Global Software-Defined Vehicles Market Size to Reach USD 207.51 Billion in 2032 | Emergen Research
The increasing popularity of electric and connected vehicles is a leading cause for the expansion of revenue in the software-defined vehicles market.
In the year 2022, the market for software-defined vehicles worldwide was valued at USD 35.72 billion. As per the latest analysis conducted by Emergen Research, it is predicted that this market will experience a revenue compound annual growth rate of 19.2% during the forecast period. The growth of this market can be attributed to various factors such as the increasing popularity of electric and connected vehicles, the widespread use of over-the-air software, the significant investments and funding directed towards the production of these devices, and the recent advancements in autonomous driving technology.
Software-Defined Vehicles (SDVs) have the potential to revolutionize the car industry by turning vehicles into not just means of transportation, but also constantly evolving platforms that learn and enhance themselves. The continuous progress in technology, along with the demand for more personalized automobiles, has paved the way for the rise of Software-Defined Vehicles (SDVs): cars in which the operating system governs and manages both their functionality and underlying hardware. What sets these software-defined cars apart is their ability to constantly modify and adjust through over-the-air upgrades.
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This allows manufacturers to easily incorporate new features, enhance vehicle performance, modify functionality, and improve safety without the need for physical vehicle modifications. Through flexible product management, collaboration, and digital platforms, they can transform cars and automobiles into dynamic, ever-evolving systems that continuously provide more value to consumers. GM, Renault, Ford, and Hyundai have been actively involved in recruiting, financing, creating, and implementing software teams, talent, and platforms. The increasing investments and funding for the production of such devices are major factors contributing to the market's revenue growth. The Original Equipment Manufacturers (OEMs) are investing in software-defined vehicles and advanced service-oriented platforms.
The fast-growing utilization of wireless software updates is a significant trend in the industry that is anticipated to fuel the growth of market revenues. Wireless software updates (also known as Over-the-Air or OTA) play a crucial role in the design, development, and production stages of self-driving vehicles (SDVs), as well as throughout their operational lifespan. SDVs offer a similar experience to smartphones, where regular software updates are automatically installed to enhance functionality and resolve issues. Through OTA upgrades, vehicles will gain access to new features, enhance performance, and mend any flaws without the need to physically visit a repair center.
One of the main obstacles that are limiting the increase in market revenue is the concerns surrounding the security of data and issues with functionality. These challenges primarily revolve around the protection of information, privacy of data, and the necessity for new infrastructure and standards. The dangers associated with cyberattacks are particularly distressing. As the number of software components in a vehicle grows and its connectivity expands, it becomes more vulnerable to cyber threats. Ensuring the reliability of the vehicle and safeguarding the safety, security, and privacy of the end-users poses multiple complexities when designing cybersecurity measures for software-defined cars. Considering the expansion of the connected automotive industry, there is a crucial business necessity to tackle the issue of cybersecurity in software-defined vehicles. These factors are holding back the growth in market revenue.
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The anticipated market volume in 2022
Projected earnings until 2032
The reference year for calculation
The financial gain, measured in billions of US dollars, and the compound annual growth rate, represented in percentages, from the year 2023 to 2032.
Projected revenue, firm position, market competition, factors influencing growth, and prevailing patterns.
Propulsion: means of driving or powering Application: utilization or implementation Vehicle type: kind of automobile or transportation Level of autonomy: degree of self-governance or independence Region: geographical area or location
Continents such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
United States, Canada, Mexico, Germany, France, United Kingdom, Italy, Spain, Belgium, Netherlands, Luxembourg, other European countries, China, India, Japan, South Korea, other Asian-Pacific countries, Brazil, other Latin American countries, Saudi Arabia, United Arab Emirates, South Africa, Turkey, other Middle Eastern and African countries.
The automotive companies on the list include Hyundai Motor Group, Sonatus, Inc., Renault Group, Tesla, Volkswagen, General Motors, TOYOTA MOTOR CORPORATION, Mercede-Benz AG, KIA CORPORATION, and BYD Company Ltd.
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Prominent corporations and the market's competitive overview
The software-defined vehicles market worldwide is quite fragmented, with numerous big and medium-sized companies making up the largest share of market earnings. Prominent companies are employing different approaches, such as mergers & acquisitions, strategic agreements & contracts, as well as developing, testing, and launching more efficient software-defined vehicle (SDV) solutions. The global software-defined vehicles market report highlights some notable players involved in this industry.
Kia made a big announcement on May 4, 2023. They introduced their Software Defined Vehicle (SDV) technology for the EV9 SUV. This technology allows customers to purchase and install new software functions for their vehicles remotely. Kia is part of the Hyundai Motor Group and they have just unveiled their top-of-the-line electric SUV, the EV9. This model is the first in the Group to offer a range of digital features and services through the Kia Connect Store.
KPIT Technologies and Honda have joined forces to work towards Honda's Software-Defined Mobility (SDM) goals. By utilizing Honda's advanced software architecture and control-safety technology, along with KPIT's extensive knowledge in areas such as Autonomous Driving and Vehicle Electrification, they aim to provide a range of services and enhanced value to customers globally. This collaboration will also focus on In-Vehicle Infotainment systems and Platform Software, ensuring a comprehensive approach to achieving Honda's vision.
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Here are a few noteworthy points taken from the report
In 2022, the electric vehicles sector had the highest revenue share. The Electric Vehicle (EV) motor is benefiting from the industry's shift towards the SDV approach, allowing for the retrieval of detailed vehicle data to track the performance and aging of the EV motor. Additionally, more advanced automotive microcontrollers are capable of supporting new features and software upgrades through OTA updates. With over 15 million electric vehicles expected to be sold by 2023, established market leaders like Volkswagen, Mercedes, and Hyundai have already made progress in electrification. New players in the market, such as Togg and VinFast, have also introduced their own EV models. The software-defined EV motor utilizes in-vehicle data and processing, as well as cloud technology, to continuously improve through agile development. The automotive industry's transition to SDVs and EVs is having a significant impact on vehicles, particularly in the software-defined motor sector. This innovative approach, which leverages in-vehicle data and cloud capabilities, is driving revenue growth in this segment and is regarded as a crucial and exciting area of development.
The commercial vehicles sector is predicted to experience a consistent increase in revenue during the forecast period. Commercial vehicles are often more cost-effective to run compared to diesel vehicles. This means that monthly expenses are reduced, allowing businesses to reinvest their savings into other areas. With the introduction of Electric Vehicle (EV) and Plug-in Hybrid Electric Vehicle (PHEV) commercial vehicles, businesses now have access to various purchase incentives and subsidies, which help in reducing overall expenses on vans or commercial vehicles. Moreover, this leads to improved safety, especially in commercial vehicles, as the effectiveness of passive safety equipment diminishes as the vehicle's weight increases. Original Equipment Manufacturers (OEMs) are collaborating with autonomous driving software platform companies like Torc Robotics, Tu Simple, Aurora, Gatik, and others to expedite the development and introduction of autonomous commercial vehicles in the market. In these partnerships, OEMs expect platform vendors to offer innovative and advanced software platforms. These factors collectively contribute to the growth in revenue of the commercial vehicles segment.
The North American market had a large share of revenue in 2022. This was because of the increasing number of advancements and improvements in software-defined vehicles. There were also important collaborations and partnerships between major companies in the market, particularly in the United States. For example, on November 8, 2022, Google and Renault Group expanded their collaboration to create an advanced software platform for future cars. This software-defined car will use Google's Android Automotive operating system and will send data to Google's cloud servers for processing. As part of the agreement, the Alliance will use Google's auto operating system, including Assistant, Maps, and the Play Store. This has led to the continued growth of the industry.
You can check out the complete report description, research methodology, table of content, and infographics on the website. Emergen Research has categorized the worldwide market for software-defined vehicles into different segments based on factors like propulsion, vehicle type, application, level of autonomy, and region.
Projected Revenue for Propulsion (in USD Billion) from 2019 to 2032
Future Prospects of Applications (Income, in billions of US dollars; 2019-2032)
Controlling the movements and ensuring a comfortable experience
Forecast for Types of Vehicles (Revenue, in USD Billion; from 2019 to 2032)
Revenue Outlook of Autonomy Level (in USD Billion) from 2019 to 2032
Forecast of Regional Performance (Revenue, in USD Billions; 2019-2032)
- A region encompassing countries in both the Middle East and Africa - The area that includes nations from both the Middle East and Africa - Countries found in both the Middle East and Africa - A region comprising of both Middle Eastern and African countries
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