13.5% Global CAGR for Predictive Vehicle Technology Market to achieve US$ 48.83 Bn by 2027

Aptiv PLC, Robert Bosch GmbH, Valeo, Continental AG, and ZF Friedrichshafen AG – PROMINENT MARKET PARTICIPANTS IN PREDICTIVE VEHICLE TECHNOLOGY MARKET

At present, the automotive industry is experiencing significant integration 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 of connected cars and self-driving vehicles, predictive vehicle technologies are gaining acceptance among all auto types, which offer notable convenience to the driver and passengers. Therefore, the automakers are concentrating on adopting connected gadgets and IoT 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 IoT vehicle-to-vehicle communication possible and a reality. The quick development of connected cars offers opportunities to both the automotive industry and tech companies. The factor described above for connected cars is projected to contribute toward the use of predictive technology by introducing a predictive collision avoidance system, predictive maintenance system, and more.

The predictive analytics supports the automotive industry in managing automotive marketing challenges. By using predictive analytical tools, complex algorithms, and customer relationship management (CRM) platform, the automakers can meet the customer demands as these technologies are majorly digitally connected. The developers can integrate predictive analytics with CRM platforms to assist dealers in providing highly targeted advertisements to interested buyers. Also, in context to the adoption of predictive automobile technology, collaborations are taking place. Huge investments are required for building a new vehicle integrated with complex technologies. Therefore, the automakers and tech companies are looking ahead to partnering in order to mitigate the risks. For instance, Volkswagen and Ford are expected to join forces to develop autonomous vehicles.

The predictive vehicle technology market is segmented into hardware, application, vehicle type, and geography. Based on hardware, the market is further segmented into low ADAS, Telematics, and OBD. The ADAS segment is likely to hold the largest share of global predictive vehicle technology market throughout the forecast period. Based on application, the predictive vehicle technology market is divided into proactive alerts and safety and security. Safety and security are major applications that contributed a substantial share to the global predictive vehicle technology market in 2019. Based on vehicle type, the passenger car segment dominated the market in 2019, whereas the commercial vehicle segment is expected to be a fastest-growing segment during the forecast period. Geographically, the market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, APAC held the largest share, followed by North America and Europe. APAC is also projected to be the fastest-growing region from 2020 to 2027. AISIN SEIKI Co. Ltd., Aptiv PLC, Traffilog LTD, Continental AG, NXP Semiconductors N.V., Robert Bosch GmbH, Valeo, Visteon Corporation, HELLA GmbH & Co. KGaA, and ZF Friedrichshafen AG are among the key players that were profiled during this market study. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global predictive vehicle technology market and its ecosystem.

Most of the market initiatives were observed in North America, which have high potential of predictive vehicle technology service providers. A few important market initiatives and product developments from the industry are mentioned below: