Software Defined Vehicle Market worth $1,237.6 billion by 2030 Globally, at a CAGR of 34.0%, says MarketsandMarkets™

/EIN News/ -- Chicago, July 30, 2024 (GLOBE NEWSWIRE) -- Software Defined Vehicle market size is projected to grow from USD 213.5 billion in 2024 to USD 1,237.6 billion by 2030, at a CAGR of 34.0%, as per the recent study by MarketsandMarkets™.  There are various factors that affect the growth of demand for SDVs in the global market. Receiving over-the-air updates guarantees that customers' car software is always up to date with the newest features and vehicle security improvements. Due to the regular software upgrades can often cure issues remotely, OEMs will profit greatly from lower recall costs.  Furthermore, new business models that allow for real-time car diagnostics and problem solving, such as remote diagnostics, improve maintenance process.

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List of Key Players in Software Defined Vehicle Market:

• Tesla (US)
• NIO (China)
• Li Auto Inc.(China)
• ZEEKR (China)
• XPENG Inc. (China)
• Rivian (US)

Drivers, Opportunities and Challenges in Software Defined Vehicle Market:

1. Driver: Reduced recall and manufacturing costs
2. Restraint: Increase in risk of cyberattacks
3. Opportunity: SDV platform monetization
4. Challenge: Complex software updates and security patching

Key Findings of the Study:

1. Domain Centralized Architecture is projected to witness significant growth rate in the global Software Defined Vehicle market during the forecast period.
2. The Asia Pacific Software Defined Vehicle market is projected to hold the largest share by 2030.

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The global Software Defined Vehicle market size is projected to grow from USD 213.5 billion in 2024 to USD 1,237.6 billion by 2030, at a CAGR of 34.0%. The growing focus on vehicle safety and the need for autonomous driving experience in cars are driving forces behind the Software Defined Vehicle market. There are various benefits for consumers, one of them is predictive maintenance, which provides early warnings or alerts about potential issues, reducing the possibility of unexpected breakdowns. For OEMs, SDVs helps to reduce the manufacturing costs through simplified production processes, which require fewer physical components. The growing adoption of SDV platform monetization enables OEMs to generate revenue from platform services and third-party app integration.

The passenger cars segment is expected to lead the global Software Defined Vehicle Industry during the forecast period. Most passenger cars are equipped with features that enhance safety, connectivity, and user convenience. With technological advancements such as ADAS, real-time navigation, and in-car entertainment, demand for SDVs will grow as OEMs plan to provide advanced software-based features at minimal costs. This integration allows continuous developments through OTA updates, ensures that vehicles remain up-to-date with the latest features and performance enhancements in after-sales services. The ongoing EV shift also demands sophisticated software to manage battery performance, energy efficiency, and diagnostics. There is a regulatory demand for enhanced safety and reduced emissions are driving the adoption of advanced software systems to meet stringent standards. This is expected to boost the SDV demand in passenger car segment and strengthening the essential role of software in new age vehicles with increased functionality.

Asia Pacific is estimated to have the largest share in the global Software Defined Vehicle market by value in 2024. Countries considered in this study for Asia Pacific are China, Japan, and South Korea. The Asia Pacific region is home to key SDV providers, such as NIO (China), ZEEKR (China), and XPENG Inc. (China). These companies are continuously investing in research and development to innovate autonomous driving solutions. The presence of these companies would also contribute to the growth of the Asia Pacific in Software Defined Vehicle Companies during the forecast period.  OEMs like BYD and Honda are collaborating with tech leaders such as NVIDIA Corporation and KPIT(India) to integrate innovative software solutions into their vehicles. For instance, in April 2023, Volkswagen Group's CARIAD and ThunderSoft (China) formed a partnership to accelerate advancements in connectivity and infotainment systems for SDVs in China. This collaboration aims to integrate ThunderSoft's expertise in intelligent operating systems with CARIAD's vehicle software integration capabilities, enhancing user experiences across Volkswagen Group brands. Also, in January 2024, Li Auto Inc. partnered with NVIDIA Corporation. Li Auto Inc. will utilize NVIDIA DRIVE Thor centralized car computer for its next-gen EVs.

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Recent Developments:

• In June 2024, XPENG Inc. partnered with NVIDIA Corporation for the adoption of the NVIDIA DRIVE Thor platform for its next-generation EVs. This platform will power XPENG's XNGP AI-assisted driving system, enhancing intelligent driving capabilities. XPENG launched the G6 Coupe SUV, G9 SUV, and P7 Sedan equipped with NVIDIA DRIVE Orin, boasts continuously upgraded AI capabilities through over-the-air updates.        
• In June 2024, XPENG Inc. launched its all-new G6 electric mid-size SUV, positioning it as a strong contender against established rivals like the Tesla Model Y in the Australian market. It is designed on XPENG's SEPA 2.0 platform. The vehicle also features bidirectional charging (V2X) with V2L support up to 3.3 kW AC, making it versatile for energy transfer to external devices. This SUV accelerates from 0 to 100 km/h in 6.9 seconds and reaches a top speed of 200 km/h, powered by a rear-wheel drive system generating 190 kW (258 PS) of total power and 440 Nm of torque. Its battery architecture operates at 800 V, and it supports up to 11 kW AC charging.
• In June 2024, Rivian launched the second generation of the R1 lineup i.e., R1S and R1T models with software-defined technology. These vehicles feature a streamlined electrical architecture, reducing ECUs from 17 to 7 and significantly cutting down wiring. The new Rivian Autonomy Platform, powered by advanced sensors and AI, enhances driving assistance capabilities. In-vehicle connectivity includes digital car keys via Apple Wallet and Google Pixel, a rich entertainment system with streaming video and Apple Music integration, and an interactive user interface powered by Unreal Engine.

Related Reports:

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3. Automotive Engineering Services Market
4. Car as a Connected Living Ecosystem

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