated the automotive software market during 2014–2019 (historical period), and it is expected to continue this trend during the forecast period. This is attributed to the huge automotive production and sales figures in China, South Korea, Japan, and India. Moreover, as per the WHO, most of the road accident fatalities occur in low- and middle-income countries, many of which are located in APAC. Therefore, the increasing focus on enhancing the safety aspect of automobiles in regional countries is propelling the integration of ADAS and other related systems in vehicles.

Hence, with the growing complexity of automobiles, both as a result of and reflected in the integration of cutting-edge sensors and electronic systems in them, the demand for the enabling software is increasing.

Explore Full Report Description At: https://www.psmarketresearch.com/market-analysis/automotive-software-market

Comments

Post a Comment

Popular posts from this blog

How the Asia-Pacific Electric Car Market Has Witnessed Substantial Growth in Coming Years?

-
Image
As the air quality deteriorates and the prevalence of various lung diseases increases in the Asia-Pacific (APAC) region, the attention of governments, regulatory authorities, policymakers, and citizens is finally shifting toward the elephant in the room, that is, the large-scale usage of fossil-fuel-powered vehicles for both personal commuting and transportation of goods. The harmful emissions released from these vehicles are one of the major causes of air pollution and the rapid environmental degradation. To combat the situation and make the air in urban areas breathable again, governments of several APAC countries are implementing policies aimed at promoting the deployment of eco-friendly modes of transport, such as electric cars. This is, in turn, fueling the advancement of the Asia-Pacific electric car market. For instance, as per industry experts, sales of electric vehicles grew in India by 32.0% or from nearly 576,000 units in 2018 to more than 760,000 units in 2019, among w
Read more

India Shared Mobility Market 2021 to Witness Stunning Growth

-
Image
Due to the rapid environmental degradation because of the extensive usage of fossil fuel-powered vehicles, the government is increasingly implementing policies aimed at encouraging the adoption of shared mobility solutions in India. Moreover, the government is providing various financial incentives for promoting the adoption of these solutions in the country. For example, under the faster adoption and manufacturing of (hybrid) and electric vehicles (FAME) II scheme, the government launched initiatives for augmenting the deployment of electric vehicles for commercial purposes.  These initiatives are propelling the deployment of electric vehicles and their adoption by various shared mobility service providers in the country. Apart from this factor, the increasing road congestion, especially in the urban areas, on account of the booming population levels and the surging number of daily commuters, is also pushing up the demand for shared mobility solutions in India. Different companies are
Read more

India Automotive HMI Market Development, Growth, and Demand Forecast, 2013-2023

-
Image
The major factors behind the India automotive human machine interface (HMI) market growth are rising sales of passenger car, increasing in-vehicle connectivity, and growing demand for comfort and in-vehicle safety features. The market generated a revenue of $466.9 million in 2017, and it is predicted to reach $1.0 billion by 2023, witnessing a CAGR of 14.1% during the forecast period 2018–2023, according to P&S Intelligence. Automotive HMI includes multiple system that permits drivers to interact with their vehicles. It works with the human touch, voice commands, and body language. Benefits associated with multimodal HMI, such as better recognition and faster interaction, are expected to increase their penetration in passenger cars. Further based on end-use, the Indian automotive HMI market is categorized into economy, medium, and premium cars. Due to the rising HMI deployment in medium car category, these cars held the largest sales volume share in the market and is forecasted to
Read more