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(I-AutoNewsWire.com, January 24, 2020 ) The Automotive Simulation Market is estimated to be USD 1.4 billion in 2018 and is projected to reach USD 2.9 billion by 2025, at a CAGR of 11.1% during the forecast period. Increasing focus on R&D activities and rapid technological changes owing to the changing government norms for vehicle safety are projected to drive the market.
The study involves four main activities to estimate the current size of the automotive simulation market. Exhaustive secondary research was done to collect information on the market such as the use of simulation software in various applications and by various end users. The next step was to validate these findings, assumptions, and market analysis with industry experts across value chains through primary research. A top-down approach was employed to estimate the complete market size of different segments considered in this study.
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The regulatory bodies segment is expected to be the fastest growing segment in the automotive simulation market, by end market, during the forecast period.
The regulatory bodies segment will grow at the highest rate as the industry moves toward the new priority 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; the governing bodies need to understand the complete functioning of these modern vehicles. The automotive simulation software are widely used at the test centers of regulatory bodies for this purpose.
The testing segment is expected to be the largest contributor in the automotive simulation market, by application, during the forecast period.
The testing application segment will grow at the fastest rate as simulation software are widely used in the automotive industry at this stage. Simulation software helps in testing the designs and validating the findings with desired results. Moreover, the simulation software significantly reduces the efforts of OEMs during lab testing and on-road testing apart from their go-to-market time for new products and technologies.
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Asia Pacific is expected to account for the largest market size during the forecast period.
Asia Pacific is expected to be the largest region in the automotive simulation market during the forecast period. Asia Pacific comprises emerging economies, such as China and India, along with developed nations, such as Japan, and is the largest market for automobiles. In the recent years, the region has emerged as a hub for automobile production. Infrastructural developments and industrialization in the emerging economies have opened new avenues, creating several opportunities for the automotive OEMs. To gain a competitive advantage in the market, OEMs are offering advanced applications such as HMI, keyless entry, and auto-park assist among others, which creates demand for prototyping and testing of new automotive systems. This, in turn, is expected to drive the growth of the market in the region. Moreover, the different governments in the region are set to introduce stringent environmental regulations on OEMs from2020 compelling manufacturers to change designs according to new standards. All these factors are expected to fuel the growth of the market in the region.
The key players in the automotive simulation market are Altair (US), Ansys (US), PTC (US), Siemens (Germany), Autodesk (US), Dassault Systèmes (France), Synopsis (US), MathWorks (US), and ESI (France)
Key Questions addressed by the report
• Where will all these developments take the industry in the mid- to long-term?
• How increasing adoption of electric vehicles and changing environmental norms affecting the automotive simulation market?
• What new application areas are the automotive simulation software providing companies exploring?
• Which are the key players in the market and how intense is the competition?
• How will the advent of autonomous vehicles impact the market?
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Mr. Shelly Singh