The global automotive software market size is expected to grow by USD 10.70 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Automotive Software Market 2020-2024 (Graphic: Business Wire)
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In the past few years, growing concerns about automotive safety among consumers have resulted in the high demand for advanced safety features in vehicles, especially in low-cost vehicles. ADAS manufacturers such as Continental, Robert Bosch, and Autoliv are collaborating with OEMs to develop and manufacture low-cost advance driver assistance system (ADAS) for low-cost, compact vehicles. This will help attain economies of scale and reduce the price of ADAS, thereby resulting in increased implementation of ADAS in low-cost vehicles during the forecast period. A consistent increase in the demand for compact and mid-sized vehicles equipped with advanced safety features in emerging markets such as India and China will also propel the growth of the market during the forecast period.
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As per Technavio, the introduction of infotainment systems in mid-segment and mass-market segments will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Software Market: Introduction of Infotainment Systems in Mid-segment and Mass-market Segments
Initially, automotive infotainment systems used to be installed only in premium cars. However, with growing awareness and rising demand for telematics and built-in connectivity, automotive manufacturers are equipping their mid-range vehicles with these infotainment systems as a standard fitment. In addition, a few of the leading automobile manufacturing companies, such as Volkswagen, Ford, Mahindra and Mahindra, Tata Motors, and GM, are collaborating with in-vehicle entertainment and information systems and software manufacturers to provide infotainment solutions in their mid-range vehicles. Thus, the introduction of infotainment systems in mid-segment is expected to drive the demand for automotive software, thereby fueling the market growth.
“Other factors such as the standardization of product offerings and use of open-source platforms to reduce the cost of application and firmware development will have a significant impact on the growth of the automotive software market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Software Market: Segmentation Analysis
This market research report segments the automotive software market by product (application software, middleware, and operating system), application (safety system, infotainment and telematics, powertrain, and chassis), and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive software market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the huge growth potential for automobiles with advanced driver assistance systems from the European market and the presence of a developed ICT infrastructure.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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