DUBLIN--(BUSINESS WIRE)--The "Automotive Simulation Market by Deployment (On-premises, Cloud), Component (Software, Services), End Market (OEM, Automotive Component Manufacturers, Regulatory Bodies), and Region (Asia Pacific, Europe, North America, RoW) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
Rapid technological changes as a result of an increase in the government regulations related to vehicle safety, and increasing focus on R&D activities to fuel the demand for the automotive simulation market.
The global automotive simulation market is projected to grow at a CAGR of 11.1% during the forecast period, from USD 1.4 billion in 2018 to USD 2.9 billion by 2025.
The growing number of connected cars and electronic content per vehicle and reinforcement of mandates by regulatory bodies for vehicle safety and comfort are driving the automotive simulation market. The technological advancements such as autonomous vehicles, truck-platooning, Vehicle-to-everything (V2X) are expected to create opportunities for the automotive simulation market in the coming years. However, complexities in real-time control can restrain the growth of the automotive simulation market. Lack of benchmarks and standards in the simulation and analysis market and integration complexities can pose challenges for the automotive simulation market.
Cloud segment to grow at a significant rate during the forecast period.
The cloud segment of the automotive simulation market is projected to grow at the highest CAGR during the forecast period. Various benefits over the on-premises segment such as pay-per-use model, flexibility, speed in accessibility, and low installation and maintenance cost are driving the growth of the automotive simulation market.
The regulatory bodies segment is estimated to be the fastest growing market, in terms of value, in the automotive simulation market.
The use of automotive simulation software by regulatory bodies will increase at the highest rate as the industry moves toward new priorities of manufacturing self-driving cars and environment-friendly vehicles. Thus, the old regulations need a lot of revision, and several new laws need to be created. For this, the governing bodies need to understand the functioning of the vehicles properly. Automotive simulation software will be helpful for the same. Thus, the increasing government regulations in various regions are driving the simulation market for regulatory bodies.
North America is estimated to be the fastest growing region in the automotive simulation market during the forecast period.
The North America region is estimated to grow at the highest CAGR in the automotive simulation market during the forecast period. The increasing number of connected vehicles and a growing awareness of green vehicles among people are expected to fuel the growth of the automotive simulation market in the North America region. Moreover, the US has taken an aggressive stance on testing self-driving vehicles as well as making their EVs more intelligent. Owing to this, the automotive simulation market is expected to gain more popularity in the region.
Market Dynamics
Drivers
- Rapid Technological Changes
- Increasing Focus on R&D Activities
Restraints
- Complexities in Real-Time Control
Opportunities
- Increasing Developments in the Field of Autonomous and Semi-Autonomous Vehicles
Challenges
- Integration Complexities
- Lack of Benchmark and Standards in the Simulation and Analysis Market
Companies Mentioned
- Altair Engineering
- Ansys
- Anylogic
- Aras
- Autodesk
- AVL
- Comsol
- Dassault Systmes
- Design Simulation Technologies
- Dspace GmbH
- ESI
- IPG Automotive
- Mathworks
- Opal-Rt
- PTC
- Siemens
- Simscale
- Simul8 Corporation
- Synopsys
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