Recent automotive recalls drive increase in demand for CAD Software in South Korea

Recent automotive recalls drive increase in demand for CAD Software in South Korea

Fast Market Research announces the availability of Technavio's new report "CAD Market in South Korea 2015-2019" on their comprehensive research portal.

Computer-aided design (CAD) is a software tool for modeling and designing products and components with ease and accuracy. The software package helps engineers, architects, and other design professionals to digitally prototype products prior to production, and draft industry-specific products. The automotive, aerospace and defense, industrial machinery, and electrical and electronics industries use CAD solutions. These solutions enable end-users to digitally prototype their products before production.

Technavio's analysts forecast the CAD market in South Korea to grow at a CAGR of 6.20% during 2014-2019.

Get More Details on this Report and a Full Table of Contents at CAD Market in South Korea 2015-2019

Commenting on the report, an analyst from Technavio’s team said: “High demand for product customization has fueled a concomitant rise in the demand for CAD solutions across industries. Initially, companies relied on mass production, which led to cost reductions. However, the trend has changed with time, and mass customization has started gaining traction eventually. Product customization also leads to the creation of a single bill for materials that can be used once or multiple times depending on the end-user's requirements. Thus, there is a shift in the creation of bill of modules from product identity to product technicality. A customer-facing product configurator is used to generate BOM with the order itself. These details are passed through production units for manufacturing. CAD software plays a major role in determining the bill of materials at the design stage.”

According to the report, the many product recalls in the past few years has triggered the demand for PLM and CAD software in the automotive industry. A product recall involves retrieving a defective product because of non-conformity with product standards and safety concerns. The effective use of PLM software such as CAD, cPDM, CAE, and CAM helps minimize product recalls by refining the product. This has fueled widespread popularity of CAD software in the automotive industry.

Further, the report states that most software solution vendors charge extra for software updates. Some vendors force end-users to purchase updates by withholding technical support for customers that do not pay for the latest version. Such issues are inhibiting market growth.

The key players in the CAD Market in South Korea are Autodesk, Dassault Systèmes, PTC and Siemens PLM Software while other prominent vendors include Aveva, Bentley System, Intergraph, IronCAD and Mentor Graphics

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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