Major automotive simulation market participants include Altair Engineering Inc., Ansys, Inc., Anthony Best Dynamics Limited, Autodesk Inc., AVL List GmbH, Dassault Systèmes, Design Simulation Technologies, Inc., dSPACE GmbH, ESI Group, Gamma Technologies, and others.
Selbyville, Delaware, Oct. 10, 2022 (GLOBE NEWSWIRE) —
The automotive simulation market is expected to record a valuation of USD 5 billion by 2030, according to a new research report by Global Market Insights Inc.
High interest of manufacturers toward installing in-built simulation software is set to drive the industry trends. Services such as adaptive cruise control, ADAS, active chassis stability, and infotainment provide customer safety. This is spurring the adoption of automotive simulation solutions for in-vehicle electronic systems to assist in designing rapidly changing platforms of emerging car series, which has been lucrative for product uptake.
The expensive cost of software licensing is estimated to emerge as a major restraining factor for automotive simulation market expansion. High investment in software licensing and computing power requirements has been hampering the adoption of automotive simulation solutions to cater to the emerging trends in the automotive industry. Nonetheless, rigorous government initiatives to provide effective solutions at optimal prices are foreseen to help manufacturers and automobile owners combat this issue.
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High preference for skilled professionals to propel the demand for simulation services
The services component segment in automotive simulation market is predicted to observe considerable demand during the forecast period due to the increase in the hiring of trained professionals by SMEs and component manufacturers. These services can be availed on a pay-per-hour and pay-per-work basis, which is convenient for component manufacturers, thereby fostering the segment outlook. Industry participants are also providing orientation regarding the use of products and maximizing productivity.
Cloud automated simulation solutions to depict an appreciable growth
In terms of deployment model, the automotive simulation market from cloud segment is poised to showcase growth at over 20% CAGR through 2030. This growth is attributed to an upsurge in demand for services, such as swift configuration, quick deployment features, and reliability. The mounting focus of OEMs on creating infotainment systems with cloud connectivity is slated to stimulate product penetration, thereby propelling the overall industry growth.
Favorable investment by manufacturers to aid OEM segment growth
In terms of end use, the OEMs segment in automotive simulation market is projected to cross more than USD 4 billion in revenue by 2030, credited to high investments by automotive manufacturers toward the expansion of autonomous technologies. The burgeoning awareness regarding the carbon footprint of the automotive industry has shifted consumer interest toward electric vehicles, which is set to offer various growth opportunities for OEMs in the forthcoming years.
OEM focusing on vehicle connectivity to push electricals application segment growth
The automotive simulation market from the electricals segment is anticipated to remain positive until 2030. As a result of the evolving landscape of the automotive industry, OEMs are working on developing connected cars with internet connectivity, remote parking assistance, remote access, and more, thereby bolstering the demand for automotive simulation technologies. To cite an instance, in May 2022, Toyo Corporation, a test & measurement company, revealed that a U.S.-based automotive manufacturer had selected its vehicle-in-the-loop simulator (ViLS) for the testing and validation of its next-generation electric & autonomous vehicles.
Europe to become a prominent regional ground
Europe automotive simulation market accounted for around 30% of the revenue share in 2021. Several premium brands in the field are offering a wide range of vehicles, which has promoted the development of vehicles with autonomous technologies, thereby attracting a significant customer base. Another factor driving regional market growth are prominent government initiative toward enhancing the connectivity of vehicles to prevent automobile accidents and failures, boosting the demand for automotive simulation.
Effective strategic alliances to remain a major growth strategy
Top companies operating in the automotive simulation market are Design Simulation Technologies, Inc., dSPACE GmbH, ESI Group, Numeca, OPAL-RT TECHNOLOGIES, Inc., PTC, Siemens, SimScale, Simul8 Corporation, Synopsys, Inc., and The MathWorks, Inc., among others. These leaders engage mainly in introducing advanced technologies that fulfill customer needs for maintaining and enabling vehicle connectivity, along with strategic partnerships and collaborations with automotive giants to maintain their market position.
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Partial Table of Contents (ToC) of the report:
Chapter 3. Automotive Simulation Market Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Impact of Russia-Ukraine conflict
3.4 Automotive simulation industry ecosystem analysis
3.5 Technology & innovation landscape
3.5.1 Advanced Driver Assistance System (ADAS)
3.5.2 Digital twin technology
3.5.3 5G communication systems
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Rise in the market or Advanced Driver Assistance System (ADAS) in North America
3.7.1.2 Flourishing automobile production and passenger vehicle sales in Europe
3.7.1.3 Growing advent of telematics and cellular network in automotive sector in APAC
3.7.1.4 Rising demand for connected vehicles in Latin America
3.7.1.5 Stringent environment regulations and rising demand for road safety in MEA
3.7.2 Industry pitfalls & challenges
3.7.2.1 High capital investments
3.7.2.2 Lack of standard protocols to develop software platforms
3.8 Key initiatives & news
3.9 Patent analysis
3.10 Investment portfolio
3.11 Use cases
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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