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Technavio’s market research analyst predicts that the global market for product lifecycle management (PLM) in the automotive industry will grow steadily at a CAGR of approximately 9% during the forecast period. Increasing product recalls in the automotive industry is the primary growth driver for this market. Product recall is the process of calling back a product, which is not in conformity with the standards that are mostly related to safety.
The growing need for safety features in automobiles is expected to drive the global market for PLM in the automotive industry during the forecast period. The recent increase in the number of deaths by road accidents has forced governments across the globe to introduce stringent safety policies. Such policies force manufacturers to incorporate better safety features in their automobiles, which in turn will reduce the number of deaths caused by accidents.
In this market research report, analysts have estimated the collaborative product definition management (cPDM) software solutions segment to dominate over all the other segments during the forecast period. This sector currently accounts for more than 39% of the overall market share and is envisaged to further enhance its market share by the end of 2020 owing to its ability to streamline the manufacturing and production processes.
Technavio market research analysts have estimated the APAC region to exhibit the highest market growth rate during the forecast period. This region currently accounts for a mere 24% of the market but is predicted to experience rapid growth during the forecast period. The rapid growth of the automotive industry in China is a critical factor that is estimated to bolster market growth in this region between the period of 2016 and 2019.
The PLM market in the automotive industry is highly fragmented because of the presence of numerous small, large, and regional vendors. These companies follow several strategies, such as the acquisition of smaller companies, to expand their business during the forecast period.
The leading vendors in the market are -
Other prominent vendors in the market include Ansys, Bentley, 3D Systems, Cadence, Cadonix, CD-Adapco,Graebert, Hexagon, IMSI/Design, IronCAD, Mentor Graphics, MSC , Numeca International, Oracle, SAP, Synopsy, and Zuken.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Geographical segmentation
PART 08: Americas
PART 09: EMEA
PART 10: APAC
PART 11: Market drivers
PART 12: Impact of drivers
PART 13: Market challenges
PART 14: Impact of drivers and challenges
PART 15: Market trends
PART 16: Vendor landscape
PART 17: Key vendor analysis
PART 18: Appendix
PART 19: Explore Technavio
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