Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Global Software-defined Vehicle Market by Offering (Hardware, Software, Services), Vehicle Type (ICE, BEV, HEV/PHEV), Vehicle Autonomy (Level 0, Level 1, Level 2, Level 3, Level 4, Level 5), Application and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive market analysis reveals promising growth for the global software-defined vehicle market, which is projected to expand from its current size of USD 270.9 billion in 2023 to a remarkable USD 419.7 billion by 2028, boasting a Compound Annual Growth Rate (CAGR) of 9.1% throughout the forecast period. This notable rise is attributed to the rapid advancement in 5G cellular connectivity and the stringent enforcement of vehicle safety regulations worldwide.
ADAS/HAD Applications to Encounter Highest Growth Rate
The segment of Advanced Driver-Assistance Systems (ADAS) and Highly Automated Driving (HAD) within the software-defined vehicle market is expected to register the highest CAGR over the forecast period. These systems are essential in reducing road accidents and enhancing vehicle safety through applications such as automatic emergency braking and pedestrian detection. Leading manufacturers, including international giants like Tesla and Volkswagen, are pioneering advancements in this arena, substantially propelling the market’s growth trajectory.
Forecasting a Surge in Level 5 Autonomy
In the realm of autonomous driving, Level 5 vehicles are set to mark the highest growth rate during the forecast period, showcasing full automation without human intervention under any driving conditions. Major industry players are striving to achieve this pinnacle of autonomous driving, with significant developments showing progressive collaborations towards shaping the future of vehicular autonomy. These advancements, paired with the increasing need for over-the-air (OTA) software updates and continuous connectivity, underscore the era of software-defined vehicles.
Asia Pacific Dominates with Largest Market Share
Geographically, the Asia Pacific region is anticipated to lead the global software-defined vehicle market, thanks to heightened R&D investments and the swift expansion in mobile connectivity technology. Nations like China are at the vanguard of this technological revolution, unveiling connectivity-enabled vehicles that prioritize customer benefits. The Asia Pacific market is expected to experience substantial growth, further stimulated by global automakers’ plans to introduce vehicles integrated with 5G technology.
Key Participant Insights and Competitive Landscape
- The report includes valuable inputs from a range of tiered companies, with a breakdown showing Tier 1 - 38%, Tier 2 - 28%, and Tier 3 - 34% representation.
- C-Level executives constitute around 40% of the primary participants, underscoring the strategic insights that drive this research study.
- A close to equal distribution of insights comes from various regions, namely, North America (35%), Asia Pacific (35%), Europe (20%), and the rest of the world (10%).
Research Scope and Reasons to Procure the Report
This comprehensive report focuses on the various segments of the software-defined vehicle market, such as hardware, software, services, vehicle type, vehicle autonomy, and applications. It provides an in-depth analysis of underlying growth drivers, barriers, emerging opportunities, and challenges that influence market dynamics. The report also contains meticulously researched profiles of key market players and their competitive strategies, stimulating market watchers to acquire an unparalleled understanding of the software-defined vehicle landscape.
The report benefits stakeholders by elucidating on: - The drivers, such as vehicle safety regulations and the evolution of connected vehicles, and opportunities like the rise in ride-hailing platforms and the 5G revolution. - Product developments, innovations, and strategic market advancements. - Key market diversification areas, evaluating new product and service offerings. - In-depth competitive assessments regarding market shares and comprehensive insights on strategic planning adopted by leading market players in the software-defined vehicle space. With such rich contextual analysis, this report serves as a vital tool for stakeholders, industry players, and investors seeking to position their businesses optimally and capture significant market opportunities in the rapidly evolving software-defined vehicle sector.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $270.9 Billion |
| Forecasted Market Value (USD) by 2028 | $419.7 Billion |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Global |
Companies Mentioned
- Tesla
- Bosch
- Nvidia
- Aptiv
- Valeo
- Marelli
- Continental
- Volkswagen
- Harman
- Blackberry
- Zf Friedrichshafen Ag
- Lear Corporation
- Sibros
- Siemens
- Nxp
- Analog Devices
- Intel
- Renesas
- Qualcomm
- Arm Ltd
- Renault Group
- General Motors
- Amazon
- Kpit
- Vector Informatik GmbH
For more information about this report visit https://www.researchandmarkets.com/r/jbmqao
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