iCrowd Newswire – May 26, 2020
Global Automotive Simulation Market is expected to grow at a CAGR of 11.23% to reach USD 3.22 billion by 2026. This increase in market value can be accredited to the substantial R&D activities undergoing in the market, with the use of cloud computing for automotive simulation.
Cloud computing allows better vehicle engineering. The design teams can provide exactly what customers want through advanced analytics capabilities. The business have the opportunity to gather more detailed consumer insights through enhanced analytics and real-time monitoring.
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They are also able to build more efficient designs, as better engineering will lead to less necessary hardware. The demand for improved safety, convenience, and comfort features in automobiles is increasing steadily. These rapid changes compel manufacturers to change their designs repetitively. These constant changes in powertrain, HEV/EV, advanced driver assistance, chassis, and infotainment systems are anticipated to drive the growth of the automotive simulation market. The increasing investment in Research & Development is also paving ways for creation of various opportunities in the market.
The automotive industry globally is emphasizing on addressing the ever-rising demand for improved safety, convenience, and comfort of vehicles. The rising investments by automobile OEMs in developing advanced vehicle technology such as safety critical control software, smart electronics, and autonomous driving systems is accredited to the need of automotive simulation along with improvement of fuel efficiency and emission reduction. Additionally, automotive simulation allows to re-engineer various vehicle parts and deliver faster innovations through rapid virtual prototyping and testing for smart controls, energy efficiency, electrification, and light-weighting.
Based on application, the automotive simulation market size is segmented into prototyping and testing. The testing application is anticipated to grow at the highest rate and drive the market due to the increasing use of the simulation software for testing designs and validating the findings with the anticipated results. The simulation software decreases the efforts of OEMs during on-road and lab testing which help them in improving their products and technologies within the stipulated timeframe.
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Asia Pacific represented the largest share of the Global Automotive Simulation market and is projected to witness rapid growth over the forecast period. Asia Pacific has emerged as a hub for automobile production due to the presence of emerging countries such as India and China as well as developing countries such as Japan in the region. Industrialization and Infrastructural developments in the emerging economies have created new opportunities and unlocked new avenues for the automotive OEMs.
The major market players in the Automotive Simulation market are Altair Engineering, Ansys, PTC, Siemens, Autodesk, Dassault Systèmes, Synopsys, Mathworks, ESI, IPG Automotive, AVL, Aras, Comsol, Simul8 Corporation, Design Simulation Technologies, Dspace GmbH, Opal-Rt, Simscale, Anylogic and other prominent players. These vendors have adopted various startegies to expand their offerings in the market.
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