The Latin America, Middle East and Africa Software-defined Vehicle Market would witness market growth of 13.0% CAGR during the forecast period (2023-2030).
Safety features have become a requirement for consumers of automotive regionally. The rising concern over vehicle security and governmental regulations drives the market for software-defined vehicles. Safety features that can be updated over-the-air (OTA) are becoming increasingly necessary as vehicles become more complex and connected. SDVs provide this versatility because they can be updated with new software and features without going to the dealership. The ability of automakers to quickly implement fixes for software vulnerabilities or add new safety features is vital for safety. Additionally, government regulations encourage the use of SDVs.
The emergence of ride-hailing, car-sharing, and mobility-as-a-service (MaaS) platforms presents significant prospects for the market. These new mobility models significantly rely on sophisticated software systems to optimize fleet management, improve the user experience, and facilitate efficient transportation services. Connected autonomous car technology is evolving rapidly. Tesla is the most prominent company focusing on this technology. Autonomous self-driving vehicles are anticipated to create opportunities for ridesharing and mobility services.
As per International Trade Administration, in the Gulf Cooperation Council and the MENA region, Saudi Arabia sold over 52% and 35% of the vehicles in 2020. In 2019 and 2020, Saudi Arabia sold 556,000 and 436,000 vehicles, respectively. Saudi Arabia is investing in electric vehicle charging infrastructure. Advanced body and energy management solutions in SDV benefit Saudi Arabia by improving energy efficiency, optimizing vehicle performance, enhancing user experiences, and supporting the country's environmental and energy conservation efforts. The rising adoption of EVs demand across the LAMEA region, the market is estimated to increase.
The Brazil market dominated the LAMEA Software-defined Vehicle Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $12,955.8 million by 2030. The Argentina market is experiencing a CAGR of 13.6% during (2023 - 2030). Additionally, The UAE market would exhibit a CAGR of 12.6% during (2023 - 2030).
Based on Offering, the market is segmented into Hardware, Software, and Services. Based on Application, the market is segmented into ADAS/HAD, Powertrain & Chassis, Infotainment, Connectivity & Security, and Body & Energy. Based on Vehicle Type, the market is segmented into ICE, BEV, and HEV/PHEV. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Software-defined Vehicle Market is Projected to reach USD 510.4 Billion by 2030, at a CAGR of 10.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, Continental AG, Valeo SA, Aptiv PLC, Marelli Holdings Co., Ltd., Tesla, Inc., NVIDIA Corporation, Volkswagen AG, Harman International Industries, Inc. (Samsung Electronics Co., Ltd), BlackBerry Limited, Medtronic PLC
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