With people’s disposable income and awareness about road safety increasing, the demand for better-quality automobiles is rising rapidly. This is one of the major factors that would drive the global computer-aided design (CAD) software market to $18.7 billion by 2030, from $9.3 billion in 2019, at a 6.6% CAGR between 2020 and 2030. Another factor propelling the use of advanced software for component designing and modeling in the automotive industry is the large number of vehicle recalls in the past.
In the same way, the CAD software market is also predicted to be benefitted by the growing demand for connected and autonomous vehicles. The software is already being used by automakers to ensure precision and quality, by simulating and visualizing how the automobile or a particular component will behave in the real world, during R&D. This way, changes can be made and the design bolstered before it is put into mass production, thus helping save time and costs, according to P&S Intelligence.
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The coronavirus situation is leading to a fall in the revenue generated in the CAD software market, as the lockdowns around the world have affected almost all the major end users of the software, including automakers, construction firms, media and entertainment companies, aerospace organizations, and industrial manufacturers. Additionally, the demand for end products, such as automobiles, aircraft, and real estate, has also dropped, with a large number of people facing salary cuts or unemployment.
Browse report with detailed COVID-19 impact analysis on “CAD Software Market Research Report: By Technology (2D Software, 3D Software), Model (Solid, Surface, Wireframe), Deployment (On-Premises, Cloud), Level (Professional, Intermediate, Beginner), Application (Aerospace & Defense, Automotive, Manufacturing, Healthcare, Media & Entertainment, Arts) – Global Industry Analysis and Growth Forecast to 2030” at: https://www.psmarketresearch.com/market-analysis/cad-software-market
The aerospace & defense application contributed the highest revenue to the CAD software market in the past. As the development of modern missiles, space shuttles, and aircraft is a complex process, CAD is being used to design individual components, including interbody sheets and wings. With countries spending increasingly on bolstering their defense capabilities, the usage of CAD for weapon designing is rising. For instance, as per the Stockholm International Peace Research Institute (SIPRI), a defense budget of $700 billion was approved by the U.S. government in 2018.
North America has made the largest contribution to the CAD software market up till now. Aerospace & defense firms in the U.S. are rapidly adopting the software to visualize, create, and refine aircraft designs during the process of prototyping. In addition, the continent is home to the offices of numerous major market players, including Autodesk Inc., Dassault Systèmes SE, Adobe Inc., and Trimble Inc.
The fastest-growing CAD software market in the immediate future will be Asia-Pacific (APAC). The healthcare sector of Japan, India, and China is witnessing a rapid integration of the CAD technology for the development of enhanced diagnostic tools and medical device. Further, the usage of the software is growing in the regional construction, defense, automotive, and manufacturing industries.
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To eliminate the competition and have a better go at success, companies working the CAD software market are merging with or acquiring other businesses, with the idea to:
- Offer better simulation capabilities for smart industrial facilities
- Combine each other’s operational technologies, information management expertise, and engineering models
- Strengthen their CAD solutions with powerful collaboration and data management capabilities of the software-as-a-service (SaaS) model
- Provide life sciences companies with comprehensive business experience platforms
- Automate construction workflows, to connect construction processes across operations and designing platforms
The most prominent global CAD software market players are Bentley Systems Inc., Autodesk Inc., Trimble Inc., Dassault Systèmes SE, Gstarsoft Co. Ltd., PTC Inc., AVEVA Group plc, 3D Systems Corporation, IronCAD LLC, Hexagon AB, CNC Software Inc., AO Nanosoft, ZWSOFT CO. LTD., SolidCAM GmbH, and Siemens AG.
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India CAD Software Market
Geographically, Maharashtra is expected to register the fastest growth in the Indian CAD software market during the forecast period. This can be ascribed to the robust economic growth in the state and its productive technology, manufacturing, international trade, and financial sectors.
APAC CAD Software Market
The Asia-Pacific CAD software market is expected to reach $4.0 billion by 2024, registering a CAGR of 9.4% during the forecast period. The market growth is primarily supported by the growing adoption of CAD software in the packaging and automotive industries owing to the increased need for precise design for product prototyping, according to P&S Intelligence.