The software-defined vehicle market had a value of USD 268.8 billion in 2023, and it will power at a rate of 9% by the end of this decade, to touch USD 489.7 billion by 2030.
The development of the industry has a lot to do with the need for a decrease in the accident count all over the world and the compensations these vehicles offer for the old people and the ones with disabilities.
Basically, advanced software improves the safety of vehicles and reduces the likelihoods of the errors by humans. It likewise helps decrease the burden on the driver, by managing numerous driving functions itself.
The level 1 category is also rising, as this software supports the driver with steering and cruise control. Without much interference by the driver, a safe distance amid vehicles is kept. This automation also aids drivers with braking, steering, and acceleration throughout driving. L1 features comprise lane departure warning, tire pressure monitoring, adaptive front lights, and numerous more.
The requirement for EVs is rising owing to their lower running cost and no need for fuel, which removes the emission of injurious gases. Moreover, all key automotive OEMs are growing their emphasis on EVs to meet the rising requirement. For example, Tata Motors will launch several new EVs, for example Punch EV, Harrier EV, and Nexon EV, in 2023.
The consciousness is snowballing amongst individuals concerning the harmful effects of gasoline and diesel combustion, driving the requirement for environment-friendly transportation solutions. Furthermore, EV sales are snowballing with the setting up of charging stations at a global level. By 2030, 30% of the vehicles in India would be electric.
APAC software-defined vehicle market is in the leading position, and this trend will continue in the years to come as well, accounting for USD 147.8 billion by 2030. The development has a lot to do with the rising in the emphasis on safety and decreasing the count of accidents.
It is because of the development of autonomous vehicles all over the world, the demand for software-defined vehicles will continue to grow in the years to come as well.
