Software-defined Vehicle Market Trends 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 - Global Forecast to 2028
The software-defined vehicle market trends 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 market growth is attributed to the continued development of connected vehicles and the introduction of 5G cellular connectivity projects.
Furthermore, the emergence of ride-hailing and mobility-as-a-service platforms is expected to create lucrative opportunities for the market.
Key players in the software-defined vehicle market trends include Robert Bosch GmbH (Germany), Nvidia Corporation (US), APTIV (Ireland), Valeo (France), Marelli Holdings Co., Ltd. (Japan), Continental AG (Germany), Volkswagen Group (Germany), Tesla (US), HARMAN International (US), BlackBerry Limited (US), among others.
Download PDF Brochure @ www.marketsandmarkets.com/pdfdown…=187205966
The ICE vehicle type segment is expected to account for the largest share of the software-defined vehicle market trends in 2023.
The ICE segment is a significant market for software-defined vehicles. The driving factors for the adoption of ICE SDVs include the need for improved fuel efficiency and emissions, in addition to the desire for more connected and autonomous vehicles and the increasing availability of software and computing power.
Software-based ICE vehicles have various benefits, including improved fuel efficiency and emissions, new features and functionality, over-the-air updates, and autonomous driving. The software in ICE-based vehicles can control the speed, steering, braking, and the environment and decide how to get around safely.
Further, these vehicles often include ADAS features, such as adaptive cruise control, lane departure warning, automatic emergency braking, and parking assist. These features rely on sensors, cameras, and software algorithms to enhance safety and convenience.
For example, the Volvo XC90 is a luxury SUV with a turbocharged gasoline engine.
Hardware is expected to account for the largest share of the software-defined vehicle market trends in 2023.
The hardware segment accounted for the largest share of the software-defined vehicle market trends in 2022, and a similar trend is expected to be witnessed during the forecast period. With increasingly standardized hardware and a narrowed technical gap, the automotive industry is likely to go through a similar development process.
Due to the rise in the development of automotive technologies, the adoption of software-defined vehicles is also increasing. The hardware segment is divided into four sub-segments: ECU/DCU, sensors/actuators, power electronics, and others.
This hardware plays a crucial role in shaping the behavior, capabilities, and user experience of modern vehicles.
Speak To Analyst @ www.marketsandmarkets.com/speakto…=187205966
Asia Pacific market is expected to witness the highest CAGR in the software-defined vehicle market trends during the forecast period.
Asia Pacific is projected to record the highest CAGR during the forecast period. One of the key drivers for the Asia Pacific software-defined vehicle market trends is the increased demand ADAS, particularly in China, Japan, India, and South Korea.
China already has some regulations in place in this domain. 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.
News Also Covered :
www.prnewswire.com/news-re…27424.html
Related Reports:
Automated guided vehicle market
Intelligent Transportation System Market
News From
MarketsandMarkets™ Category: Market Research Publishers and Retailers Profile: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, w ...
