automotive repair software market
Automotive repair software market is expected to register a CAGR of 14.8% through 2032. The automotive repair software market is estimated to be worth US$28.4 billion in 2022 and is expected to reach US$112.9 billion by 2032.
Growth in automotive production and development of major OEMs are the major factors driving the global automotive repair software market share.
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Auto repair software sales are increasing because it helps create communication between the driver and the car. The outlook for the automotive repair software market is expected to grow owing to the rapid development of safety features in the automotive industry.
The growth of AI in the automotive repair software industry is due to the large amounts of data generated while using the software.
Future trends in the automotive repair software market include voice and gesture recognition, enhanced HMI, driver monitoring, virtual help, radar-based sensing devices, and engine control units. These technological breakthroughs are expected to drive the demand for auto repair software over the forecast period.
Deep learning, which is used to apply AI, is expected to grow faster than other automotive technologies, which will drive the demand for auto repair software.
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Moreover, the development of modern driver assistance technologies in automobiles, which provide higher levels of safety, comfort and luxury, is driving up the sales of auto repair software.
Governments in both developed and developing countries require ADAS systems and security devices. Both the United States and the European Union have required all cars to be equipped with autonomous emergency braking and forward collision warning by 2026. This factor is responsible for the sudden increase in the demand for auto repair software over the forecast period.
The main purpose of auto repair software is to provide efficient repair solutions. Over the projection period, this factor is expected to have a significant impact on automotive repair software sales.
However, the cost of software maintenance and debugging, along with growing cybersecurity issues are expected to hamper the growth of the automotive repair software market size.
Key points to remember
The passenger car segment is expected to increase with a CAGR of 14.6% due to the increase in road fatalities.
The application of engine management system (EMS), which aims to improve vehicle efficiency and performance, is expected to grow rapidly in the application segment.
The application of Engine Management System (EMS) is expected to grow at a rapid rate by the end use.
The United States is expected to dominate the automotive repair software market over the estimated time frame, growing at a CAGR of 14.5%. This is due to the presence of key industry leaders and their ability to keep up with technological advancements.
With a CAGR of 14.1%, the Chinese automotive repair software market is expected to grow rapidly owing to the rapid growth of the automotive industry in the region.
The automotive repair software market players are highly competitive. Major market players include Ansys Inc., Autodesk, Inc., Bosch Software Innovations GmbH, CDK Global LLC, and Cox Automotive.
Partnerships, collaborations and investments aimed at developing sophisticated auto repair software have exploded in the auto repair software market. Due to the growing government and corporate sector support for automotive repair software in a number of countries, the automotive repair software market share is expected to rise over the forecast period.
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MAM Software announced a new agreement between Road Ready Wheels and VAST in April 2020. With the help of MAM Software, Road Ready now has over 540 variable SKUs and over 50,000 wheels in stock.
Toyota Motor Corp. unveiled new versions of the Lexus LS and Toyota Mirai in April 2021 in Japan, both featuring the Advanced Drive features of a Level 2 autonomous system that helps keep the car in its lane, maintain distance by compared to other vehicles, assist with lane changes, and provide advanced driving assistance.
Volvo Group and NVIDIA reached an agreement in March 2021 to collaborate on the decision-making system for autonomous utility vehicles and machines.
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