Software-Defined Vehicle Market Will Reach USD 489.7 Billion By 2030
Date
12/18/2023 12:52:46 AM
(MENAFN- P&S Intelligence) The value of the software-defined vehicle market stood at USD 268.8 billion in 2023, and this number is projected to reach USD 489.7 billion by 2030, advancing at a CAGR of 9.0% during the projection period.
This growth of the market can be credited to the requirement for a decrease in the count of accidents and the benefits these vehicles provide for the aging and individuals with disabilities. Basically, advanced software improves the security of vehicles and reduces the chances of faults caused by humans. It also aids in reducing the load on the driver, by managing several of the driving functions itself.
Software is projected to advance at the highest CAGR of 9.5%, credited to the numerous benefits it provides, like easy driving experiences and better safety. The rise in the requirement for software-defined cars is mainly because of the increasing requirement for security and the rising sale of EVs.
The ADAS category is projected to witness substantial development during the projection, credited to the growing knowledge among people of the safety of passengers and drivers. Along with this, the costs of in-car electronic safety systems are reducing, which is permitting more individuals to purchase vehicles combined with them.
ADAS is made for avoiding collisions on the road and informing drivers of any danger. It controls the speed and aids the vehicle in upholding a safe distance from those in the front and behind. The key features of ADAS are lane departure warning, automatic emergency braking, blind spot detection, pedestrian detection, adaptive light control, traffic sign recognition, night vision, automatic parking, and crosswind stabilization.
On the basis of autonomy, level 3 is projected to advance fastest, as level 3 autonomous vehicles are fortified with the ability to spot the environment and make better decisions for themselves. These decisions comprise keeping the ideal speed as per the traffic and weather circumstances.
It is considered a conditionally automated level, where the driver is capable of handling the automobile themselves in numerous situations. In January 2023, Mercedes-Benz declared the receipt of the sanction of the U.S. government for level 3 driving features.
The Asia-Pacific region is dominating the software-defined vehicle industry, and it will grip the same position during the projection period, accounting for a worth of USD 147.8 billion by 2030. The development is credited to the surge in the concentration on safety and the decrease in the number of accidents.
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