03.02.2021 Бизнес

Impact of the Coronavirus on the Automotive Software Market Growth, Trends and Competitive Landscape

With the booming population, which is witnessing an increase in its purchasing power, the sale of automobiles is rising rapidly. Between 2015 and 2018, the number of vehicles in operation around the world rose sharply to 1.57 billion from 1.28 billion. Along with just the number of vehicles, even their quality is rising, as automakers are competing for a larger share in the market.

As a result, people are using their automobiles for longer than before, which is leading to brisk business for vehicle repair and servicing entities. Moreover, with the changing customer demands, vehicles are becoming more complex and more dependent on advanced technology. P&S Intelligence says that all these factors will together propel the automotive repair software market​ from $1,264.2 million in 2019 at a healthy 10.3% CAGR between 2020 and 2030.

This is because with automobiles becoming more complex, auto repair and maintenance are moving beyond mechanical and electrical maintenance, to encompass software updates and cybersecurity as well. Moreover, software also allows repair and maintenance entities to save time, which is crucial for answering customers’ demand for quick service.

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Apart from servicing and overhauling, such software helps repair personnel in inventory tracking, back-office operations, parts management, and appointment scheduling. Further, software enables garages to keep a track on their employees, drive productivity, and focus on areas that need improvement, in terms of the service quality or task duration. Similarly, companies that have garages in multiple places can integrate data from several locations at one place and share real-time information for smoother communication.

This market research report provides a comprehensive overview of the market

* Future potential of the market through its forecast for the period 2020– 2030

* Major factors driving the market and their impact during the short, medium, and long terms

* Market restraints and their impact during the short, medium, and long terms

* Recent trends and evolving opportunities for the market participants

* Historical and the present size of the market segments and understand their comparative future potential

* Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings