2028 Projections: Software-Defined Vehicle Market to Expand Significantly

It is anticipated that the Software-defined Vehicle Market would develop at a 9.1% compound annual growth rate (CAGR) from USD 270.9 billion in 2023 to USD 419.7 billion by 2028.

Pune, 26/06/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

The report "Software-defined Vehicle Market 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" provides an in-depth analysis of the burgeoning software-defined vehicle (SDV) market. Projected to grow from USD 270.9 billion in 2023 to USD 419.7 billion by 2028, the market is set to achieve a compound annual growth rate (CAGR) of 9.1% over the forecast period.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=187205966

This growth is driven by advancements in vehicle autonomy, encompassing a spectrum from Level 0 to Level 5, and the increasing integration of cutting-edge software and services in both traditional internal combustion engine (ICE) vehicles and electrified vehicle types such as battery electric vehicles (BEV) and hybrid electric/pug-in hybrid electric vehicles (HEV/PHEV). As the demand for enhanced vehicle functionality and connectivity rises, the SDV market is poised for significant expansion across various applications and regions globally.

The robust growth of the software-defined vehicle (SDV) market is primarily driven by the ongoing development of connected vehicles and the rollout of 5G cellular connectivity projects. These advancements are revolutionizing the automotive industry by enabling high-speed, low-latency communication essential for sophisticated vehicle-to-everything (V2X) interactions. Additionally, the rise of ride-hailing and mobility-as-a-service (MaaS) platforms is set to create substantial opportunities for market expansion. These platforms leverage the capabilities of SDVs to provide seamless, efficient, and scalable transportation solutions, meeting the growing demand for flexible and on-demand mobility services. As a result, the SDV market is poised for significant growth, capitalizing on the synergies between advanced connectivity technologies and innovative mobility solutions. 

Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=187205966

The ICE vehicle type segment is expected to account for the largest share of the software-defined vehicle market in 2023.

The Internal Combustion Engine (ICE) segment represents a significant portion of the software-defined vehicle (SDV) market, driven by the need for enhanced fuel efficiency and reduced emissions. The adoption of ICE SDVs is fueled by the increasing demand for connected and autonomous vehicles, coupled with the growing availability of sophisticated software and computing power. These software-based ICE vehicles offer numerous benefits, including improved fuel efficiency and emissions management, new features and functionalities, over-the-air updates, and capabilities for autonomous driving. The integrated software can control critical aspects such as speed, steering, braking, and environmental navigation, ensuring safe and efficient operation. Additionally, these vehicles often incorporate Advanced Driver Assistance Systems (ADAS) features, such as adaptive cruise control, lane departure warning, automatic emergency braking, and parking assist, all relying on sensors, cameras, and advanced software algorithms to enhance safety and convenience. For instance, the Volvo XC90, a luxury SUV with a turbocharged gasoline engine, exemplifies the advancements in this segment, showcasing how traditional ICE vehicles can benefit from cutting-edge software solutions to deliver a superior driving experience.

Hardware is expected to account for the largest share of the software-defined vehicle market in 2023.

In 2022, the hardware segment dominated the software-defined vehicle (SDV) industry, a trend projected to continue throughout the forecast period. This prominence is driven by the increasingly standardized hardware and the narrowing technical gap, indicating that the automotive industry is undergoing a significant evolution. The rise in automotive technologies is propelling the adoption of SDVs, with hardware playing a pivotal role in their functionality. The hardware segment is categorized into four sub-segments: Electronic Control Units/Data Control Units (ECU/DCU), sensors/actuators, power electronics, and other components. Each of these elements is crucial in defining the behavior, capabilities, and user experience of modern vehicles. ECUs/DCUs manage and process data for various vehicle functions, while sensors and actuators facilitate real-time environmental interaction and response. Power electronics ensure efficient energy management, and additional hardware components support diverse vehicle operations. Together, these hardware elements enable advanced features, seamless connectivity, and enhanced performance, solidifying their indispensable role in the SDV ecosystem.

Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/software-defined-vehicles-market-187205966.html

Asia Pacific market is expected to witness the highest CAGR in the software-defined vehicle market during the forecast period.

The Asia Pacific region is anticipated to achieve the highest compound annual growth rate (CAGR) in the software-defined vehicle (SDV) market during the forecast period. A major driver of this growth is the heightened demand for Advanced Driver Assistance Systems (ADAS) in key countries such as China, Japan, India, and South Korea. China, in particular, has established regulations to support the implementation of ADAS technologies. Additionally, government incentives and promotional schemes have significantly boosted electric vehicle (EV) production in the region, addressing both domestic and international demand. Japan and China are prominent exporters of electric vehicles worldwide, further fueling the SDV market's expansion. The combination of regulatory support, technological advancements, and growing EV production underscores the Asia Pacific region's pivotal role in shaping the future of software-defined vehicles.

Key players

Key players in the Software-defined Vehicle Companies 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.

News Covered:

https://www.prnewswire.com/news-releases/software-defined-vehicle-market-worth-419-7-billion-by-2028---exclusive-report-by-marketsandmarkets-301927424.html