Global Automotive Software and Electronics Market Size To Worth USD 469 Billion By 2033 | CAGR of 5.5%
The Global Automotive Software and Electronics Market Size was Valued at USD 274 Billion in 2023 and the Worldwide Automotive Software and Electronics Market Size is Expected to Reach USD 469 Billion by 2033, according to a Research Report published by Spherical Insights & Consulting. Companies Covered: Blackberry, Wind River, Microsoft, Continental AG, DENSO Corporation, MontaVista Software, Mentor Graphics, Infineon Technologies AG, Robert Bosch GmbH, Valeo Inc., Visteon Corporation, Xilinx, Inc., ZF Friedrichshafen AG, ATEGO SYSTEMS INC., Autonet, Others
New York, United States , Feb. 26, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Software and Electronics Market Size is to Grow from USD 274 Billion in 2023 to USD 469 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.5% during projected period.
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The integration of electronics and software in automotive engineering has enhanced vehicle performance, decreased emissions, and boosted fuel efficiency, but it has also caused a significant shift in the automobile business. Among other things, they are in charge of operating the vehicle's engine, gearbox, braking, steering, safety, navigation, entertainment, and networking. The complexity of car systems, changing consumer tastes, and evolving regulatory mandates have all led to a significant rise in the demand for and supply of automotive electronics and software in the automotive industry in recent years. Automakers are responding to consumers' increased desires for state-of-the-art features and connectivity in their vehicles. Routine transportation activities will change significantly when autonomous vehicles become more widely used. Because autonomous vehicles are excellent at lowering the incidence of accidents caused by fatigued or incompetent drivers, using them for transportation will be a relatively safer option. Safety is one of the key elements driving the global automotive software and electronics market. The creation of driver assistance systems, which ensure smooth vehicle operations and reduce the incidence of incidents, injuries, and even fatalities, is a result of advancements in safety systems technology. However, the expansion of the global automotive electronics and software market is being hampered by the high cost of the infrastructure needed for 5G and wireless communication. The significant cost involved in creating the appropriate cloud, data analytics, and Internet of Things (IoT) software interaction platforms will continue to be one of the primary challenges. The complex safety and legal requirements in the automotive industry could make developing software and electronics for cars more expensive.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the* "**Global Automotive Software and Electronics Market** Size, Share, and COVID-19 Impact Analysis, By Components (Sensors, Electronic Control Unit, Current Carrying Devices, Integration, Verification and Validation Services, Power Electronics, Software, and Others), By Application (ADAS, Unexpected Services, Infotainment, Autonomous Driving, HMI, Safety Systems, Camera, LiDAR, RADAR, Body, Chassis, and Powertrain), By Sales Channel (Original Equipment Market, Aftermarket, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033)."*
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*The electronic control unit segment is anticipated to hold the greatest share of the global automotive software and electronics market during the projected timeframe. *
Based on the components, the global automotive software and electronics market is divided into sensors, electronic control unit, current carrying devices, integration, verification and validation services, power electronics, software, and others. Among these, the electronic control unit segment is anticipated to hold the greatest share of the global automotive software and electronics market during the projected timeframe. This is because, cars are getting more and more electrified, which is increasing demand in the electronic control unit segment in the global automotive software and electronics market that can regulate and control the electric power of the vehicle.
*The ADAS segment is anticipated to grow at the fastest pace in the global automotive software and electronics market during the projected timeframe. *
Based on the application, the global automotive software and electronics market is divided into ADAS, unexpected services, infotainment, autonomous driving, HMI, safety systems, camera, lidar, radar, body, chassis, and powertrain. Among these, the ADAS segment is anticipated to grow at the fastest pace in the global automotive software and electronics market during the projected timeframe. This is because ADAS uses a human-machine interaction to promote vehicle and road safety. The technologies in the ADAS area help drivers operate a car safely. These variables might be driving the ADAS segment in the global automotive software and electronics market.
*The original equipment market segment is predicted to grow at the highest pace in the automotive software and electronics market during the estimated period.*
Based on the sales channel, the global automotive software and electronics market is divided into the original equipment market, aftermarket, and others. Among these, the original equipment market segment is predicted to grow at the highest pace in the automotive software and electronics market during the estimated period. This is a result of the original equipment market's supply of durable and authentic electrical components. Customers might depend on the original equipment market to get original parts for their vehicles, and the original equipment market segment is growing rapidly in the global automotive electronics and software market.
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*Asia Pacific is expected to hold the largest share of the global automotive software and electronics market over the forecast period*.
Asia Pacific is expected to hold the largest share of the global automotive software and electronics market over the forecast period. This is because the global automotive software and electronics market in Asia Pacific is being pushed by the growing need for connected services, especially in China, South Korea, and Japan. Since it generates the bulk of vehicles, Asia Pacific has the largest market share. Asia-Pacific nations are concentrated on producing autos and auto parts. As an illustration, the Chinese government is creating "Made in China 2025," a program designed to assist domestic automakers in competing with international automakers. This will enable the integration of contemporary technology like as infotainment, linked services, autonomous driving, telematics, powertrain management, V2X, ADAS, and vehicle diagnostics.
North America is predicted to grow at the fastest pace in the global automotive software and electronics market during the projected timeframe. This is a result of the abundance of large tech businesses and autos. Growing vehicle production, an increase in connected vehicles, fast-evolving in-car electronics design, breakthroughs in C-V2X technology, and the expansion of top original equipment manufacturers are other drivers propelling market expansion. Moreover, the North American market offers a regulatory environment conducive to autonomous vehicles, enabling businesses to conduct testing. Canadian regulators, meantime, are keeping a close eye on autonomous developments in American markets to develop the best practices and legal framework possible for self-driving automobiles. For several reasons, the global automotive software and electronics market is growing in the North America region.
*Competitive Analysis:*
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Automotive Software and Electronics Market include Blackberry, Wind River, Microsoft, Continental AG, DENSO Corporation, MontaVista Software, Mentor Graphics, Infineon Technologies AG, Robert Bosch GmbH, Valeo Inc., Visteon Corporation, Xilinx, Inc., ZF Friedrichshafen AG, ATEGO SYSTEMS INC., Autonet, and Others.
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*Recent Developments*
· *In September 2023, *NXP Semiconductors collaborated with Elektrobit, a leading provider of AUTOSAR and Linux software, to develop software for the upcoming generation of automotive battery management systems. The software will reduce the entry-level cost of battery management system (BMS) development and enhance the utilization of NXP's high-voltage BMS reference design (HVBMS RD).
*Market Segment*
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Automotive Software and Electronics Market based on the below-mentioned segments:
*Global Automotive Software and Electronics Market, By Components*
· Sensors
· Electronic Control Unit
· Current Carrying Devices
· Integration
· Verification and Validation Services
· Power Electronics
· Software
· Others
*Global Automotive Software and Electronics Market, By Application*
· ADAS
· Unexpected Services
· Infotainment
· Autonomous Driving
· HMI
· Safety Systems
· Camera
· LiDAR
· RADAR
· Body
· Chassis
· Powertrain
*Global Automotive Software and Electronics Market, By Sales Channel*
· Original Equipment Market
· Aftermarket
· Others
*Global Automotive Software and Electronics Market, Regional Analysis*
· *North America*
· US
· Canada
· Mexico
· *Europe*
· Germany
· Uk
· France
· Italy
· Spain
· Russia
· Rest of Europe
· *Asia Pacific*
· China
· Japan
· India
· South Korea
· Australia
· Rest of Asia Pacific
· *South America*
· Brazil
· Argentina
· Rest of South America
· *Middle East & Africa*
· UAE
· Saudi Arabia
· Qatar
· South Africa
· Rest of the Middle East & Africa
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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