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Vehicle embedded software offers real-time interaction and control of the multiple systems in the vehicle such as brakes, suspensions, steering, electronic-body among others. With this, the software delivers features for vehicles such as automatic emergency breaking, controlled fuel emission, smart navigation technology, engine management, advanced telematics, and others. These advanced applications offered by integrating the software is likely to boost the market.
Also, the increasing adoption of electric vehicles (EV) and electrification of cars is likely to drive the market in near future. The embedded software accesses the electronic devices of EV to performs tasks such as battery management and power flow control. Similarly, the self-driving cars are integrating the vehicle embedded software. The self-driven car needs real-time data such as pedestrians crossing the road, cars on road, other road obstruction, and even weather to drive safely. The vehicle embedded software controls the system such as smog monitor, global positioning systems, radar system, emergency braking systems, and delivers real-time data to the car. This helps the self-driving car to depict the environment around the vehicle. Thus, the implementation of the software is likely to improve the passengers ride. This is likely to boost the adoption of vehicle embedded software.
Key Market Driver -
• Growing demand for electric vehicle is likely to drive the vehicle embedded software market
Key Market Restraint -
• The increasing security issues in the connected technology is likely to hamper the market growth
Some of the key players in the global Vehicle Embedded Software market are Mitsubishi Electric Corporation, Renesas Electronics Corporation, NXP Semiconductors, Harman International, Toshiba Corporation, Denso Corporation, Infineon Technologies AG, Green Hills Software, Siemens Industry Software Inc. among others. The companies are collaborating with the automotive industries such as electric vehicle manufacturers, battery vehicle manufacturers to expand their business.
Asia Pacific is expected to be the leading region in the vehicle embedded software market. The increasing vehicle production in countries like China and Japan is boosting the vehicle embedded software market opportunity. Japan is witnessing the growing number of electric vehicles which is likely to boost software adoption. Similarly, India is likely to witness rapid growth owing to government support to the automotive sector. With the Automotive Mission Plan, the government of India aims to triple its industry revenue and expand export by 2026.
North America is projected to grow significantly during the forecast period. US is expected to gain maximum revenue owing to the rising technological advancement in the automotive industry of the country. Also, increasing safety policies and regulations in the country is likely to boost the demand for the software. Europe’s automotive industry is witnessing extensive technological advancements. Also, the automotive manufacturers of the region are vastly interested in the electric vehicle market. This is likely to boost the demand for the vehicle embedded software market.
Similarly, the Middle East & Africa and Latin America are expected to witness significant growth for the forecast period.
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