The commercial vehicles in the automotive software market will grow at a CAGR of over 18% over the forecast period. The growth is attributed to the rising carsharing and the increasing use of public transport to reduce pollution. Stringent government regulations related to the green & clean environment along with the increasing awareness campaign for climate change is proliferating market growth. Additionally, the increasing number of autonomous trucks in logistics is attributing to the growth of the automotive software market.
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In the software segment, the vehicle management software held over 32% market share in the automotive software market in 2018. The vehicle management software includes fleet management, vehicle architecture designing, fuel management, and vehicle tracking, which has increased the operational efficiency of automobile manufacturers. The automotive driving software is expected to witness the highest growth rate of over 15% in the market during the forecast period. The increasing number of road mishaps and loss of lives related to it has increased the demand for automotive driving software. It assists drivers in parking, driving lane, and object recognition on the road, alerting drivers or reducing the speed of vehicles by auto braking to avoid collision or crash of vehicles.
Industry Growth drivers:
- Increase in number of electronic products in vehicles
- Increasing investment in auto-tech and autonomous vehicles
- Increasing demand for connected cars
- Intervention of innovative technologies for advanced user interface
The increasing use of technological advancements to offer features such as ADAS, smart electric roof, cooled glove box, and walk away safety lock is proliferating the growth of the automotive software market. These advanced features have increased the number of electronic components in vehicles, leading to an increase in hardware and weight of vehicles. Automobile manufacturers are increasingly adopting consolidated ECUs to reduce the hardware space in the vehicles, increasing its efficiency.
Asia Pacific is estimated to be the fastest growing region in the automotive software market growing at a CAGR of more than 17% over the forecast period. Stringent government regulations related to environmental safety are impacting OEMs in the region to build fuel-efficient and low-carbon emission vehicles with the help of automotive software and electronic components. Highly-populated countries in this region, such as China and India, are facing traffic congestion and mishaps, impacting the growth of this software to provide predictive navigation, traffic details, and object recognition to avoid crashes or collisions. The emerging smart cities in this region are expected to drive the automotive software market.
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The Auto Part wholesaler & agent grabs over 18% market share in the automotive software market in 2018 and is expected to maintain a dominant position during the forecast period. The growing demand for cheap auto parts related to hardware & software is proliferating this segment. The automobile industry strategically distributes its software & hardware through various distribution channels, including auto part wholesalers and agents, to increase its global presence. Additionally, the rising trend of customization of vehicles is attributing to the growth of this segment in the automotive software market.
Automotive Software Market By Software
- Autonomous Driving Software
- Safety and Security Software
- Vehicle Management Software
- Infotainment Software
Automotive Software Market By Application
- Engine Management System (EMS)
- Anti-Lock 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
The anti-lock braking system will witness a significant growth rate of more than 14% in the automotive software market from 2019 to 2025. The anti-lock braking system helps vehicles from sudden skidding and consequent road mishaps. According to the National Highway Traffic Safety Administration (NHTSA), ABS-equipped vehicles stop at an increased stopping distance on loose gravel by an average of 27.2% as compared to other vehicles. ABS has significantly reduced the risks of run-off road crashes and multiple vehicle crashes. For instance, in September 2015, ABS reduced the risk of run-off road crash by approximately 33% and the risk of multiple crashes by more than 20%.
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Some of the key players operating in the automotive software market are Cox Automotive, CDK Global, SAP, Siemens PLM Software, Nvidia, Bosch Software, Reynolds and Reynolds Company, Dassault Systèmes,, Autodesk, Solera Holdings, Oracle, Ansys Inc., Dealertrack, Wipro Limited, Honda, Genesys, Daimler, Delphi, Ford, and General Motors.