ADAS adoption to fuel growth in the automotive software market
19-Dec-2023 4:57 pm
19-Dec-2023 4:57 pm
The global automotive software market is expected to grow significantly, with a projected CAGR of 18.13 percent until 2028.
According to a report published by Verified Market Research, the Automotive Software Market is experiencing continuous evolution and growth due to various factors and technological advancements. The market is witnessing a surge in demand driven by the increasing number of connected cars, innovative technologies for advanced user interfaces, and the growing use of electronic vehicle applications. Additionally, the rising popularity of electric vehicles and the adoption of advanced driver assistance systems (ADAS) contribute to the market’s expansion. The report projects a compound annual growth rate (CAGR) of 18.13 percent for the market from 2021 to 2028, with an estimated value of USD 94.06 Billion by the end of the forecast period, compared to USD 24.98 Billion in 2020.
Adopting advanced technologies in passenger cars worldwide, especially autonomous driving and Internet of Things (IoT) technologies, has created a strong demand for automotive software. This demand is further fueled by the impact of open-source platforms and standardization, which have led to cost reductions in application and firmware development, expanding the overall market. Automotive software is undergoing significant technological advancements, focusing on automotive infotainment systems, leading to intense competition based on the software or operating system used. Operating systems such as Windows CE, Android, Apple OS, QNX, and Linux-based OS are widely supported in vehicles.
Key growth drivers in the Automotive Software Market include:
With features such as blind-spot detection, adaptive cruise control, lane departure warning, automatic emergency braking, and park assist, ADAS is expected to be the largest application segment during the forecast period.
The Asia-Pacific region holds the largest market share in the Automotive Software Market, primarily driven by the increasing demand for connected services in countries like China, Japan, and South Korea. The tech-savvy population in these regions seeks safe and connected driving experiences, further boosting the market growth.
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