DUBLIN--(BUSINESS WIRE)--The "Automotive System Simulation Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Vehicle Type, and Propulsion Type" report has been added to ResearchAndMarkets.com's offering.
The automotive system simulation software market is projected to reach US$ 2,616.37 million by 2028 from US$ 1,142.52 million in 2021; it is expected to grow at a CAGR of 12.6% from 2021 to 2028.
APAC is at the forefront of the production and sales of automobiles, mainly due to the presence of the world's prominent automotive players, such as Honda, Tata, Toyota, and Geely Auto Group, in the region. Fast-growing economies such as China and India and developed countries such as Japan, Singapore, and Australia are generating huge demands for new vehicles. The current focus of Asian countries on developing a solid manufacturing sector has boosted the prospects of automotive manufacturing in the region.
For example, in August 2021, the Indian government launched The Automotive Mission Plan, with a focus on increasing the automotive sector's contribution to national GDP to 12% and creating ~50 million new jobs. Furthermore, an unprecedented need to limit air pollution due to the alarming levels of emissions, especially from passenger vehicles, has encouraged these countries to enact strict regulations on ICE vehicles.
Additionally, countries in the region, particularly China and Japan, are prompting the adoption of electric vehicles. According to the ZoZo Go, Electric vehicle makers sold a whopping 3.3 million units in China in 2021, reporting a surge from 1.3 million in 2020 and 1.2 million in 2019. The aforementioned factors are expected to drive The automotive system simulation software market in this region, owing to the ability of these solutions to speed up the production of vehicles and their components, without hampering their reliability.
Impact of COVID-19
The COVID-19 crisis had a cascading impact on the global automotive industry since its inception in China, where sales dropped down by 71% in February 2020; and subsequently, by April, sales declined by 47% in the US and crashed by a staggering 80% in Europe. This lowered the market demand as requirement from major automotive manufacturers has declined. However, as the supply chain started regaining some strength from the third quarter of 2020 through the second quarter of 2021, automakers have witnessed a steady rise in the production levels.
Furthermore, the crisis has brought rapid transformation across the mobility value chain and accelerated the digitization process occurring prior to it. Although the pandemic-related restrictions had led to prolonged or periodic shutdowns of production lines, non-manufacturing processes have continued to be attended by employees with secure connections through work-from-home or remote work model. The use of automotive system simulation software market has greatly assisted the production and research of automakers during the crisis since product development process could be continued with limited or no access to laboratories.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the automotive system simulation software market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the automotive system simulation software market thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth Global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Market Dynamics
Drivers
- Upgrading of Vehicle Functions and Increase in Number of E/E Components
- Growing Production and Sales of Electric Vehicles
Restraints
- Possibility of Invalid Research Outcomes
Opportunities
- Booming Automotive Sector in Asia Pacific
Future Trends
- Popularity of Autonomous Vehicles
Companies Mentioned
- ESI Group
- ANSYS, Inc
- Hexagon AB
- dSPACE GmbH
- Siemens
- Modelon
- IPG Automotive GmbH
- Realtime Technologies
- Gamma Technologies, LLC
- SimScale GmbH
For more information about this report visit https://www.researchandmarkets.com/r/6ujb7g
