According to the latest market study released by Technavio, the global automotive software marketis projected to grow to USD 11.47 billion by 2021, at a CAGR of close to 11% over the forecast period.
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Technavio has published a new report on the global automotive software market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Automotive Software Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|The automotive software is a set of instructions that enable the user to interact with the underlying in-vehicle hardware and also perform control functions in a vehicle. The introduction of infotainment systems in mid-range and mass-market segment vehicles is expected to be a major factor driving the global automotive software market through 2021.|
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Based on the applications, the report categorizes the global automotive software market into the following segments:
- Safety systems
- Infotainment and Telematics
The top three revenue-generating application segments in the global automotive software market are discussed below:
"Safety systems are responsible for generating over 29% of the total revenue for the automotive software market. The rise in demand for safety features in vehicles owing to legislations mandating their installation in automobiles is a key driver for the market segmentsays Siddharth Jaiswal, a lead analyst at Technavio for automotive electronics research.
The installation of rare-view cameras in all vehicles to reduce back-over accidents and the mandatory installation of eCall systems will further boost the growth of the market segment. Also, safety technologies such as tire pressure monitoring system (TPMS), adaptive cruise control (ACC), blind-spot detection (BSD), and lane-departure warning system (LDWS) will impact the market.
Infotainment and telematics
The infotainment and telematics segment of the global automotive software market is projected to grow at a CAGR of 11.34% through 2021, making it the fastest growing application segment. The increasing demand for infotainment systems in mid-segment and mass produced segment, which was earlier limited to premium vehicles, is a key factor responsible for the growth of the market segment. Also, the rise in disposable income due to sustained economic growth is resulting in high demand for infotainment systems, which has reduced their average selling price (ASP), resulting in its higher adoption.
"The powertrain is the powerhouse of the vehicle as it is used to convert energy generated by the engine to propel the vehicle. This segment of the market is projected to be worth USD 2.5 billion by 2021, driven by the rapid electrification of the powertrainsays Siddharth.
A powertrain is made up of an engine, drive shafts, and transmission. The powertrain of a vehicle has been continuously evolving, driven by the increased demand for fuel-efficient vehicles. Also, initiatives by governments around the world to reduce the emission of greenhouse gases is driving the adoption of newer and more efficient powertrains.
The top vendors highlighted by Technavio's research analysts in this report are:
- Adobe Systems
- Wind River
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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