Global Market Insights, Inc. has predicted that automotive software industry size will exceed $52 billion by 2025. Expanding automobile sales and increasing penetration of technologies in vehicles has led to automotive software market emerging as a lucrative investment hotspot.
The mobility service application segment is projected to show a lucrative growth at 19% CAGR over 2019-2025. The growing adoption of Mobility-as-a-Service (MaaS) is anticipated to significantly impact the growth of mobility service application market. For instance, in October 2018, a self-driving unit of General Motors, Cruise Automation, had collaborated with Honda to pursue the common goal of transforming mobility by the large-scale employment of autonomous vehicle technology.
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How will autonomous driving software market help to boost the automotive software market share over the forecast period?
The autonomous driving software market is projected to record an enhanced growth over 2019-2025 at a CAGR of around 17%. The growth is credited to R&D activities and investments by companies such as Wipro, NVIDIA, and Bosch Software. Moreover, these companies are also taking efforts to expand and merge with other companies to design and develop autonomous vehicles.
How will passenger vehicles segment contribute to transforming automotive software market trends?
The passenger vehicles segment is anticipated to gather a promising growth rate in the automotive software market. This segment has a huge application for automotive software in comparison with commercial vehicles. Passenger vehicles with several in-vehicle electronics systems, such as powertrain, start-stop systems, and power steering, consist of numerous ECUs which require software programs to operate.
The inclination toward integrating smart technologies in passenger vehicles has led to increasing the number of ECUs in vehicles and a growing number of in-vehicle electronics systems. This will substantially expanding the opportunities for players to integrate automotive software in the passenger vehicles segment.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.