According to the report, the automotive software market is estimated at USD 22.56 billion in 2022 and is likely to grow at a CAGR of 13.36% during 2022-2028 to reach USD 47.88 billion in 2028.

What is automotive software?

Automotive software is designed to support and enhance the experience of operating a motor vehicle. New developments and integrations in the automotive technology world are progressively being implemented as the industry realizes the position of data to a vehicle operator.

COVID-19 Impact

The automotive industry was severely hit by the pandemic in the year 2020. The industry experienced a downshift in global demand. This impact was also felt in the automotive software market directly and the market experienced a decline in sales in the year 2020.

Market Drivers

The growing demand for automotive software is mainly due to stringent government regulations focusing on the vehicle's safety coupled with the fast adoption of AI and IoT in vehicles to assist better drivers, which is likely to drive the market during the forecast period.

Leading players in the market -

To build a successful business, it is vital to understanding the market - both the customers and the competitors. The report published consists of a list of key players active in the Automotive Software Market, which is given below -

• Ansys Inc.
• Autodesk, Inc.
• Bosch Software Innovations GmbH
• CDK Global LLC
• Cox Automotive
• Daimler AG
• Dassault Systèmes SE
• DealerTrack Holdings, Inc.
• Delphi Technologies
• Ford Motor Company.

Report Findings

Based on the software type, the market is segmented as autonomous driving software, safety & security software, vehicle management software, and infotainment software. The vehicle management software segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period. This system provides accident tracking, vehicle self-diagnosis, driver fatigue management, and fuel management. All of these systems assist drivers by giving information regarding vehicle maintenance and regular checkup.

Based on the application type, the market is segmented as engine management system (EMS), anti-lock braking system (ABS), airbag control, car navigation system, infotainment system, and mobility service. The engine management system segment is expected to remain dominant during the forecast period owing to stringent government regulations in relation to fuel emission. For an instance, the Euro 5 and BS IV regulations state the mandatory usage of electronic engine management systems in vehicles, driving the growth of the segment during the forecast period.

In terms of regions, North America is estimated to be the largest market for automotive software during the forecast period, with the USA, Canada, and Mexico being the major countries offering lucrative growth opportunities. The growth of the North American region can be attributed to the extensive growth in the production of passenger vehicles in the region and the presence of a large number of automotive software manufacturers in countries, such as the USA, Canada, and Mexico. Further, the North American automotive software market is mainly driven by favorable government policies. On the other hand, Europe and Asia-Pacific are also expected to offer sizeable growth opportunities over the forecast period.

The research report aims to help the users learn about their market size and potential to connect with customers. This report answers the following questions:

·       How big is the potential Automotive Software Market?

·       Will this market grow or shrink in the future?

·       Who are our top competitors or key players?

·       What market share do the competitors own?

·       How Covid19 has affected the market?

·       How long will it take to recover from the Covid-impact?

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