According to the report, the automotive software market is estimated at USD 22.56 billion in 2022 and is likely to grow at a CAGR of 13.36% during 2022-2028 to reach USD 47.88 billion in 2028.
What is automotive software?
Automotive software is designed to support and enhance the experience of operating a motor vehicle. New developments and integrations in the automotive technology world are progressively being implemented as the industry realizes the position of data to a vehicle operator.
COVID-19 Impact
The automotive industry was severely hit by the pandemic in the year 2020. The industry experienced a downshift in global demand. This impact was also felt in the automotive software market directly and the market experienced a decline in sales in the year 2020.
Market Drivers
The growing demand for automotive software is mainly due to stringent government regulations focusing on the vehicle's safety coupled with the fast adoption of AI and IoT in vehicles to assist better drivers, which is likely to drive the market during the forecast period.
Leading players in the market -
To build a successful business, it is vital to understanding the market - both the customers and the competitors. The report published consists of a list of key players active in the Automotive Software Market, which is given below -
- Ansys Inc.
- Autodesk, Inc.
- Bosch Software Innovations GmbH
- CDK Global LLC
- Cox Automotive
- Daimler AG
- Dassault Systèmes SE
- DealerTrack Holdings, Inc.
- Delphi Technologies
- Ford Motor Company.
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