Software-Defined Vehicles Market is Expected to Grow 19.47% Globally
The software-defined vehicles market has a current business value of about USD 35.6 billion in and is expected to grow 19.47% annually to around USD 210.88 billion by 2032, says precedence research.
Ottawa, March 30, 2023 (GLOBE NEWSWIRE) -- The software-defined vehicles (SDV) market refers to the use of software and digital technologies to control and manage various functions of a vehicle, such as steering, acceleration, braking, and navigation. SDVs are an emerging trend in the automotive industry and are expected to revolutionize the way we think about transportation. Various companies are investing heavily in developing autonomous driving technology and are partnering with technology firms and suppliers to accelerate the development of SDVs.
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Propulsion Landscape
The electric vehicle sector is projected to expand at the highest CAGR from 2023 to 2032. Software-defined EVs optimize battery usage, improve charging times, and provide more accurate range estimates. Hence the market for software defined EVs is expected to grow.
From 2023 to 2032, the internal combustion engine (ICE) vehicles sector is expected to expand at the fastest CAGR. Software-defined vehicles equipped with internal combustion engines provide drivers with greater control, performance, and efficiency, while also reducing emissions and improving engine longevity.
Application Landscape
During the forecast period, the advanced driver assistance systems (ADAS) sector is anticipated to grow at the fastest CAGR. ADAS technologies are intended to assist drivers in avoiding collisions by giving warnings, alerts, and automatic reactions to potential risks.
Autonomous Driving is the most significant application of software-defined vehicles and is anticipated to grow at a remarkable rate from 2023 to 2032. This technology relies on sensors, cameras, and other technologies to enable vehicles to drive themselves without human intervention. The software that controls these vehicles must be highly advanced and able to process vast amounts of data in real time.
Vehicle Type Landscape
Due to cost-effective alternatives, growing concern about emissions from fossil fuels, energy security, and increasing competitiveness, the passenger vehicle sector is expected to grow at the fastest CAGR from 2023 to 2032.
The commercial vehicle sector is expected to grow at the fastest CAGR owing to the increasing use of SUVs and advancements in logistics, supply chain, and other sectors.
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Scope of this report
Report Coverage | Details |
Market Size in 2032 | USD 210.88 Billion |
CAGR | 19.87% from 2023 to 2032 |
Fastest Growing Region | Asia Pacific |
Key Players | Tesla, Inc., Volkswagen Ag, General Motors Company, Toyota Motor Corporation, BYD Company Limited, Hyundai Motor Company, Stellantis NV, Ford Motor Company, Honda Motor Co., Ltd., Mercedes Benz Group AG, BMW Group, Suzuki Motor Corporation and Others |
Level of Autonomy Landscape
Level 3 is anticipated to grow at the highest CAGR during the projected period. Level 3 autonomous vehicles are vehicles that are able to perform some driving tasks independently but still require a human driver to be ready to take control if necessary. The combination of SDVs and Level 3 automation can lead to several benefits, including increased safety, reduced traffic congestion, and improved fuel efficiency.
The level 2 sector is anticipated to grow at a remarkable rate during the projected period. It is also known as the partial automation sector. In this, the vehicle assists with both steering and braking/accelerating, but the driver must remain attentive and be ready to take control at any time.
Regional Landscape
North America is a significant market for SDVs, with major automakers and tech companies investing heavily in the development and deployment of these vehicles. Tesla offers advanced driver assistance features such as autopilot, which has faced regulatory scrutiny but remains a popular option among Tesla owners.
The Asia-Pacific region, which includes China, Japan, South Korea, and other countries, is expected to see significant growth in the software-defined vehicles market. The region has a large population and a growing middle class, leading to increased demand for vehicles with advanced technology.
Market Dynamics
Drivers
Improved convenience
SDVs can provide a more comfortable and convenient experience for passengers, as they can be programmed to adjust to individual preferences such as temperature, seating position, and entertainment options.
Restraint
Cybersecurity issues
One of the biggest concerns with software-defined vehicles is the potential for cyber-attacks. Because these cars are connected to the internet, they are vulnerable to hacking and other forms of cybercrime. This could lead to serious safety issues, such as the car being controlled remotely by a hacker.
Recent development
Hyundai Motor Group stated in October 2022 that it will enter the Software-Defined Vehicle market by launching Software-Defined vehicles in electric and gasoline variants.
To capture the semiconductor section of the Software-Defined Vehicle market, NVIDIA, and Qualcomm started their new system on Chip (SOC) portfolios for Software-Defined vehicles named Drive Thor and Ride Flex SoC in September 2022.
In May 2022, Red Hat, Inc. and General Motors announced a partnership to develop an improvement ecosystem centered on the In-Vehicle Operating System Red Hat, which offers a functional-safety approved Linux operating system.
Key Market Players
Tesla, Inc.
Toyota Motor Corporation
Volkswagen Ag
General Motors Company
Stellantis NV
BYD Company Limited
Hyundai Motor Company
Ford Motor Company
Honda Motor Co., Ltd.
Mercedes Benz Group AG
BMW Group
Suzuki Motor Corporation
Segments Covered in the Report
By Propulsion
ICE Vehicles
Electric Vehicles
By Application
ADAS & Safety
Connected Vehicle Services
Autonomous Driving
Body Control & Comfort System
Powertrain System
By Vehicle Type
Passenger Car
Commercial Vehicles
By Level of Autonomy
Level 1
Level 2
Level 3
Level 4
Level 5
By Geography
North America
Europe
Asia Pacific
LAMEA
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