Auto Repair Software Market, Competitive Landscape Growth, Size and Share Forecast to 2032
NEW YORK, NEW YORK, UNITED STATES, June 15, 2022 /EINPresswire.com/ — Auto Repair Software Market 2022
The global car repair software market is expected to constructively enrich the ICT industry in the future. RPA (Robotic Process Automation) is expected to take the world by storm. Various functionalities such as interpreting applications, processing data, processing transactions and even replying to emails are automated, helping to reduce downtime. This would be the renaissance being experienced everywhere by the ICT vertical.
The auto repair software market is expected to register a CAGR of 14.8% by 2032. The auto repair software market is estimated at US$28.4 billion in 2022 and is projected to reach US$112.9 billion by 2032.
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The growing automobile production and development of large OEMs are the main factors driving the global Car Repair Software market share.
Car repair software sales are growing because it supports communication between the driver and the car. The market prospects for car repair software are expected to evolve further due to the rapid development of safety features in the automotive industry.
The growth of AI in the auto repair software industry is due to the large amounts of data generated when using the software.
Future trends in the auto repair software market include voice and gesture recognition, enhanced HMI, driver monitoring, virtual assistance, radar-based recognition devices, and engine control units. These technological breakthroughs are expected to boost the demand for auto repair software over the forecast period.
Deep learning used to apply AI is expected to grow faster than other automotive technologies, fueling demand for auto repair software.
In addition, the development of modern driver assistance technologies in cars, which offer higher levels of safety, comfort and luxury, is driving up sales of car repair software.
Governments in both developed and developing countries require driver assistance systems and safety features. Both the US and European Union have mandated that all cars have autonomous emergency braking and forward collision warning by 2026. This factor is responsible for the sudden surge in demand for auto repair software during the forecast period.
The main purpose of car repair software is to provide efficient repair solutions. During the forecast period, this factor is expected to have a significant impact on car repair software sales.
However, the cost of maintaining and troubleshooting software along with increasing cybersecurity concerns are expected to hamper the growth of the auto repair software market.
The central theses
The passenger car segment is expected to grow at a CAGR of 14.6 percent due to rising road deaths.
The application of engine management systems (EMS) aimed at improving vehicle efficiency and performance is expected to increase rapidly in the application segment.
It is predicted that the application of engine management systems (EMS) will grow rapidly depending on the end user.
The United States is expected to dominate the auto repair software market at a CAGR of 14.5 percent over the estimated period. This is due to the presence of key industry leaders and their ability to keep up with technological advances.
At a CAGR of 14.1 percent, China’s auto repair software market is expected to grow rapidly due to the fast-growing auto industry in the region.
The players in the car repair software market are highly competitive. Some of the major market players are Ansys Inc., Autodesk, Inc., Bosch Software Innovations GmbH, CDK Global LLC and Cox Automotive.
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Partnerships, collaborations and investments aimed at developing sophisticated car repair software have exploded in the car repair software market. Due to the growing support from governments and companies for auto repair software in a number of countries, the market share of auto repair software is predicted to increase over the forecast period.
MAM Software announced a new agreement between Road Ready Wheels and VAST in April 2020. With the help of MAM Software, Road Ready now has over 540 variable SKUs and over 50,000 wheels in stock.
Toyota Motor Corp. unveiled new versions of the Lexus LS and Toyota Mirai in April 2021 in Japan, both with Advanced Drive capabilities of a Level 2 autonomous system that helps keep the car in lane, maintain distance from other vehicles and when To help lane changes and provide advanced driver support.
The Volvo Group and NVIDIA reached an agreement in March 2021 to collaborate on the decision-making system for autonomous commercial vehicles and machines.
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