Flourishing Electric Vehicle Industry to Boost Demand for Automotive Software in Asia-Pacific (APAC) in Coming Years
October 12, 2020
The rising urbanization, rapid technological advancements and innovations in the automotive industry, and the increasing consumer preference for vehicles equipped with advanced safety features have caused a sharp rise in the demand for advanced automobiles such as connected cars all over the world. As a result, the sales of connected cars have climbed steeply in several countries around the world. Because of this reason, the global connected car market industry reached a revenue of almost $72.5 billion in 2019. The ballooning sales of these vehicles are fueling the surge in the requirement for automotive software.
This is because of the integration of advanced technologies such as the internet of things (IoT) in the various systems incorporated in the connected cars. The IoT-based technologies and systems are helping the automobile manufacturers achieve pathbreaking results related to in-vehicle connectivity solutions. Furthermore, the integration of these innovative technologies enhances the safety of the vehicles as the IoT-based systems offer a wide range of advanced connectivity solutions and infotainment services. Moreover, with the automobiles becoming more technologically capable, the requirement for more personal automotive technologies is rising rapidly.
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For example, Tesla Inc.’s Model S has some physical controls either near or on the steering wheel, but a majority of the secondary functions such as those pertaining to media player, climate control, rear-view mirror, and cell phone do not have dedicated physical controls. They can only be accessed via a 17-inch touchscreen display, which is incorporated on the car’s dashboard. As these kinds of interfaces need software for the integration of technology, their growing adoption in vehicles is pushing up the requirement for automotive software across the globe.
Besides the aforementioned factors, the rising popularity of autonomous cars is also boosting the demand for automotive software. This is mainly because these vehicles are primarily dependent on software for their functioning. Thus, the increasing utilization of these vehicles and connected cars will cause the surge of the global automotive software market. According to the forecast of P&S Intelligence, a market research firm based in India, the value of the automotive software market will grow from $28,214.6 million to $78,894.2 million from 2019 to 2030, with the industry exhibiting a CAGR of 12.4% between 2020 and 2030.
The most widely adopted automotive software across the world are advanced driver-assistance systems (ADASs) and autonomous driving (AD); connectivity, connected services, security, and infotainment; operating system (OS) and middleware; body and energy; and powertrain and chassis. Amongst these, the adoption of AD and ADASs software will rise rapidly in vehicles in the coming years, because of the growing public awareness about traffic and road safety. ADAS technologies such as automatic braking and lane assist significantly enhance the driving experience and prevents the violation of road traffic rules, which, in turn, reduces the prevalence of road crashes.
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Globally, the automotive software market is predicted to boom in Asia-Pacific (APAC) in the forthcoming years. This is credited to the growing adoption of electric vehicles and the increasing number of R&D (research and development) activities being conducted in autonomous vehicles in this region. The sales of electric vehicles are skyrocketing in China. As per many surveys, the country observed the sales of 1.1 million plug-in electric cars in 2019. The rapid growth of the electric vehicle industry will bolster the requirement for automotive software in this region in the coming years.
Thus, it can be said without any doubt that the requirement for automotive software will increase tremendously all over the world in the future years, primarily because of the growing popularity of autonomous vehicles, connected cars, and electric vehicles around the world.
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