Industry: IT and Telecommunication
Published Date: May-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 327
Report ID: PMRREP33104
The market is anticipated to maintain its hold in the global market at a stable CAGR of 14.8% between 2022 and 2032.
The market is valued at US$ 28.4 Bn in 2022 and is projected to reach US$ 112.9 Bn by 2032. Historically, the market was thriving at a higher CAGR of 16.4% (2015-2021), resulting in a market size of US$ 24.4 Bn in 2021.
“The adoption of ADAS features in vehicles has prompted the need for effective repair solutions, driving up demand for auto repair software.”
Manufacturers are increasing their R&D efforts in the creation of autonomous vehicles. As a result, the sales of auto repair software are rising rapidly.
The growing adoption of electrified and connected cars is anticipated to provide growth opportunities for the market.
| Attributes | Details |
|---|---|
|
Market CAGR (2022-2032) |
14.8% |
|
Auto Repair Software Market Value (2022) |
US$ 28.4 Bn |
|
Market Value (2032) |
US$ 112.9 Bn |
COVID-19 had a negative impact on market share. However, no major auto repair software companies have declared a service suspension.
Furthermore, due to the COVID-19 outbreak, demand for auto repair software solutions dropped in the first half of 2020 as manufacturing was disrupted. Output is likely to be adjusted to avoid bottlenecks, and production would be planned according to the demand for auto repair software in OEM and Tier I.
Multiple auto repair software firms experienced supply chain disruptions due to the spread of COVID-19, as countries around the world implemented lockdown precautions. As a result, the automotive software market size is expected to decline.
For example, NXP's first-quarter revenue fell by 3% compared to the same period last year. The company's trading is significantly harmed by the restrictions placed in countries, particularly India, which is a major revenue source for the corporation in various industries.
However, with the resumption of trade activity, the market is expected to see a stable increase in the sales of auto repair software during the forecast period.
The primary driving factors influencing the growth of the global market share are increasing vehicle production and the expansion of top OEMs.
Furthermore, the sales of auto repair software are growing due to the adoption of advanced driver assistance technologies in automobiles, which provide higher levels of safety, comfort, and luxury.
ADAS and safety features are being mandated by governments in both developed and developing countries. By 2026, both the United States and the European Union require all automobiles to have autonomous emergency braking and forward-collision warning.
This factor is anticipated to have a significant impact on the demand for auto repair software during the forecast period. Auto repair software's primary goal is to provide effective repair solutions.
As a result, demand for auto repair software is increasing as it aids in establishing communication between the driver and the car. Safety features are rapidly evolving in the vehicle industry and are likely to aid in the market growth.
The market growth is likely to be hampered by the cost of maintaining and debugging the software, as well as increased cybersecurity concerns. Passenger and commercial vehicles are now equipped with powerful auto repair software to conduct a variety of tasks, keeping up with technological breakthroughs and innovations.
The auto repair software uses a variety of interfaces, platforms, technologies, and protocols to communicate. As these communication interfaces and protocols are not standardized, incorrect data may arise. The lack of technological standardization affects system integration and impedes the seamless flow of information.
Software, platform, and user interface have no specific standards. As a result, one of the most significant restraints in the market is the absence of software standards. However, automakers are working together to remedy the problem. For example, the Daimler-BMW partnership aims to standardize technologies for self-driving cars.
The outbreak of AI in the auto repair software industry is due to the generation of massive data while working with auto repair software.
Speech and gesture recognition, better HMI, driver monitoring, virtual assistance, radar-based detection units, and engine control units are all examples of future trends in the market. Deep learning, which is used to apply AI, is expected to increase at a faster rate than other automotive technologies, which is likely to boost the market outlook.
The demand for auto repair software is being influenced by rapidly changing vehicle design requirements and architectures. Wireless connectivity is required for any automotive application to provide a better user experience. Furthermore, the demand for software over-the-air (SOTA) upgrades necessitates fast connectivity.
Despite significant developments in auto repair software technology, cybersecurity continues to be a significant concern. Cyberattacks can greatly impact auto repair software. There have been numerous situations where cybersecurity has caused problems. As a result, the market is likely to face cybersecurity challenges that might hinder its growth.
For example, two researchers were able to hack into a Jeep, resulting in the software being upgraded to 1.4 million vehicles. Similarly, the potential of cyberattacks on auto repair software systems can be seen in the Tesla S and Nissan Leaf.
| Attributes | Auto Repair Software Market |
|---|---|
|
CAGR (2022-2032) |
14.8% |
|
Market Value (2026) |
US$ 49.33 Bn |
|
Growth Factor |
Increasing vehicle production and the expansion of top OEMs are the primary factors driving the global market share. |
|
Opportunity |
Deep learning is predicted to grow at a quicker rate than other automotive technologies, providing lucrative opportunities for the market. |
|
Key Trends |
Better HMI, driver monitoring, virtual assistance, radar-based detection devices, and engine control units |
| Attributes | Automotive Artificial Intelligence Market |
|---|---|
|
CAGR (2022-2032) |
38.46% |
|
Market Value (2026) |
US$ 14.6Bn |
|
Growth Factor |
The growing demand for improved user experience and increasing government rules for vehicle safety are driving the growth of the automotive AI market. |
|
Opportunity |
Rising investments by major market players are further expected to provide growth opportunities for market. |
|
Key Trends |
There is a rising demand for luxury vehicles with advanced software and systems to improve the operation efficiency and user interface. |
| Attributes | Autonomous (Driverless) Car Market |
|---|---|
|
CAGR (2022-2032) |
22.75% |
|
Market Value (2026) |
US$ 61.92 Bn |
|
Growth Factor |
Several technological breakthroughs have aided in creating a positive environment for market expansion. |
|
Opportunity |
More autonomous cars are being produced with highly advanced technologies coupled with smartphones, offering opportunities for market players to attract customers. |
|
Key Trends |
To attract customers, automakers throughout the world are introducing new semi-autonomous vehicle models. |
The sales of auto repair software are anticipated to grow as they enable automobile dealers, fleet operators, and drivers to achieve optimal use, increase safety, and automate certain driving responsibilities while also collecting valuable data such as vehicle performance and road conditions.
The auto repair software market share is projected to grow as embedded, integrated, cloud, or tethered connection options can be used to provide connected car services in a vehicle. To execute their duties, many connected automobile services require auto repair software.
The demand for auto repair software rises as it aids in the configuration, management, and monitoring of internet of things (IoT) devices in automobiles.
Furthermore, the rise in demand for connected car services is mostly due to increased safety and security concerns, the increased demand for a better driving experience, and the advent of the internet of things (IoT) in auto repair software.
As a result, tier 1 manufacturers are investing substantially to include these services in modern vehicles in order to meet the rising demand for auto repair software. As a result, the expansion of auto repair software for connected services is attributed to the increasing number of advanced services supplied in connected cars.
Due to rising demand for customer luxury lifestyle experiences, the passenger car category is predicted to dominate the market, with a CAGR of 14.8% through 2032. Major auto repair software corporations are supporting the segment by purchasing cars in large quantities.
Commercial vehicles, on the other hand, are anticipated to rise steadily in the anticipated period due to the adoption of smart logistics in the transportation industry. Due to the increased environmental awareness provided by commercial cars, consumers are anticipated to be drawn to the market.
Due to the growing demand for reducing human road fatalities, vehicle management software is likely to dominate the market with a CAGR of 14.6%. The auto repair software allows the vehicle to manage driver tiredness, self-diagnosis, and, most critically, accident navigation to keep track of the vehicles.
Due to the growing demand for safe and convenient driving practices, autonomous driving software is expected to expand at a consistent rate. Emerging technologies such as artificial intelligence, machine learning, and virtual reality are assisting drivers in recognizing things while driving or parking in order to avoid collisions and crashes.
Among the application segment, to increase vehicle efficiency and performance, the engine management system (EMS) application is expected to have a high market growth rate.
To improve drivability and minimize emissions, EMS is anticipated to constantly improve control theory search and processor capabilities.
| Regions | CAGR (2022-2032) |
|---|---|
|
United States |
14.5% |
|
United Kingdom |
13.7% |
|
China |
14.1% |
|
Japan |
13.1% |
|
South Korea |
12.3% |
With a CAGR of 14.5%, the United States is predicted to dominate the auto repair software market in the forecasted period. This is due to the existence of key industry leaders and their ability to keep up with emerging technological improvements.
The manufacturing sector has made a significant contribution by increasing car production and expanding manufacturing facilities. In addition, infrastructural development, together with rising demand for autonomous vehicles, is projected to propel the market share forward in the near future.
China is expected to demonstrate quick growth with increasing market size and a CAGR of 14.1%. Due to the region's rapidly rising automotive industry, which is predicted to drive the market further. Furthermore, the market growth is likely to be aided by greater usage of advanced technologies and increased vehicle automation.
The market is fairly consolidated. Apart from automakers, other businesses including as hardware and software companies have begun to focus on meeting the growing demand for auto repair software in the automotive industry.
As a result, the auto repair software industry has seen a considerable surge in partnerships, collaborations, and investments aimed at developing advanced auto repair software. These activities are expected to develop during the projected period, owing to increased government and business sector backing for auto repair software in a number of nations.
| Attributes | Details |
|---|---|
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Forecast period |
2022-2032 |
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Historical data available for |
2015-2021 |
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Market analysis |
USD Bn for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
By Vehicle Types
By Software
By Applications
By End-use
To know more about delivery timeline for this report Contact Sales
Auto repair software market is projected to have a CAGR of 14.8% through 2032.
United States is the leading region with an anticipated value of US$ 40 Bn by 2032.
The engine management system (EMS) application is expected to have a high market growth rate.
Auto repair software market is predicted to grow US$ 112.9 Bn by 2032.
In the forecasted period, the manufacturer retail store segment is expected to lead the market.
