Los Angeles, November 14, 2019 –The latest report released by the QY Research, titled, “Global Vehicle Embedded Software Market Size, Status and Forecast 2019-2025”, provides a high level of accuracy, systematic research, and detailed analysis of the market. Analysts state that the global vehicle embedded software is likely to grow above US$4000 mn by 2025 from US$2418 mn in 2018. The market will register a CAGR of over 8% during the forecast period.
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Vehicle embedded software is installed into hardware with microchip for building better security systems, adjustment of suspension, and anti-lock braking systems amongst others. Electric and hybrid vehicles use embedded software for controlling emissions and ensuring fuel efficiency. The mounting demand for autonomous and connected vehicles is expected give the global vehicle embedded software market a shot in the arm.
Growing Demand for Portable Devices in Vehicles will Boost Market
The global vehicle embedded software market will witness a remarkable growth due to the growing demand for smarter automobiles. Adoption of automobile devices and power-efficient devices have augmented the sales of vehicle embedded software in recent years. An increasing need for portable computing devices and multimedia products in vehicles such as parking sensors and GPS are the factors that are boosting market growth. In addition, the development in IoT is altering the nature of devices, which are attached to vehicles and their data into an OOPS. This has opened up lucrative opportunities for the software system, mainly Java to be the main source of development and control in the vehicle embedded software.
Commercial Vehicle Segment to Lead Global Market
The application type segment includes commercial vehicles, cars, pickup trucks, and SUVs. The commercial vehicle segment is expected to be the largest segment in the global vehicle embedded software market due to rising passenger vehicle productions and the use of complex electronic content. The product type segment includes a Linux operating system, Android operating system, Microsoft operating system, and others. The Linux operating system will gain the highest market share in the vehicle embedded software market due to the growing demand for open-source development and tools.
Asia Pacific to Dominate Vehicle Embedded Software Market Through 2025
Asia Pacific will gain the largest market share in the global vehicle embedded software market as it is the largest producer of automobiles across the world. The growing demand for advanced safety, convenience systems, and the increasing trend of electric vehicles in this region are the factors that are propelling the growth of the global vehicle embedded software market. North America and Europe are also likely to hold the maximum market share in the vehicle embedded software because of the rising use of hybrid vehicles in these regions.
Development of New Technology to Help Market Growth
The key players in the global vehicle embedded software market are Aptiv PLC, NXP Semiconductors, Continental, STMicroelectronics, BlackBerry QNX, Luxoft Company, Texas Instruments, MSC Software, Panasonic, Intel, Robert Bosch, Microsoft, Denso, Mitsubishi Electric, IBM, and AdvanTech. In October 2019, Mitsubishi Electric Corporation announced its plan to unveil new version of the xAUTO. This self-driving vehicle will drive on surface roads irrespective of availability of accurate maps. Introduction of new technologies that are safe and make driving easier will give the companies a reason to stay relevant in the market in the coming years.
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