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The Business Research Company's Automotive Software Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UNITED KINGDOM, October 8, 2024 /EINPresswire.com/ -- The automotive software market has experienced robust growth in recent years, expanding from $26.32 billion in 2023 to $30.79 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to consumer demand for connectivity, regulatory requirements for emissions and safety, evolution of in-car infotainment, demand for fuel efficiency, globalization of automotive supply chains, increased complexity of vehicle systems.

What Is The Estimated Market Size Of The Global Automotive Software Market And Its Annual Growth Rate?
The automotive software market is projected to continue its strong growth, reaching $54.62 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to evolving business models in mobility services, demand for personalization and user experience, increased emphasis on data security and privacy, enhanced predictive maintenance, continued upgrades and retrofitting.

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Growth Driver Of The Automotive Software Market
The increasing demand for electric vehicles is expected to propel the growth of the automotive software market going forward. An electric vehicle refers to a vehicle that has an electric motor that can be powered by energy from a battery and can be charged from an external source. Automotive software plays a crucial role in electric vehicles by controlling and managing various functions and components of the vehicle. Automotive software operates electric vehicles (EVs) in a number of ways, including autonomous driving, safety and performance, power electronics, battery management, replacement of mechanical systems, and over-the-air upgrades.

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Which Market Players Are Steering The Automotive Software Market Growth?
Key players in the market include NVIDIA Corporation, NXP Semiconductors N.V., BlackBerry Limited, Airbiquity Inc., Wind River Systems Inc., Green Hills Software LLC, Renesas Electronics Corporation, Microsoft Corporation, Elektrobit Automotive GmbH, Autonet Mobile Inc., MontaVista Software LLC, AImotive Kft., Adobe Inc., Atego Systems Inc., Robert Bosch GmbH, Alphabet Inc., Luxoft, Cox Automotive Inc., SAP SE, CDK Global Inc., Reynolds and Reynolds, Google LLC, KPIT Technologies Limited, Solera Holdings Inc., Dominion Enterprises, Epicor Software Corporation, Wipro Limited, Infosys Limited, Tata Consultancy Services Limited, Tech Mahindra Limited, HCL Technologies Limited, Capgemini SE, International Business Machines Corporation, Oracle Corporation, Accenture plc.

What Are The Key Trends That Influence Automotive Software Market Share And Analysis?
Major companies operating in the market are adopting strategic partnerships and collaborations to leverage the key players’ advanced software engineering for developing advanced automotive software platforms. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success.

How Is The Global Automotive Software Market Segmented?
1) By Solution: Autopilot Software, Navigation Software, Entertainment Software, Car Safety Software
2) By Software Layer: Operating System, Middleware, Application Software
3) By Vehicle Type: Passenger Car, LCV (Light Commercial Vehicle), HCV (Heavy Commercial Vehicle)
4) By Application: ADAS (Advanced Driver Assistance Systems) And Safety Systems, Body Control And Comfort System, Powertrain System, Infotainment System, Communication System, Vehicle Management And Telematics, Connected Services, Autonomous Driving, HMI (Human-Machine Interface) Application, Biometrics, Remote Monitoring, V2X (Vehicle-To-Everything) System

Geographical Insights: Asia-Pacific Leading The Automotive Software Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Automotive Software Market Definition
Automotive software is a type of application that is used to improve the functionality of automobiles. It is a system that will alter the future of the transportation industry.

Automotive Software Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global automotive software market report covering trends, opportunities, strategies, and more
The Automotive Software Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive software market size, automotive software market drivers and trends, automotive software market major players and automotive software market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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The Business Research Company
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