The global predictive vehicle technology market size is expected to reach around US$ 70 Bn by 2026 and growing at a CAGR of around 19.5% during the forecast period 2019 to 2026.
Predictive Vehicle Technology is the combination of Artificial intelligence (AI) coupled with machine learning (ML) and a set of tools used for forecasting patterns from the data of previous records. The tools include data mining, neural networks, and system modeling and simulation. Predictive vehicle technology is personalizing the driving experience by automating the process of vehicle settings, including a car’s infotainment system and its application preferences. This technology can be used with sensors to inform the vehicle owners whether or not the vehicle needs service from a mechanic. The technology is able to estimate performance based on mileage and condition of the vehicle and also can inform users about the safety hazards linked with the malfunctioning of vehicles. In addition, these are basically used for the pro-active alerts and safety & security of the vehicle and user.
The increasing use of various advanced technology solutions in the automotive industry for improving the efficiency and safety concern of vehicles is primarily driving the market growth. Increasing usage of machine learning (ML) and artificial intelligence (AI) in the automotive industry is also accelerating market growth. Increasing excessive usage of real-time data for vehicular applications is further propelling the market value. In addition, the rising demand for connected vehicles is also supporting the market growth.
However, the concern associated with data security and its integration with existing software platforms is likely to hamper the market growth. Whereas, predictive vehicle technology is a key to fleet management in emerging countries is a factor likely to create demand over the forecast period. The emergence of appropriate insurance premiums with telematics is further projected to offer an opportunity during the forecast period.
ADAS components are expected to dominate the hardware segment of the predictive vehicle market during the forecast period
Advanced Driver Assistance Systems (ADAS) are projected to dominate the hardware segment over the forecast period. The ADAS components include various sensors like LiDAR, radar, ultrasonic sensors, and cameras. The various features associated with the ADAS such as adaptive cruise control, glare-free high beam and pixel light, anti-lock braking system, automatic parking, an automotive navigation system, automotive night vision, blind-spot detection system, and collision avoidance system are further supporting the segment growth.
On-premise is projected to be the largest deployment type over the forecast period
The on-premise segment is likely to dominate the market over the forecast period. The increasing demand for various applications such as parking management and emission analytics is also supporting segment growth. The increasing demand for enhancing driver productivity and the need to reduce the operational cost is driving the demand for predictive software and services.
By vehicle type, passenger cars segment is likely to dominate the market during the forecast period
The passenger car segment is projected to lead the vehicle type segment over the forecast period owing to increasing sales of passenger cars across the globe. The increasing disposable income of consumers globally is driving the segment growth. The increasing demand for electric vehicles by consumers along with the several restrictions imposed by the government on the emissions of vehicles is accelerating the market growth. The rising environmental concern due to increasing carbon footprints is further supporting the market growth.
The market research study on “Predictive Vehicle Technology Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight on the global predictive vehicle technology market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global predictive vehicle technology market, its product type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Predictive Vehicle Technology market size and volume, and segment markets by hardware, vehicle type, deployment, application, and geography along with the information on companies operating in the market. The predictive vehicle technology market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
Asia Pacific is projected to register the highest growth over the forecast period
The Asia Pacific region is anticipated to account largest market share during the forecast period. The region is experiencing substantial growth owing to the presence of the rapidly growing economies like China and India. Also, China is the world’s largest producer of automobiles followed by the U.S. and Japan. The increasing purchasing power of individuals coupled with the rising disposable income is favoring the market growth. The increasing sales of commercial and passenger vehicles in the region are further supporting the regional market growth.
The players profiled in the report include General Electric Company, Siemens AG, Microsoft Corporation, International Business Machines (IBM) Corporation, Thales S.A., Emerson Electric Co., and Bosch Software Innovations GmbH among others. The key players are involved in mergers and acquisitions and partnerships and new product development for the expansion of market share. Also, the companies are coming up with more advanced technological solutions for improving the user experience.
Market By Hardware
Market By Vehicle Type
Market By Deployment
Market By Application
Market By Geography
Middle East & Africa
Predictive Vehicle Technology is the combination of AI coupled with machine learning and a set of tools used for forecasting patterns from the data of previous records.
The predictive vehicle technology is basically used for the pro-active alerts and safety & security of the vehicle and user.
The predictive vehicle technology market growth is driven by the increasing use of various advanced technology solutions in the automotive industry for improving the efficiency and safety concern of vehicles.
Acumen Research and Consulting predict that the global predictive vehicle technology market size is poised to hit around US$ 70 Bn by 2026.
The global predictive vehicle technology market is expected to grow at a CAGR of around 19.5% during the forecast period 2019 to 2026.
ADAS components are expected to dominate the hardware segment of the predictive vehicle market during the forecast period 2019 to 2026.
By vehicle type, passenger cars segment is likely to dominate the market during the forecast period 2019 to 2026.