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.
Predictive Vehicle Technology Market Analysis
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.
Predictive Vehicle Technology Market Overview
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.
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Predictive Vehicle Technology Market: Strategic Insights
Market Size Value in US$ 21.03 Billion in 2019 Market Size Value by US$ 48.83 Billion by 2027 Growth rate CAGR of 13.5% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Predictive Vehicle Technology Market: Strategic Insights
Market Size Value in | US$ 21.03 Billion in 2019 |
Market Size Value by | US$ 48.83 Billion by 2027 |
Growth rate | CAGR of 13.5% from 2020-2027 |
Forecast Period | 2020-2027 |
Base Year | 2020 |
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Speak to AnalystPredictive Vehicle Technology Market Drivers and Opportunities
Rising use of predictive powertrain control in heavy vehicles
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.
Predictive Vehicle Technology Market Report Segmentation Analysis
Key segments that contributed to the derivation of the predictive vehicle technology market analysis are hardware, vehicle type, and application.
- Based on hardware, the market has been divided into ADAS, telematics, OBD. The golf carts segment held a larger market share in 2023.
- Based on vehicle type, the predictive vehicle technology market is segmented into commercial vehicle, passenger car. The passenger car segment held the largest share of the market in 2023.
- Based on application, the predictive vehicle technology market is segmented into proactive alerts, safety and security. The safety and security segment held the largest share of the market in 2023.
Predictive Vehicle Technology Market Analysis by Geography
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.
Predictive Vehicle Technology Market Report Scope
Predictive Vehicle Technology Market News and Recent Developments
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:
- On November 2023, The City of New Orleans announced that they will use technology by Samsara Inc., the pioneer of the Connected Operations™ Cloud, to improve the safety, efficiency and sustainability of City fleet operations across 41 departments, including New Orleans Police Department (NOPD), New Orleans Fire Department (NOFD), Department of Public Works (DPW), Division of Code Enforcement, Department of Parks and Parkways (PPW), Department of Sanitation and more. The City is investing $75 million in its fleet and views the technology partnership with Samsara as critical for maintaining and protecting its vehicles. (Source: Samara Inc, Press Release/Company Website/Newsletter)
- On September 2023, M Group Services Plant & Fleet Solutions (MGSPFS) — the fleet management operating business of leading essential infrastructure services provider M Group Services — has been working with Samsara, the pioneer of the Connected Operations™ Cloud, and UK-based fleet safety solutions provider, Motormax to deliver the next generation of in-vehicle safety systems to protect drivers, road users and citizens. (Source: M Group Services Plant & Fleet Solutions, Press Release/Company Website/Newsletter)
Coverage and Deliverables
The “predictive vehicle technology market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Hardware ; Vehicle Type ; Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, South Africa, South Korea, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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