According to a new report published by Introspective Market Research, titled, ?Electric Vehicle Software Market by Software Features (Design, Connectivity, Navigation, Maintenance, Others), Deployment Type (Cloud-Based, On-Premises,) End Users (Residential Individuals, Corporate Entities, EV Manufacturers) and Region: Global Opportunity Analysis and Industry Forecast, 2024?2032,? the global Electric Vehicle Software Market size was valued at $ 227.0 billion in 2023, and is projected to reach $ 954.35 million by 2032, registering a CAGR of 6.6% from 2023 to 2032. There are an extensive number of software programs available on the market that are either designed specifically for EV makers or particular EV management functions. The benefit of software over mechanical systems is that updating a car just requires a software update, not a physical alteration to the internal workings. The software needs are probably going to alter as the EV market expands and matures. Today's EVs employ a variety of software systems, some of which are used to manage and control the car and to relieve some of the drawbacks that EV drivers encounter. Software is therefore essential in electric cars.
EV is managed and operated by software as it lacks sophisticated mechanical systems or engines. Thus, computing is central to and essential to the operation of electric cars. Programmers can use the data collected as EVs advance to assess vehicle performance and identify areas where EV design is lacking. Encouraging the growth of the market for software for electric vehicles during the anticipated time frame.
The in-vehicle infotainment industry is anticipated to be driven by shifting consumer preferences regarding wireless technology and a consistent rise in demand for easy phone communication with passenger cars. There will be a rise in the need for infotainment systems installed in cars, which will boost the automotive software market's revenue growth over the forecast period. As a result, automotive software, which includes operating systems like QNX, Android, and Linux is a crucial component of in-car infotainment systems.
Information technology services like traffic updates and navigation are in high demand. The majority of these services are found in the section on traffic efficiency and require real-time information. For this to work, real-time information delivery from automotive software would be necessary. During the projected period, the automotive software market's revenue growth is anticipated to be supported by the previously mentioned aspects.
The focus of automotive stakeholders has shifted to autonomous vehicles. The goal of achieving the development of autonomous vehicles has been pursued with billions of dollars and the greatest available resources. A variety of electronic components are installed in cars for them to sense their surroundings and communicate with other people or things. Large amounts of data are produced throughout the communication process to use machine learning techniques and algorithms in the car's computer system. This would facilitate the development of autonomous vehicles and assist OEMs, Tier I automotive suppliers, and non-automotive entities. Therefore, the development of semi-autonomous and autonomous cars as well as the implementation of Al require trustworthy automotive software.
Global Electric Vehicle Software Market, Segmentation
The Electric Vehicle Software Market is segmented based on Software Features, Deployment Type, End Users and region.
End Users:
Sophisticated navigation systems play a critical role in helping corporate entities, especially those in charge of big fleets of cars, optimize routes, cut down on travel time, and save fuel. To ensure effective operations, advanced navigation capabilities including electric vehicle route optimization, real-time traffic updates, and interaction with fleet management systems are crucial. Corporate entities can improve driver efficiency, expedite logistical operations, and eventually reduce operating costs by gaining market dominance in navigation software. Another critical component for businesses operating electric car fleets is connectivity. Strong communication capabilities allow for over-the-air software updates, remote diagnostics, and real-time performance monitoring of the vehicle. Fleet managers are now able to optimize charging schedules, proactively handle maintenance concerns, and guarantee fleet-wide regulatory compliance thanks to this connectivity. Corporate organizations can improve fleet efficiency, lower downtime, and improve overall operational performance by controlling connectivity solutions. This will ultimately save costs and provide them a competitive edge in the market.
Software Features:
To satisfy the various needs of various user segments in the electric vehicle (EV) business, software features are essential. Design, with an emphasis on UI aesthetics, is important for businesses and EV manufacturers alike. While EV manufacturers place a higher priority on attractive car interfaces and related software to improve user experience, corporations strive for streamlined designs for their internal processes and customer-facing apps. While connectivity is essential in all markets, electric vehicle (EV) makers place a premium on it. Strong networking capabilities facilitate over-the-air upgrades and allow vehicle-to-vehicle and vehicle-to-infrastructure communication, both of which are essential for maintaining the efficiency and modernity of EV technology.
Region:
The Asia-Pacific region was expected to play a significant role in leading the electric vehicle software market. The usage of electric vehicles has been rapidly increasing in this region, especially in China, thanks to government incentives, strict pollution laws, and increased public awareness of environmental issues.
China is now the largest market for electric vehicles globally, both in terms of sales and production. The Chinese government has enacted a number of policies to encourage the use of electric vehicles, such as incentives for the construction of charging infrastructure, subsidies, and laws that give preference to electric vehicles over vehicles with internal combustion engines in some cities.
Some of The Leading/Active Market Players Are-
- HARMAN International (US)
- EV Connect (US)
- ChargeNet (US)
- ChargeLab Inc. (Canada)
- Maplesoft (Canada)
- Dassault (France)
- Tata Elxsi (India)
- Bosch Software Innovations (India)
- BOLT (Europe)
- Driivz Ltd. ( Middle East) and Other Active Players
Key Industry Developments
- In September 2023, Robert Bosch Gmbh announced the Vehicle Dynamics Control 2.0 at IAA Mobility 2023. That software will provide better handling and safety of vehicles through intervention in the braking system, electric powertrain, and electric steering system, resulting in less counter-steering and a shorter braking distance.
- In September 2023, NXP Semiconductors collaborated with Elektrobit, a leading AUTOSAR and Linux software provider, to develop software for next-generation automotive battery management systems. The software will reduce the entry-level cost of battery management system (BMS) development and enhance the ease of use of NXP's high-voltage BMS reference design (HVBMS RD).
Key Findings of the Study
- A broad range of software applications are available for EV producers and management tasks, covering design, connectivity, navigation, maintenance, and more.
- The in-vehicle entertainment sector is growing due to consumer preferences shifting toward wireless technology and the rising need for in-car communication. This is driving revenue growth in the automotive software market.
- The market for software for electric vehicles is expected to be dominated by the Asia-Pacific region, especially China, due to strong pollution regulations, government incentives, and rising awareness of the environment.
