Research conducted by MarketsandMarkets reveals a captivating future for the global automotive industry. With an estimated surge in sales surpassing 100 million vehicles, battery electric vehicles (BEVs) are set to take center stage, accounting for more than 50% of the market share. These projections have spurred top automakers across the globe to invest over $1 trillion by 2030 to electrify their expansive fleets
Synchronous with the EV transition is the investment of over $200 billion over the next few years into developing software-defined vehicles. Most automakers see the EV transition as the golden opportunity to create new generation vehicles with new Electrical/Electronic architectures capable of OTA (Over the Air updates), opening new revenue streams through feature-on-demand and enabling savings that typically require an expensive recall campaign. Tesla’s remarkable success in delivering electric vehicles (EVs) with its end-to-end home-grown software and seamless over-the-air updates has made it a benchmark for most competitors. As a result, Tesla is expecting an incremental 15% of revenues in the next couple of years to be generated through software features.
