President of Bosch China said the company is confident with China's prospects as the largest market outside Germany and reaffirmed the company's commitment to investing in new technologies and a range of smart mobility solutions.
FRANKFURT, June 19 (Xinhua) -- German company Bosch is aiming to become a leading global software supplier for automakers, it announced on Wednesday.
The global market for software and electronics is set to grow at a pace faster than automotive production by 2030, consultancies said. "We want to be the number-one choice for automakers worldwide in this area as well," Stefan Hartung, chairman of the board of management of Robert Bosch GmbH, said at an address made at Bosch Tech Day 2024.
Citing a forecast by McKinsey, Hartung said the global market for automotive software and electronics could reach 462 billion U.S. dollars by 2030, which is equivalent to a 5.5 percent average annual growth from 2019.
As well as the software Bosch has developed to go with its hardware, the company has also been investing heavily in the so-called "standalone software."
"By the end of the decade, we want our software to generate sales running into the billions," Hartung said, stressing that software has become "one of the mainstays of success."
On Tuesday, President of Bosch China Xu Daquan said at a media briefing that the company is confident with China's prospects as the largest market outside Germany and reaffirmed the company's commitment to investing in new technologies and a range of smart mobility solutions.
Over the last decade, Bosch has invested approximately 50 billion yuan (6.89 billion dollars) in the Chinese market, said Xu, adding that Bosch is steadily ramping up its investments in China, focusing particularly on electrification, automation, and internet technologies.
Xu emphasized that by nurturing research and development teams in China and establishing a reliable product supply chain, Bosch aims to export locally developed products and technologies to the world, gradually integrating them into the global market and supporting Bosch's locations in other regions as well. ■
