Predictive Vehicle Technology Market to Reach US$ 70 Bn by 2027

(Market Prediction via Comtex)

A research study by ARC foresees the Predictive Vehicle Technology market growing at a CAGR around 19.5% throughout the forecast period and reach around $70 Billion by 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.

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Asia Pacific is projected to experience the highest growth over the forecast period owing to the increasing demand for automobiles along with the rising disposable income. The emerging economies of the region such as China and India are contributing to market growth. The major companies are investing in the automotive sector is further supporting regional growth.

Passenger Cars segment is anticipated to dominate the predictive vehicle technology market over the forecast period. The rising disposable income of consumers in emerging economies have led to growing demand for advanced vehicle technologies across the globe is boosting segment growth. The increasing demand for electric vehicles by consumers across the globe owing to increasing environmental concern with the use of a fuel-based engine is further supporting the segment growth.

On-premise deployment is likely to experience the highest growth during the forecast period. For instance, Hyundai Mobis developed a “Safety Integrated Control Module” for protecting passengers through interworking with the autonomous driving sensors. The new technology predicts accidents using radar sensors and deploys safety devices according to the position of passengers, which improves safety and efficiency. The company is also planning to secure the technology for predicting the movement and position of passengers to optimize the airbags.

Some of the leading competitors are 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, acquisitions, partnerships and new product development for the expansion of market share. Also, the companies are coming up with more advance technological solutions for improving the user experience.

Market Segmentation

Market By Hardware

  • ADAS
  • Telematics
  • OBD

Market By Vehicle Type

  • Passenger Cars
  • Commercial Vehicles

Market By Deployment

  • On-Premise
  • Cloud

Market By Application

  • Maintenance Analysis
  • Driving Pattern Analysis
  • Predictive Smart Parking
  • Others

Market By Geography

(Regional Output, Demand & Forecast by Countries)

  • North America (USA and Canada)
  • Europe (UK, Germany, France, Spain and Rest of Europe)
  • Asia Pacific (China, Japan, India, Australia, South Korea and Rest of Asia-Pacific)
  • Latin America (Mexico, Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, South Africa and Rest of MEA).

Some of the key observations regarding predictive vehicle technology industry include:

  • Nissan Motor Co., Ltd. has announced the predictive brain-to-vehicle (B2V) technology that can determine the driver's task before he/she actually does. The company has introduced this technology at Consumer Electronics Show (CES) 2018.
  • Visteon Corporation, an American automotive electronics supplier and Fortune 500 company has opened a new software development center at Romania in January 2019. The initial operation of the center was started in November 2018, it's a 5,000 m2 facility in ISHO campus, Romania. The center is primarily engaged in software development for advanced cockpit electronics products. The new development is intended to support new technologies for connected and autonomous driving.
  • In 2019, a Samsung Company, Harman has launched a solution that brings the connected life into the vehicle. The new development is HARMAN Ignite 3.0, an automotive digital ecosystem for OEMs, which enables drivers to enjoy several smart features with the advance features including automotive-based virtual assistant, and enhanced navigation with point-of-interest (POI) search and intelligent personalization.
  • Aptiv PLC has partnered with Affectiva in January 2019 to deliver innovative, scalable software, derived from deep learning architectures. The new solutions are intended to enhance perception capabilities in advanced safety solutions also to redefine the in-cabin experience.
  • A UK-based electric vehicle maker, Arrival has decided to make electric vans in 2019. The company is designing new vehicles by enabling new technology solutions such as fleet management, vehicle health monitoring, predictive maintenance.
  • Innova Electronics Corporation has launched the RepairSolutions2 automotive app and a new line of Wi-Fi and Bluetooth-enabled on-board diagnostic tools at Automotive Aftermarket Products Expo (AAPEX) 2019. The new solution has various features including predictive diagnostics and service maintenance, particularly for vehicle owners to avoid surprise repairs and breakdowns.
  • Idelic has partnered with KeepTruckin in 2019 particularly for providing safer and more efficient solutions to customers. The new partnership between Idelic, a Pittsburgh-based data, and analytics platform in the transportation industry and KeepTruckin, a San Francisco-based modern fleet management solutions provider is planned to provide proactive and data-driven decisions related to fleet operations and safety.

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TABLE OF CONTENT

CHAPTER 1. INDUSTRY OVERVIEW

CHAPTER 2. MARKET DYNAMICS AND COMPETITION ANALYSIS

CHAPTER 3. MANUFACTURING PLANTS ANALYSIS

CHAPTER 4. PREDICTIVE VEHICLE TECHNOLOGY MARKET BY HARDWARE

CHAPTER 5. PREDICTIVE VEHICLE TECHNOLOGY MARKET BY VEHICLE TYPE

CHAPTER 6. PREDICTIVE VEHICLE TECHNOLOGY MARKET BY DEPLOYMENT

CHAPTER 7. PREDICTIVE VEHICLE TECHNOLOGY MARKET BY APPLICATION

CHAPTER 8. NORTH AMERICA PREDICTIVE VEHICLE TECHNOLOGY MARKET BY COUNTRY

CHAPTER 9. EUROPE PREDICTIVE VEHICLE TECHNOLOGY MARKET BY COUNTRY

CHAPTER 10. ASIA-PACIFIC PREDICTIVE VEHICLE TECHNOLOGY MARKET BY COUNTRY

CHAPTER 11. LATIN AMERICA PREDICTIVE VEHICLE TECHNOLOGY MARKET BY COUNTRY

CHAPTER 12. MIDDLE EAST & AFRICA PREDICTIVE VEHICLE TECHNOLOGY MARKET BY COUNTRY

CHAPTER 14. RESEARCH APPROACH

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