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Nov 25, 2020 (Market Insight Reports) —
Selbyville, Delaware Global Automotive Software Market Report added at Market Study Report LLC offers industry size, share, growth, trends and forecast analysis up to 2025. Automotive Software Market Report also covers top key players, porters five forces analysis and market segmentation in detail. This report examines the global Automotive Software market and provides information regarding the revenue for the period 2019 to 2025.
The vehicle & user interface designers are increasingly using automotive software and advanced technologies, such as VR and AR, to increase features in the cockpit of vehicles to provide a comfortable riding experience and become a market leader in the competitive automotive industry. The increasing use of automotive software with innovative technologies in the vehicle designing, fleet management, and customer satisfaction has increased the productivity and efficiency and reduced the cost of operation. The automotive software market is growing at a significant CAGR over the forecast period due to the growing demand for autonomous vehicles. For instance, in 2017, autonomous car sales were estimated to be 24.23 million units and is anticipated to reach 61.82 million units by 2024, growing at a CAGR of 14.4% between 2018 and 2024.
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Automotive Software market is projected to surpass USD 52 billion by 2025. The automotive software market growth is attributed to the growing demand for safety, convenience, and comfort of passengers in vehicles. The in-vehicle infotainment in vehicles offers hands-free calling, music system, and navigation to passengers and drivers. This has increased the adoption of in-vehicle infotainment in low, medium, and premium segments, leading to the growth of the automotive software market. The subsequent government regulations related to safety & security concerns are also increasing the adoption of in-vehicle infotainment as it provides hands-free connected calls in vehicles. For instance, in Europe, from April 2018, all new cars will be equipped with e-call technology.
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. For instance, in 2016, trucking companies of the U.S. collected USD 260 billion in revenues, which is 20 % of the worldwide total of USD 1.2 trillion.
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,