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Software-Defined Vehicle Market Trends

Report ID: GMI6887
Published Date: Oct 2023
Report Format: PDF

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Software-Defined Vehicle Market Trends

The collaborative development of autonomous cars is fostering growth in the software-defined vehicle industry. Partnerships between technology companies, automotive manufacturers, and research institutions allow for shared expertise & resources, expediting the advancement of autonomous driving technologies. For instance, in May 2023, Tata Technologies and TIHAN IIT Hyderabad entered a Memorandum of Understanding (MoU) to partner on platform and Proof of Concept (POC) development in Software Defined Vehicles (SDV) & Advanced Driver Assistance Systems (ADAS). Their collaboration aims to discover inventive solutions, accelerating the development of autonomous vehicles, cutting down incubation time, and decreasing costs.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for software-defined vehicle was valued at USD 35.8 billion in 2022 and is anticipated to register a CAGR of 22.1% between 2023 and 2032, owing to the need for enhanced safety and sustainability of vehicles.

The advanced driver assistance systems (ADAS) segment held a market share of around 29% in 2022, due to features such as adaptive cruise control, lane-keeping assistance, and automatic emergency braking substantially that enhance vehicle safety by providing real-time assistance and reducing the risk of accidents.

North America market for software-defined vehicle accounted for a major share of over 30% in 2022 and will continue growing as the companies in the region are pioneering cutting-edge technologies including automotive OTA updates & Advanced Driver Assistance Systems (ADAS), enhancing vehicle functionalities and safety.

Aptiv PLC, Continental, Mobileye, NVIDIA Corporation, Robert Bosch GmbH, Tesla Inc., and Waymo LLC among others