Automotive Software Market will escalate rapidly in Near Future

October 11 15:00 2022
Automotive Software Market will escalate rapidly in Near Future
Attractive Opportunities in Automotive Software Market
Automotive Software Market by Application (ADAS & Safety, Connected Services, Autonomous Driving, HMI, V2X, Infotainment), Software Layer (OS, Middleware, Application), EV Application (Charging, Battery, V2G), Vehicle and Region – Global Forecast to 2027

The global Automotive Software Market size is projected to reach USD 40.1 billion by 2027 from USD 21.7 billion in 2022, at a CAGR of 13.1%. The growth of the market is driven upcoming mandates such as for regarding collision avoidance to drive market. 

Governments in European countries as well as in the United States have mandated the use of AEB in vehicles. In May 2018, the European Commission published a list of 11 new safety features it wants to be mandated on new cars by 2021. The list includes several existing ADAS functions, specifically autonomous emergency braking, lane keeping assistance, intelligent speed assistance system, and a reversing camera/rear detection system. These specifications are expected to lay the foundation of vehicle-to-vehicle and vehicle-to-pedestrian advanced emergency braking system (AEBS). Such developments would surge the demand for automotive software for advanced electronics during the forecast period. More than 20 countries worldwide are planning to standardize forward collision warning (FCW) by 2022. According to The National Highway Traffic Safety Administration In 2020, out of total 38,824 fatalities in motor vehicle traffic in the US, 11, 654 were alcohol impaired. Distraction affected fatalities reached 3,142 in the US in 2020, accounting for 8% of the total casualties for the year. These ADAS & safety mandates would further fuel the Automotive Software Market.

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V2X (Vehicle-to-Everything will be a key focus area of automotive software player for electric vehicle. V2X (Vehicle-to-Everything) is a communication technology that allows a vehicle to communicate with other vehicles, road users, and infrastructure. With the help of software and algorithms, V2X has become a reality. The software helps V2X technology improve traffic safety, fuel economy, and traffic congestion. These functions include V2G (Vehicle-to-Grid), V2P (Vehicle-to-Pedestrians), V2I (Vehicle-to-Infrastructure), V2V (Vehicle-to-Vehicle), and V2D (Vehicle-to-Devices). Two standards are used for V2X communication—IEEE 802.11p and C-V2X (Cellular V2X). Increasing vehicle safety concerns among the public and government, advancements in technology, and reduced cost of V2X technology are expected to drive the Automotive Software Market for V2X. The governments of various countries are working on the development of the V2X system. In April 2022, the US Department of Energy signed the Vehicle to Everything MOU, which brings together resources from the Department of Energy, Department of Energy, national labs, local and state governments, utilities as well as private entities for the evaluation of technical and economic feasibility of bidirectional charging into infrastructure. 

Key Market Players

The major players in Automotive Software Market includes Robert Bosch (Germany), NXP Semiconductors (Netherland), Renesas Electronics (Japan), BlackBerry Limited (Canada), and NVIDIA (US).

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