The predictive vehicle technology market size is projected to reach US$ 138.23 billion by 2031 from US$ 68.23 billion in 2023. The market is expected to register a CAGR of 9.23% in 2023–2031. The benefits of PPC have made the automakers, especially heavy commercial vehicle manufacturers, integrate PPC in their vehicles. The PPC can be retrofitted in nearly all types of trucks & heavy vehicles.
The major stakeholders in the global predictive vehicle technology market ecosystem include technology providers, component providers, OEMs, and an end-user segment of the automotive industry. The technology providers offer Al, ML, and predictive technology to the automakers to integrate this technology into systems such as ADAS, OBD, telematics, V2X, and more. The component manufacturers of this mentioned system include sensors, cameras, displays, and more. Later, the system product integrated with technology is fitted into the vehicle to provide a hassle-free experience to the user by ensuring the safety and security of both driver and passenger. A distribution channel consisting of OEMs provides the finished end product to the category of end-users. Both passenger cars and commercial vehicles use predictive technology and integrated finished products in their vehicles. Predictive automobile technology finds its application in all types of vehicles, including cars, vans, SUVs, and trucks.
At present, the automotive industry is experiencing significant incorporation of various advanced technologies in cars to improve the safety and efficiency of the occupants. The automakers are leveraging artificial intelligence (AI) and machine learning (ML) to realize the patterns and trends of the driver and improve the safety of the vehicle. Both technologies are ready to become a vital part of upcoming vehicles and the automotive industry. In the race for connected cars and self-driving vehicles, predictive vehicle technologies are gaining acceptance among all auto types, which offers notable convenience to the driver and passengers. Therefore, the automakers are concentrating on adopting connected gadgets and loT in vehicles that support voice commands. The integration of IoT in connected cars is the next big digital development that persists in the automotive industry. This fact will result in bringing another revolution via the introduction of autonomous vehicles. The self-driving cars/autonomous vehicles include a sensor management system that makes loT vehicle-to-vehicle communication possible and a reality. The aforementioned factors of connected cars are projected to contribute towards the use of predictive technology by introducing a predictive collision avoidance system, predictive maintenance system, and more.
The Predictive Powertrain Control (PPC) arrived a few years ago to gain momentum in current times. The adoption of PPC assists in lowering fuel consumption by up to 5% in long-distance traffic. This is a distinct cruise control system that saves monetary resources through intelligent predictions. The PPC uses 3D maps and GPS data to scan a road ahead. Later, the system automatically adjusts the speed while rolling accordingly. Improvements in PPC retrofit are well-suited with FleetBoard telematics services, as these are already used in trucks. The heavy truck manufacturers are approaching complementary business units to improve their product portfolio and acquire additional expertise in PPC trends. For instance, Mercedes-Benz PPC technology is available for retrofitting in Actros, Arcos, and Antos by Mercedes-Benz partners across Europe. PPC in Mercedes-Benz has ordered an average of 64% of heavy vehicles in long-distance traveling. Rising demand for heavy commercial vehicles is projected to grow the adoption of predictive technology in heavy vehicles.
Demand to ensure proper data management in connected vehicles
The prevalent opportunity in pursuing in a connected car arena is data management. The connected cars are streaming huge amounts of data into the cloud, and thus, to utilize enormous data, the need for predictive analysis and data analysis is growing. Predictive collision avoidance, predictive maintenance, automotive marketing, automotive marketing, and data management of connected vehicle are some of the growing concepts responsible for the growth of the market. Another feature is boosting the use of predictive technology in vehicles. Nissan has developed a predictive collision avoidance system with the help of big data, advanced sensors, and vehicle-to-vehicle connectivity. This system enables us to judge the distance and speed of the vehicle in front of a car and of the preceding two vehicles. Also, a video and an audible signal will be sent to the driver in case of any unusual behavior. Therefore, with the huge benefit of a predictive collision avoidance system, the automotive industry might witness a sophisticated and effective collision avoidance system based on predictive driver behavior as the developers are working ahead to create apps for improving communication between the connected vehicles.
Key segments that contributed to the derivation of the predictive vehicle technology market analysis are hardware, vehicle type, and application.
The geographic scope of the predictive vehicle technology market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The US, Canada, and Mexico are major economies in North America. Owing to the higher technological advancements, the North American region remained a competitive market as the increasing populations attracted several technological developments due to high spending powers. Over the years, vehicles have become more like computers on wheels, which means that modern workshop technicians can only do their jobs with a professional predictive analytical tool. Predictive maintenance allows the auto manufacturer to fix things in any auto parts before they break. Using predictive maintenance enables manufacturers to change the manufacturing process and get rid of the problem for future products. As the region is highly advanced in terms of technology, various companies are integrating predictive maintenance tools in their passengers as well as commercial vehicles.
The regional trends and factors influencing the Predictive Vehicle Technology Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Predictive Vehicle Technology Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 68.23 Billion |
| Market Size by 2031 | US$ 138.23 Billion |
| Global CAGR (2023 - 2031) | 9.23% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Hardware
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Predictive Vehicle Technology Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Predictive Vehicle Technology Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The predictive vehicle technology market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for predictive vehicle technology market and strategies:
The “predictive vehicle technology market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: