Feb. 25, 2021, 2:54 p.m. EST

Global automotive software market to record 16.9% CAGR through 2027

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Feb 25, 2021 (Market Insight Reports) -- Selbyville, Delaware Market Study Report LLC: According to the report titled 'Global Automotive Software Market Size study, by Product (Autonomous driving software, Safety & security software, Vehicle management software, Infotainment software), Application (Engine Management System (EMS), Anti-locking braking system (ABS), Airbag Control, Car Navigation System, Infotainment System, Mobility Service), by Vehicle Type (Passenger vehicle, Commercial vehicle), by End-Use (Manufacturer retail store, Automotive dealer, Automotive repair store, Auto part wholesaler & agent) and Regional Forecasts 2020-2027', available with Market Study Report LLC, global automotive software market was valued at USD 14.5 billion in 2019 and is expected to grow with a CAGR of 16.9% during 2020-2027.

Inclination towards connected vehicles owing to advent of IoT, rising adoption of advanced driver-assistance systems (ADAS) feature in automotive, and surging production of passenger cars and electric vehicles are the key factors driving the growth of global automotive software market.

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For those uninitiated, automotive software is built with a set of instructions which aid the user in interacting with core in-vehicle hardware and executing control functions in vehicles. It stresses on growing trend of on-board vehicle monitoring system implementation, sensor fusion, and automotive haptics. Automotive software is primarily designed to improve the experience of using a motor vehicle. It can be used for connecting devices like smartphones or on-call safety programs, which help reduce vehicle overlap.

Emergence of Internet of Things (IoT) and smart & connected vehicles, along with increasing popularity of interactive solution between users and their vehicles are also contributing to global automotive software market outlook.

The outbreak of COVID-19 has a negative impact on automotive software industry expansion, with severe influence on every field of the sector, resulting in a plunge in production of commercial vehicles and passenger cars. With decrease in vehicle production, the demand for automotive software has declined significantly, posing as major obstacle to the market growth. Besides, absence of standard protocol to develop the software platform is likely to hamper global automotive software industry outlook over the estimated timeframe.

Based on product type, the market is divided into infotainment software, vehicle management software, safety & security software, and autonomous driving software. Speaking of application spectrum, global automotive software industry is bifurcated into mobility service, infotainment system, car navigation system, airbag control, anti-lock braking system (ABS), and engine management system (EMS).

In terms of vehicle type, worldwide automotive software industry is split into commercial vehicle and passenger car. As per end-use scope, the industry is classified into auto part wholesaler & agent, automotive repair store, automotive dealer, and manufacturer retail store.

Citing the regional landscape, Asia Pacific presently accounts for substantial share of worldwide automotive software market and is projected to expand further over the assessment period, on account of increasing production of passenger & commercial vehicles, changing in-vehicle electronics architecture, and growing acceptance of connected electric vehicles in the region.

Major contenders impacting global automotive software market dynamics are Ford Motor Company, Delphi Technologies plc, DealerTrack Holdings Inc., Dassault Systems SE, Daimler AG, Cox Automotive Inc., CDK Global LLC, Bosch Software Innovations GmbH, Autodesk Inc., and Ansys Inc.

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