Engine Management System
Automotive software market to amass hefty proceeds from autonomous driving software, rising deployment of in-vehicle infotainment systems to define the industry growth
Growing automobile sales coupled with the increasing penetration of software in vehicles has led to the global automotive software market emerging as a lucrative hotspot worldwide. Today, the incorporation of automotive software components in any given automobile is rather commonplace, providing a positive impetus to the overall automotive software industry outlook.
Canada Automotive Software Market Revenue, By End Use, 2018 & 2025 (USD Million)
Over the past decade, the automobile has evolved from a mechanical & electrical set-up to a sophisticated software-driven machine. The discipline of automotive software development is further slated to make the vehicle of the future easier & more enjoyable to drive while making the ride safer for the drivers. Moreover, owing to significant advancements in automotive Artificial Intelligence and the Internet of Things (IoT), automobiles of the future are projected to become smarter and more connected.
In fact, according to the World Economic Forum, automotive software development is increasingly moving towards complete connectivity between automobiles, municipal services & traffic through sensor-embedded infrastructure & roads. This will allow for more efficient traffic management or automated driving, paving the way toward proliferating automotive software market trends.
Impact of autonomous driving on automotive software market size
The Potential: Autonomous driving technology holds the potential of completely transforming the global automotive industry. A number of automotive software companies are increasingly making significant inroads in the field of self-driving, wherein vehicle drivers aren’t required to take control of the steering to drive the vehicle, which would be further elevating automotive software market outlook to new heights.
The Projection: While there have been substantial developments in autonomous driving, owing to the unforeseen nature of the technology, there are no laws that dictate & regulate the use of fully-automated vehicles across the world.
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According to the Union of Concerned Scientists, the benefits of this novel and rapidly updating technology are still largely undiscovered as it has yet to witness widespread deployment.
However, the technology’s potential, such as significantly improving road safety and making transport more accessible, is estimated to bring in substantial growth opportunities to the global automotive software market contenders. Indeed, the Victoria Transport Policy Institute predicts that automated driving would be replacing most of human driving by 2030. As per estimates, autonomous driving software market is projected to record a CAGR of 17% over 2019-2025.
The MVP: The most prominent automated driving software company is Alphabet Inc’s Waymo. According to Bloomberg Hyperdrive, the Google sibling, through its capabilities which have enabled it to lead the launch of driverless cars, has placed itself in a lucrative position to capitalize on the business opportunities automated driving would be bringing forth in the years to come. In fact, the company in 2018, was valued to be a $175 billion startup.
Role of in-vehicle infotainment technology on automotive software market share
The most glaring noticeable change in newer automobile models as opposed to the older ones is the in-vehicle infotainment system.
The Potential: The automotive infotainment technology has witnessed significant advancements in recent years, wherein it has transformed into the vehicle’s centralized controlling unit which could control several vehicular features such as selecting driving modes, ride suspension and select a radio station or pick up an incoming call on your cellphone.
The Projection: The sub-segment of the in-vehicle infotainment system, owing to growing customer demands, is further slated to become a common feature of a majority of automobiles in the forthcoming years. In fact, according to Intel, driven by the demand for more features the overall share of an in-vehicle infotainment industry is slated to reach a considerable billion-dollar remuneration by 2022.
Additionally, the World Economic Forum estimated that advancements in the infotainment technology would be adding $65 billion worth of operating profits to the global automotive industry value chain.
Fueled by significant technological advancements in the sub-domains of automated driving & in-vehicle infotainment systems, the global automotive software market size is expected to depict substantial growth over 2019-2025. According a research report by Global Market Insights, Inc., automotive software industry size will surpass the $52 billion renumeration mark by 2025.
Author Name : Akshay Kedari
This entry was posted in Automotive & Transportation and tagged ABS, Air bag control, Anti-Lock Braking System, Auto Part Wholesaler, Automotive Dealer, Automotive Repair Store, Automotive Software Market, Automotive Software Market Forecast, Automotive Software Market Report, Automotive Software Market Share, Automotive Software Market Size, Autonomous Driving Software, Car Navigation System, Commercial Vehicle, Engine Management System, Global Automotive Software Market, Infotainment Software, Infotainment System, Manufacturer Retail Store, Mobility Service, Passenger Vehicle, Safety Software, Security Software, Vehicle Management Software.
Automotive transceivers market to gain commendable proceeds from chassis & safety applications, global industry revenue to surpass USD 7 billion by 2024
U.S. automotive transceivers market, by application, 2017 & 2024 (USD Million)
Traditionally, most of the power steering systems in vehicles are hydraulic systems, but the electric power steering systems are gaining enormous momentum due to the increased efficiency and performance they offer. Elimination of the different physical components of a hydraulic system makes EPS a smaller and lighter alternative, depending mostly on communication between electronic control units and sensors. The growing adoption of EPS in cars and commercial vehicles will propel the automotive transceivers market revenue. A key benefit of the EPS system is that it powers the EPS motor only when it is required, making it notably more efficient.
Being a low cost way to provide a more comfortable driving experience, continuous advancements in EPS technology will further push the automotive transceivers industry evolution for delivering more enhanced products. Today, EPS allows for the integration of automated driving in combination with increased safety for the driver. It has been reported that 90% of all traffic accidents are caused by human errors, which can be reduced by automated driving features. Also, EPS has lesser weight as compared to conventional steering systems and some EPS offerings, like Bosch’s Servolectric, being up to 20% lighter.
Global automobile manufacturers are installing EPS in their current and upcoming models to improve driver safety and include added features. Recently, Honda unveiled a new Sport model of its HR-V lineup for Europe which has Honda’s Agile Handling Assist system, a specific steering feature. It utilizes a variable EPS for adjusting the amount of feel through the wheel based on steering angle and speed. Honda claims the system delivers a steady and smoother response for different steering angles, making it safer to drive. As increasing number of vehicles are produced with similar systems incorporated within them, the automotive transceivers market can be expected to register a higher growth rate from the chassis and safety segment.
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A significant development in vehicle technology that has strengthened the automotive transceivers industry is the advent of advanced driver-assistance systems (ADAS), which can also be combined with EPS. Several features like blind spot detection, lane assist, forward collision warning are being added into cars to improve the overall safety of drivers and passengers. With the help of innumerable connectivity solutions fused into a vehicle, these ADAS capabilities can be merged with EPS to provide an easier and more reliable safety system. Automaker Jaguar has demonstrated the same in its E-Pace model, in which the company has added considerable ADAS technologies.
Speaking further, the car has rear parking sensors and camera for assisting the driver, and this camera is also connected to the EPS for enabling blind spot detect function to reduce the possibilities of sideswipe collisions on roads having multiple lanes. Such a combination of different safety technologies in a vehicle signifies the potential of the automotive transceivers industry for boosting the advancement of these functions. Experts have predicted that efficient and proper use of ADAS functions can reduce all vehicle crasher by nearly 40% and all traffic deaths by almost 30%, displaying the necessity of ADAS in all future vehicles.
Worldwide, the mounting concerns regarding environmental pollution has put the focus on electric vehicles, which are the prime target market for the latest ADAS and EPS products. The International Energy Agency has projected that by 2030, almost 125 million electric vehicles would have hit the roads globally, indicating lucrative prospects for the automotive transceivers market over the next few years. Anticipated to reach a global valuation of more than USD 7 billion by 2024, the automotive transceivers market is characterized by the presence of small and large players, including Infineon Technologies, NXP Semiconductors, Texas Instruments, Broadcom, Inc. and Cypress Semiconductor Corporation.
Author Name : Pankaj Singh
This entry was posted in Automotive & Transportation and tagged ADAS, Auto Transmission, Automotive Transceivers Market, Automotive Transceivers Market Forecast, Automotive Transceivers Market Growth, Automotive Transceivers Market Share, Automotive Transceivers Market Size, Autonomous Driving, Body Control Module, Body Electronics, CAN, Chassis & Safety, Dashboard, Electric Power Steering, Engine Management System, Ethernet, FlexRay, HVAC, Infotainment, LIN, Multimedia, Navigation, Powertrain, Telematics.