Automotive Software Management System Market is anticipated display a CAGR of around 8% over the forecast period (2021-2027). Increasing disposable income has improved lifestyle of individuals, the trend has increased the overall demand for personal passenger cars with high-end electronics. Overall adoption of advanced technologies is expected to be high in the passenger car segment, owing to the higher production and sales of passenger cars globally, compared to other vehicles.
Automotive manufacturers around the world are focusing more on luxury passenger vehicles equipped with advanced features such as advanced driver assistance systems, advanced infotainment systems, enhanced body control and comfort, among others. Additionally, the overall demand for automotive software is expected to increase owing the advent of technologies such as autonomous driving and Internet of Things. In addition, growing concerns regarding vehicle & passenger safety have led to the increased adoption of intelligent transportation systems, globally.
ADAS & safety systems category to witness strong growth during the forecast period. This is mainly due to stringent regulations and compliance with upcoming safety mandates and increasing demand for semi-autonomous driving systems, globally. Major OEMs are embracing ADAS solutions to achieve higher safety ratings to attract more consumers. Hence, leading OEMs either standardize safety systems across the models or offer them as additional features. Thus, the increasing penetration of advanced driver assistance systems features will surge the demand for components such as cameras, radar sensors, ultrasonic sensors, and LiDAR and further supports the growth of the automotive software management systems market..
APAC to witness fastest growth in the global automotive Software Management System market during the forecast period owing to growing working population and expanding middle class population thus creating demand for new-age vehicles coupled with presence of a large pool of skilled & semi-skilled workforce and cost-effective manufacturing in countries like India and China. China is the largest automobile market in the world whereas India is the 5th largest automobile market in the world, surpassing Germany in terms of sales, as of 2020.
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