Software-Defined Vehicle Market Projected to Reach $419.7 Billion by 2028

(IT-NEWSWIRE.COM, September 19, 2023 ) The software-defined vehicle market value is projected to grow from USD 270.9 billion in 2023 to USD 419.7 billion by 2028, registering a CAGR of 9.1% during the forecast period. The continued development of connected vehicles and emergence of ride-hailing and mobility-as-a-service platforms will drive the market for software-defined vehicles. The introduction of 5G cellular connectivity projects will also boost market growth in the coming years.

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Key Market Players:

Major players operating in the software-defined vehicle market value include Tesla (US), Robert Bosch GmbH (Germany), Nvidia Corporation (US), APTIV (Ireland), Valeo (France), Marelli Holdings Co., Ltd. (Japan), Continental AG (Germany), Volkswagen Group (Germany), HARMAN International (US), BlackBerry Limited (US), among others. These companies have strong distribution networks and reliable manufacturing facilities across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of a robust market presence, reputable products and services, and strong business strategies. Furthermore, these companies have a significant market share, products with varied applications, broader geographical use cases, and a more extensive product footprint.

The emergence of ride-hailing, car-sharing, and mobility-as-a-service (MaaS) platforms presents significant opportunities for the software-defined vehicle market value. These new mobility models rely heavily on advanced software systems to optimize fleet management, enhance user experience, and enable efficient transportation services. Connected autonomous car technology is quickly evolving. Several companies focus on this technology, with Tesla leading the way. Autonomous self-driving vehicles are expected to create an opportunity for ride-sharing and mobility services.

Moreover, the automotive industry has been experiencing a significant transformation, with OEMs directing their attention toward advanced mobility, such as connected and autonomous cars. To remain competitive, in 2022, global automakers, such as Ford Motor Company (US), General Motors (US), Mercedes-Benz Group AG (Germany), and Volkswagen (Germany), increasingly invest in the research & development of hardware, software, and services related to connected cars. For instance, General Motors (US) announced Ultifi, its end-to-end software platform designed to unlock new vehicle experiences and connect customers’ digital lives. The platform will enable the frequent and seamless delivery of software-defined features, apps, and services to customers over the air. In February 2021, Robert Bosch GmbH (Germany) partnered with Microsoft (US) to develop a software platform connecting cars to the cloud. This collaboration aims to simplify and accelerate the development and deployment of vehicle software in accordance with automotive quality standards.

The ADAS/HAD application is expected to hold the largest market share during the forecast period. The increasing presence of software-defined vehicle manufacturers, such as Tesla (US) and Volkswagen (Germany), also drive the market and demand for highly autonomous driving systems. In addition, the development of highly automated driving (HAD) or autonomous driving technology has been a focal point for many automotive companies. They are working on achieving higher levels of automation, such as Level 3 (conditional automation) and Level 4 (high automation), where the vehicle can handle most driving tasks autonomously under certain conditions. Furthermore, the increasing number of software-defined vehicle manufacturers, such as Tesla and Volkswagen, also drive the market.

Based on Region, Asia Pacific is expected to lead the software-defined vehicle market value during the forecast period, with China being the largest market in the region. China holds the major share in software-defined vehicles in Asia Pacific. The government incentives subsidies and initiatives from OEMs would help to reduce the cost of electric vehicles, which in turn would drive the demand for software-defined vehicles in the China market. Moreover, government promotions and schemes have led to an increase in electric vehicle production volumes over the years, which caters to domestic and overseas demand. Japan and China export electric vehicles across the globe. Hence, the above-mentioned factors would drive the software-defined vehicle market value in Asia Pacific.

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Software-Defined Vehicle Market Projected to Reach $419.7 Billion by 2028