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.
Automotive System Simulation Software Market Analysis
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.
Automotive System Simulation Software Market Overview
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.
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Automotive System Simulation Software Market: Strategic Insights
Market Size Value in US$ 1,142.52 million in 2021 Market Size Value by US$ 2,616.37 million by 2028 Growth rate CAGR of 12.6% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Automotive System Simulation Software Market: Strategic Insights
| Market Size Value in | US$ 1,142.52 million in 2021 |
| Market Size Value by | US$ 2,616.37 million by 2028 |
| Growth rate | CAGR of 12.6% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Automotive System Simulation Software Market Drivers and Opportunities
Rapid Increase in the Production of New Vehicles to Favor Market
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.
Booming automotive sector in APAC.
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.
Automotive System Simulation Software Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive system simulation software market analysis are type, vehicle type, and propulsion type.
- Based on type, the automotive system simulation software market is divided into transmission, engine, electric propulsion, fuel cell, driveline, chassis, and others. The transmission segment is anticipated to hold the largest share in the forecast period.
- Based on vehicle type, the automotive system simulation software market is divided into commercial vehicles and passenger cars. The commercial vehicle segment is anticipated to hold the largest share in the forecast period.
- Based on propulsion type, the automotive system simulation software market is divided into ICE and electric. The ICE segment is anticipated to hold the largest share in the forecast period.
Automotive System Simulation Software Market Share Analysis by Geography
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.
Automotive System Simulation Software Market Report Scope
Automotive System Simulation Software Market News and Recent Developments
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:
- Altair, one of the global leaders in computational intelligence, announced it had acquired Research in Flight, maker of FlightStream, which provides computational fluid dynamics (CFD) software with a large footprint in the aerospace and defense sector and a growing presence in marine, energy, turbomachinery, and automotive applications. FlightStream is a user-friendly yet powerful flow solver that bridges the gap between high-fidelity CFD simulations and the needs of engineers and designers. (Source: Altair, Company Website, May 2024)
- Rohde & Schwarz teamed up with IPG Automotive, a pioneer in virtual test driving, to redefine automotive radar Hardware-in-the-Loop (HIL) integration testing, thereby reducing the cost by bringing Autonomous Driving (AD) testing from the proving ground to the development lab. Combining the CarMaker simulation software from IPG Automotive with the R&S AREG800A radar object simulator and the R&S QAT100 advanced antenna array provides vehicle manufacturers with the ability to simulate ADAS/AD scenarios like those defined in the Euro NCAP in a controlled, safe, time-efficient and cost-reducing way. (Source: Rohde & Schwarz Company Website, April 2024)
Automotive System Simulation Software Market Report Coverage and Deliverables
The “Automotive System Simulation Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automotive system simulation software market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Automotive system simulation software market trends as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Automotive system simulation software market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive system simulation software market.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Vehicle Type, and Propulsion Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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