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 rise in demand for SDVs in the global market is influenced by a number of variables. Customers can be sure that their automobile software is kept up to date with the latest features and security enhancements by receiving over-the-air upgrades. OEMs will benefit considerably from cheaper recall costs because regular software upgrades may frequently resolve problems remotely. Additionally, new business models like remote diagnostics that enable real-time auto diagnostics and problem solving enhance the maintenance procedure.
The worldwide software defined vehicle industry is anticipated to offer substantial growth prospects for the SDV segment.
SDVs are anticipated to have the greatest growth potential over the projection period. In contrast to traditional vehicles, which mostly depend on preset hardware configurations, SDVs are more adaptable and versatile, enabling software upgrades to enhance their functionality over time. Since 2012, Tesla has been leading the way among modern OEMS in the transition to SDVs. Leading OEMs, including Stellantis, BMW, and Volkswagen, are presently in the transition phase and plan to switch from Semi-SDVs to SDVs completely by 2030. This transition will include enhanced flexibility and agility through OTA updates that allow for problem-solving and rapid response to market demands without requiring physical recalls. By concentrating on standardizing hardware and software differentiation, this will save production costs. Furthermore, by supporting software updates, it extends the life of cars.
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“China will dominate the Asia Pacific Software Defined Vehicle market.”
The software defined vehicle market is predicted to grow significantly in China, which is the largest car market in Asia Pacific and among the largest globally. The development of autonomous driving technology will be spearheaded by local software mobility providers, advanced automotive ecosystems that integrate cloud-native technologies, and ongoing research and development. The nation’s top OEMs and IT companies are using open-source platforms to create next-generation cars with software stacks that improve SDV features like connectivity, driving assistance, and digitization. SDVs are now offered in China by companies including NIO, Li Auto Inc., ZEEKR, and XPENG Inc., among others. In order to improve their SDV capabilities, many SDV providers are also collaborating with software mobility suppliers. For example, XPENG teamed up with TrueEV, an electric mobility provider firm based in Australia, in May 2024. Beginning with the release of the XPENG G6 SUV, which is based on the SEPA 2.0 platform, by the end of 2024 for international markets, TrueEV will manage the distribution and retail of XPENG automobiles in Australia.
Key Market Players
The Software Defined Vehicle market is dominated by global players such as Tesla (US), NIO (China), Li Auto Inc. (China), ZEEKR (China), XPENG Inc. (China), and Rivian (US), among others. To get traction in the market, these businesses have embraced expansions, partnerships, acquisitions, collaborations, and the creation of new products. Among other strategies, collaborations were the most frequently used.
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