The global automotive hypervisor market in terms of revenue was estimated to be worth $171 million in 2022 and is poised to reach $566 million by 2027, growing at a CAGR of 27.0% from 2022 to 2027. The Asia Pacific market is a vast geographical region comprising countries such as Japan, China, India, South Korea, and Thailand. The European market includes countries such as France, Germany, Spain, Russia, and the UK. Some of the major OEMs in the European region such as Volkswagen, Daimler AG, and Volvo Cars are pioneers in automotive technologies. The North American market includes countries such as the US, Canada, and Mexico.
Increasing adoption of connected cars and advanced automotive technologies
New generation vehicles have evolved from simple transportation mediums to advanced connectivity platforms. The connected car technology has led to advancements in vehicles, which provide assistance to consumers in driving safely, avoiding accidents, lowering CO2 and NOx emissions, benefiting from insurance telematics with lower premiums, and enjoying connected lifestyle services such as on-demand entertainment and infotainment. According to Statista, as of 2021, there are 84 million connected vehicles on the road. Connected vehicles offer opportunities for improving efficiency, reducing road congestion and emissions, enhancing safety, internet connectivity, smarter parking, app to car connectivity and better vehicle maintenance. This also helps in reducing infrastructure costs. The increasing number of connected cars has opened new revenue generating opportunities for stakeholders in the connected car ecosystem.
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Rise in demand for luxury cars
Rise in demand for luxury cars is one of the factors fueling the automotive hypervisor market. For instance, Mercedes-Benz car sales across the world in 2021 were around 2 million units. Mercedes-Benz sold around 227 thousand units of plug-in hybrid as well as electric passenger cars, of which around 48 thousand units sold were Mercedes-EQ battery electric passenger cars. The sales of SUVs in North America, specifically in the US, rose by 9.5%. In the US, various automakers witnessed a rise in sales of SUVs. For instance, Volkswagen sold around 273 thousand units in 2021, which is a 45% rise compared to 2020. Porsche sold around 42 thousand units and witnessed a rise in the sale of SUVs by 14% as compared to 2020. Renault-Nisan sold around 520,000 units which was a rise of 10% as compared to 2020. Canada also witnessed a rise in SUV sales in 2021, which was 900 thousand units.
Asia Pacific will be a major contributor for Automotive Hypervisor Market
The demand for luxury segment vehicles can be a factor driving growth in this segment. Emerging leaders such as India and Thailand have also contributed to the growth of the automotive hypervisor market. The overall growth in demand for hypervisors is majorly due to the rising adoption of advanced features such as ADAS, safety, in-vehicle infotainment, navigation systems, and telematics in next-generation vehicles. In addition, Asia Pacific has a vast ecosystem in terms of the development of self-driving cars. This includes tech giants, automotive OEMs, electric vehicle OEMs, full-stack developers, and tier 1 suppliers. With multiple partnerships amongst these players as well as with government agencies, Asia Pacific is expected to be a potential market for automotive hypervisors during the forecast period.
Key Market Players
The key players considered in the analysis of the Automotive Hypervisor market are as Panasonic (Japan), NXP Semiconductors (Netherlands), Renesas Electronics (Japan), Blackberry (Canada), and Visteon Corporation (US).
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