The automotive system simulation software market size is projected to reach US$ 5.32 billion by 2031 from US$ 1.87 billion in 2023. The market is expected to register a CAGR of 13.9% during 2023–2031. The upgrading of vehicle function and increase in the number of E/E components, growing production and sales of electric vehicles are likely to remain key trends and drivers in the market.
The demand for the automotive system simulation software market is anticipated to grow with the rapid increase in the production of new vehicles. OEMs are shifting their conventional prototyping methods towards automotive system simulation to develop new models and improve existing ones, which is fuelling the automotive system simulation software market.
The automotive system simulation software (ASM) is a tool suite that comprises simulation models for automotive applications that can be merged as needed. The models support a wide spectrum of simulations, starting with individual components like combustion engines or electric motors, to vehicle dynamics systems, up to complex virtual traffic scenarios. The models can be handled easily and intuitively with ModelDesk, the graphical user interface.
The rapid increase in the production of new vehicles is driving the automotive system simulation software market growth. As the production of new vehicles is increasing, the demand for automotive system simulation software is also increasing. For instance, according to the Association des Constructeurs Européens d’Automobiles (ACEA), in 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021. Thus, increasing the production of new motor vehicles can drive the automotive system simulation software market growth.
APAC's automotive industry has been booming since recent few years. The growth is driven by rapid urbanization, economic prosperity, and a rising population; mobility needs in Asian countries have increased for people and goods. Further, automobiles are undergoing modernization over time. Moreover, companies such as KIA, Nio, and many more in the region are focused on product development.
Key segments that contributed to the derivation of the automotive system simulation software market analysis are type, vehicle type, and propulsion type.
The geographic scope of the automotive system simulation software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
APAC has dominated the market. The region is home to several manufacturers that focus on modern technological advancement. Also, the region consists of emerging economies, including China, Japan, and India. These countries have significant automotive industries. Moreover, urbanization and industrialization are increasing the demand for a large number of vehicle production, which fuels the automotive system simulation software market in the region.
The regional trends and factors influencing the Automotive System Simulation Software Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive System Simulation Software Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.87 Billion |
| Market Size by 2031 | US$ 5.32 Billion |
| Global CAGR (2023 - 2031) | 13.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Automotive System Simulation Software Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Automotive System Simulation Software Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The automotive system simulation software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive system simulation software market are listed below:
The “Automotive System Simulation Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The expected CAGR of the bucket elevator market is 13.9%.
The automotive system simulation software market is anticipated to reach US$ 5.23 billion by 2031.
The key players in the automotive system simulation software market are ESI Group, ANSYS, Inc, Hexagon AB, dSPACE GmbH, Siemens, Modelon, IPG Automotive GmbH, Realtime Technologies, Gamma Technologies, LLC, SimScale GmbH.
The increasing popularity of autonomous vehicles is anticipated to fuel market growth in the forecast period.
The upgrading of vehicle function and increase in the number of E/E components, growing production and sales of electric vehicles are likely to remain key trends and drivers in the market.
APAC dominated the automotive system simulation software market in 2023.