Global Predictive Vehicle Technology Market Trends And Forecast To 2024
The Predictive Vehicle Technology Market was valued at USD XX Billion in 2018 and is estimated to reach USD XX Billion by 2024, at a CAGR of XX% during the forecast period. The base year used for this study is 2018, and the forecast period considered is between 2019 and 2024.Predictive vehicle technology is a set of vehicle technologies that incorporates predictive analytics with the use of both real-time and historical data that forecast activity, behavior, and faults that might hamper vehicles if not corrected in real time.
The ADAS component is anticipated to be the largest market during the forecast period. ADAS components include various sensors like radar, LiDAR, ultrasonic sensors, and cameras. These sensors are used to sense the data and send it for further processing. These sensors can be used in isolation or with a combination in various ADAS applications. Leading automakers across the world are integrating advanced features in passenger and commercial vehicles to enhance vehicle safety performance.
Safety and security, in the coming years is likely to be integrated as an ADAS function by automakers globally. These functions are mainly intended to assist the driver by offering predictive signals. Vehicle occupants in developed countries are demanding such features in their vehicles. On the other hand, OEMs are offering these features in their vehicles in developing regions. The growth of the safety & security segment is supported by government mandates as traffic congestion is a huge issue in every region, thereby driving the growth of the segment.
The Asia Pacific region is estimated to be the largest market by 2027. The region comprises some of the fastest developing economies of the world such as China and India. Also, the Asia Pacific region is the largest market for automotive as the growing purchasing power of consumers has triggered the demand for automobiles in the region. Also, the increasing sales of commercial vehicles and passenger cars in the region are driving the growth of the market. The countries in the region are supporting the inclusion of commercial telematics in new vehicles, helping the global commercial telematics market. Many European and North American OEMs are entering the sub-continental markets to cater to the demand for advanced telematics solutions in the region. Hence, Asia Pacific is expected to show incremental growth during the forecast period.
Europe is home to leading automotive manufacturers and has been at the forefront of early adoption of electrification in vehicles. Thus, the predictive technology features in Europe are expected to gain traction during the forecast period.
Key Market Players
The major predictive vehicle technology market players include Bosch (Germany), Continental (Germany), Garrett Motion (Switzerland), Aptiv (UK), Aisin Seiki (Japan), ZF (Germany), NXP (The Netherlands), and Valeo (France) among others. These companies have strong distribution networks at a global level. In addition, these companies offer an extensive product range. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements.
- In January 2019, Visteon opened a new software development center in a 5,000 m2 facility in Timisoara’s new ISHO Offices building, part of the ISHO campus. Started initial operations in November 2018, the center is primarily engaged in software development for advanced cockpit electronics products, including digital instrument clusters, infotainment, and information displays—and will support the development of new technologies for connected and autonomous driving.
- In January 2019, Harman launched the new HARMAN Ignite 3.0, an automotive digital ecosystem for OEMs—a solution that brings the benefits of connected life into vehicles. With HARMAN Ignite 3.0, drivers will now be able to enjoy several smart features in all other areas of their life, such as a vehicle-centric marketplace, an automotive-based virtual assistant, and enhanced navigation with point-of-interest (POI) search and intelligent personalization—directly in their vehicles.
- In January 2019, Aptiv signed a commercial partnership agreement with Affectiva, a Boston-based MIT Media Lab spin-off and leader in Human Perception AI. The partnership will deliver innovative, scalable software—derived from deep learning architectures—to enhance perception capabilities in advanced safety solutions and reimagine the future of the in-cabin experience.
4.1 Predictive Vehicle Technology Market Attractiveness
4.2 Predictive Vehicle Technology Market, By Application
4.3 Predictive Vehicle Technology Market, By End User
4.4 Predictive Vehicle Technology Market, By Hardware
4.5 Predictive Vehicle Technology Market, By Deployment
4.6 Predictive Vehicle Technology Market, By Electric Vehicle Type
4.7 Predictive Vehicle Technology Market, By Region
5 Industry Overview
5.2 Market Dynamics
5.2.1 Drivers: Predictive Vehicle Technology Market
5.2.2 Restraints: Predictive Vehicle Technology Market
5.2.3 Opportunities: Predictive Vehicle Technology Market
5.2.4 Challenges: Predictive Vehicle Technology Market
6.2 Proactive Alerts
6.3 Safety & Security
7.2 Fleet Owners
7.4 OEM & Service Providers
8.2 Adas System
10.2 Passenger Vehicle
10.3 Commercial Vehicle
11 Predictive Vehicle Technology Market, By Region, 2018–2024
11.1 Regional Landscape
11.2 Asia Pacific
11.4 North America
11.5 Middle East & Africa
11.6 Latin America
(Business Overview, Products & Services, Financials, Recent Developments)
13.1 Robert Bosch
13.4 Garrett Advancing Motion
13.6 Aisin Seiki
13.7 Harman International
13.8 Visteon Corporation
*Details Might Not Be Captured in Case of Unlisted Companies.