Automotive Software Market worth USD 44,757.73 million by 2033

The Market Statsville Group (MSG) publishes the new report on the "Automotive Software Market by Type (Dealer Management System, F&I Solution, Electronic Vehicle Registration, Inventory Solutions, Digital Marketing Solution, Others), by Application, by Vehicle Type (Passenger car, LCV, HCV), by EV Application, By Region – Global Share and Forecast to 2033

According to the Market Statsville Group (MSG), the global automotive software market size is expected to grow from USD 10,797.00 million in 2022 to USD 44,757.73 million by 2033, at a CAGR of 13.8% from 2023 to 2033.

The automotive software market consists of sales of automotive software services by entities (organizations, sole traders, and partnerships). Technological advances in automotive software systems as well as increased sales tracking, improved inventory management, better customer relationship management, and greater ease of calculations of commissions and insurances, such factors fuel the growth of the automotive software market over the forecast period. The private sector represented a larger part of the automotive software market in upcoming years. This is mainly due to an increase in the number of private companies that provide these systems to the automotive industry. In addition, the public offer of this system is a small number compared to private companies that operate in the industry. The automotive software market has undergone many technological advances in recent years through the introduction of modern methods in various functional areas such as supply chain logistics, retail and rental trade, connected vehicles, and mobility solutions. The market was also influenced due to the changes mainly based on inventory management and previous and subsequent improvements of the analysis. In addition, with a greater investment in CRM, market participants can maintain customer relations and attract new customers. Automotive software is generally expensive and somewhat complicated in terms of flexibility in terms of personalization.

As technology advances, the latest automotive software used in the industry is optimized for mobile and web platforms. It is also supported by real-time analysis and smart features. Demand for cloud-based automotive software has increased in transport and logistics, and it is expected that this trend will continue during the forecast period. In addition to transport and logistics, the maritime and sports sectors offer important growth opportunities in the market for these systems.

Global Automotive Software Market Segmentation

The overall automotive software market has been segmented into type, vehicle type, ev application, application, and region.

• By Type (Dealer Management System, F&I Solution, Electronic Vehicle Registration, Inventory Solutions, Digital Marketing Solution, Others)
• By Vehicle Type (Passenger car, LCV, HCV)
• By EV Application (Charging Management, Battery Management, V2G)
• By Application (Manufacturer Retail Store, Automotive Dealer, Automotive Repair Store, Auto Part Wholesaler & Agent, Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

HCV segment is at the highest CAGR during the forecast period

HCV segment is expected to grow at the highest CAGR during the forthcoming period. Lot services are projected to be used by heavy commercial trucks in the future. As a result, software-based electronics applications will be prevalent. As a result, they must be outfitted with software solutions similar to passenger vehicles. The ever-expanding range of built-in software functionalities that allow completing activities with ease is the requirement of the future. Because fleets are expensive assets, maximizing their value is critical for effective fleet and vehicle management. The program delivers operational and financial knowledge to assist in meeting fleet and vehicle management objectives.

The HCV segment is also being driven by rising demand for satellite navigation, GPS position monitoring, and multimedia features. The ability to track a vehicle's location in real time is essential for warning drivers of impending traffic, car accidents, weather difficulties, OTA updates, and crowded routes. Furthermore, rising need for efficient fuel management will drive the development of improved powertrain software for commercial vehicles in the near future.

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The Asia Pacific to account for the highest CAGR during the forecast period

Over the forecast period, the Asia Pacific market is expected to grow rapidly. Increased demand for connected services, particularly in Japan, China, and South Korea, is driving the Asia Pacific automotive software industry. It is the largest market since it produces the bulk of vehicles. Even though automotive software penetration in the area is quite low when compared to North America and Europe, the market size is bigger due to higher vehicle production.

This region's key automotive manufacturers, as well as software suppliers and system integrators, are concentrating on creating and inventing innovative software solutions to support dependable, safe, and performance-oriented automotive applications. Over the years, the country has dramatically increased the number of releases of autonomous car models, as well as the development of vehicle autonomous systems among automotive industry participants. Furthermore, it is predicted to maintain its current growth rate during the projection period.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the automotive software market. It also consists of the profiles of leading companies such as Cox Automotive, CDK Global, Reynolds and Reynolds, Solera, Dominion Enterprise, Epicor, Wipro Limited, NEC, Technosoft Automotive, Auto-IT, ARI, RouteOne, WHI Solutions, Yonyou Auto, Qiming Information, Kingdee and DealerBuilt. The key players' growing research and development activities for launching innovative healthcare devices with advanced features and strategic unions are expected to drive market growth.

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