The adoption of automotive software is surging because of the growing popularity of connected cars, on account of the rapid urbanization. People across the world are adopting connected cars due to the introduction of the internet of things (IoT) technology in the automobile sector, increasing focus on safety and security, and escalating demand for an improved driving experience. The incorporation of IoT-enabled technologies has helped automakers in achieving path breaking results for connectivity for cars.
Moreover, the introduction of innovative technologies in vehicles for advanced user interfaces has increased the applications of automotive software. As vehicles are becoming more technologically equipped, it has become essential to design the technologies to be more human and personal. Due to this reason, the automotive software market is expected to reach $78,894.2 million by 2030 from $28,214.6 million in 2019. According to P&S Intelligence, the market will exhibit a healthy CAGR of 12.4% during 2020–2030.
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As a part of the technological advancements, automobile manufacturers are increasingly adopting advanced driver-assistance systems (ADAS) and autonomous driving (AD) software to offer a better driving experience. The installation of ADAS and AD software also reduces traffic rule violations and enhances the safety features of vehicles, thereby decreasing the incidence of road accidents. In this regard, body and energy, infotainment, connectivity, security, and connected services, operating system (OS) and middleware, and powertrain and chassis software all play a crucial role.
Automakers are also installing such software as an effort to deploy autonomous driving features. Various automobile producers are integrating Level 1 and Level 2 autonomous technology in most of their vehicles and Level 3 autonomy in certain models being manufactured since 2019. Moreover, many vehicle manufacturers are involved in research and development (R&D) and testing activities for Level 4 and Level 5 autonomous vehicles in several cities around the world. For instance, Germany became the first country in 2017 to legalize Level 4 and 5 autonomous driving systems.
Thus, the escalating demand for autonomous technologies and increasing support from governments to improve safety features have driven the installation of automotive software in passenger cars, on account of a large customer base for these cars. However, the increasing requirement for telematics solutions for effective fleet management and improving the infotainment features will lead to the widespread adoption of such software in commercial vehicles in the coming years. With the growing logistics sector and demand for shared mobility services, the number of entities operating commercial vehicle fleets is on the rise, which is now propelling the demand for automotive software.
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Geographically, the Asia-Pacific (APAC) region has witnessed a wide scale integration of the software, particularly in India, China, and Japan, due to the escalation in the purchasing power of customers, growth in the economy, and soaring demand for advanced features in vehicles. Due to this, players in the APAC automotive software market are offering innovative software for human–machine interface (HMI), keyless entry, and auto-park assist. Moreover, the spurring demand for autonomous and electric vehicles (EVs) will increase the adoption of automotive software, as these models are largely dependent on software due to the large number of electronic components in them.
Thus, the wide scale adoption of connected cars will fuel the demand for automotive software in the foreseeable future.
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