Home Automotive and Transportation Predictive Vehicle Technology Market Size,Share by segments & Region

Predictive Vehicle Technology Market

Predictive Vehicle Technology Market Size, Share & Trends Analysis Report By Deployment (Cloud, On-Premise), By Application (Pro-Active Alerts, Safety and Security), By Vehicle Type (Passenger, Commercial) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRAT596DR
Study Period 2020-2032 CAGR 9.7%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD XX Billion
Forecast Year 2032 Forecast Year Market Size USD XX Billion
Largest Market North America Fastest Growing Market Europe
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Market Overview

The predictive vehicle technology market revenue is poised for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period from 2020 to 2030. This indicates a robust expansion in the adoption and utilization of predictive vehicle technologies across various sectors of the automotive industry.
 
The automation sector is growing at an astounding rate, thus changing the course of associated technologies. It is potentially influencing the original equipment manufacturers (OEM’s), suppliers, retailers, and the aftermarket with new technologies, business models, and innovations. Predictive vehicle technology is one of the technologies emerging as a popular trend. This technology is a set of vehicle technologies that incorporates predictive analytics with the use of historical and real-time data that forecast behavior, activity, and faults that obstruct vehicle operations.

The global vehicle sales are witnessing remarkable growth over the years. According to the Ministry of International Trade and Industry, global sales grew by 2% i.e., from 81.5 million units to 84.6 million units of automobiles in 2016–2017. This surge is a result of the increasing popularity of green cars and automobiles across the globe. Some prominent regions such as China, India, Japan, South Korea, etc are opportunistic markets for predictive technology.

Market Dynamics

Market Opportunities

Booming Urban Population to Present Lucrative Opportunities

City populations across the globe are booming; about half of the world’s population, i.e. close to 3.7 billion people reside in urban areas. This number is estimated to surge by 66% by 2050. (Source: World Economic Forum). As urban consumers have a penchant for sophistication and digitalization in how they work, live, buy, and communicate, they eventually prefer premium mobility. Thus, managing the ever-increasing urban environments compelled notable automotive players to adopt such versatile technologies.

Connected Devices to Complement the Predictive Vehicle Technology

The global economy is dramatically transforming into a digital marketplace with the advent of technologies such as big data and analytics, cloud computing, sensors, and the internet of things (IoT) in sectors such as e-commerce, mobility and broadband connectivity, and social media. According to the World Economic Forum, there will be more than 38.1 billion connected devices, as a consequence, the crucial challenge of the automobile industry is to adopt and sustain such an environment with connected devices complementing the predictive vehicle technology. 

Regional Analysis

Alarming Rate of Motor Fatalities in North America Prompts the Need for Predictive Vehicle Technology

The increasing collision rates in countries such as the U.S. and Canada indicates the pressing need for safety measures such as predictive vehicle technology in the automobile sector. According to the National Highway Traffic Safety Administration (NHTSA), in 2017, roughly 37,133 people were subjected to motor fatalities in the U.S. Similarly, the Government of Canada registered close to 1,679 motor fatalities in 2017. The pro-active alert system offered by predictive vehicle technology is an ideal solution to prevent motor fatalities as it prompts beforehand impending on-road dangers such as sudden and uncontrollable turns by heavy vehicles and careless overtaking. Like any other region, North America is eagerly following the motive of reshaping its automotive sector that fits the requisite safety and security parameters. Several regulations drafted by the U.S. and Canadian regulatory bodies underpin this motive, thus encouraging the adoption of Advanced Driver-Assistance Systems (ADAS) and associated safety modules.

Prodigious Automotive Sector of Europe to Lay the Foundation for Promising Predictive Vehicle Technology industry

Europe is considered to have a vast automotive sector on account of the presence of several key manufacturers. Germany, France, Denmark, and Italy are the automotive leaders present in Europe. According to the European Automobile Manufacturers Association (ACEA), automobile manufacturers operate close to 309 vehicle assembly and production plants spanning 27 countries in Europe. These manufacturers not only supply for the domestic market but also actively export across the globe. Several countries in Europe consider predictive technologies as a mandate and an integral part of the vehicle. Therefore, the broad automotive sector in tandem with the awareness regarding predictive technology is accelerating the Europe predictive technology market.

China’s “The Connected Vehicle Industry Development Plan 2020” to Boost the Asia-Pacific Market Growth

Countries such as China, Japan, Australia, India, and others are determined to develop their industrial verticals, such as automotive, to sustain global standards and competitiveness. As per the global scenario, Europe and North America are rapidly adopting measures to effectuate the idea of autonomous vehicles or driverless mobility. As a consequence, well-established sectors such as China and Japan are striving toward meeting the global benchmark. According to the International Trade Administration (ITA), China drafted “The Connected Vehicle Industry Development Plan 2020” that demands for at least 50% of the vehicles to be equipped with partial assistance (PA), driver assistance (DA), or conditional assistance (CA), and to attain this demand, the extensive deployment of predictive vehicle technology is imperative. Also, the emergence of the “Action Plan for Realizing Automated Driving” drafted by the “Panel on Business Strategies on Automated Driving” in China for devising an ideal future vision for autonomous driving provides untapped prospects for the predictive vehicle technology to grow as it involves advanced driver-assistance system.

Brazil Picked Up Growth Regardless of the Consequent Recession Situation

Brazil, the UAE, Argentina, and South Africa that are emerging in the automotive sector. The United Arab Emirates (UAE), Saudi Arabia, and Abu Dhabi are subsequently inclining toward a service-oriented model with a focus on customer safety and experience. Brazil endured a consequent recession of four years until 2016 in its automotive sector; however, in 2017, the country resumed growth. According to the Presidency of the Republic of Brazil, in 2017, automobile production rose by 25.2% producing about 2.7 million vehicles with a 9.2% leap in sales. In light of these digits, the predictive vehicle technology market is foreseen to experience sizable growth in the LAMEA region.

Report Scope

Report Metric Details
Segmentations
By Deployment
  1. Cloud
  2. On-Premise
By Application
  1. Pro-Active Alerts
  2. Safety and Security
By Vehicle Type
  1. Passenger
  2. Commercial
Company Profiles Bosch Continental Garrett Motion Aptiv Aisin Seiki ZF NXP Valeo.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

Cloud-based Deployment Facilitates Ease of Integration of Predictive Vehicle Technology

Cloud technology allows vehicle engineers to deploy smaller center console with less hardware to be installed under the dash and outsource data tasks to a remote server. This results in slimmer control boards and better legroom for passengers. Cloud deployment model facilitates the reduction of energy footprints, expensive upgrades, system changes, thus bringing ease in the integration of predictive vehicle technology.

Vehicle Safety — An Indispensable Requirement

The critical need for installing an active safety system in cars is becoming increasingly prevalent. Passenger safety is an indispensable requirement in the automotive sector. Various manufacturers have realized the paramountcy of passenger safety; thus, they are extensively integrating safety modules to deck out their offerings. Pro-active alerts, one of the vital aspects of predictive vehicle technology, aims at preventing accidents by providing advanced warnings and steering assistance to the driver. Some of the standard active safety systems offered under predictive vehicle technology are Head-Up Display (HUD), Anti-Lock Braking Systems (ABS), Electronic Stability Control (ESC), Tire Pressure Monitoring System (TPMS), Lane Departure Warning System (LDWS), Adaptive Cruise Control (ACC), Driver Monitoring System (DMS), Blind Spot Detection (BSD) and Night Vision System (NVS).  

Increasing Accidents of Passenger Vehicles to Trigger the Utilization of Predictive Vehicle Technology

The burgeoning production of passenger vehicles in the regions across the globe offers several opportunities for the predictive vehicle technology market. The below table shows the production of passenger vehicles in the fourth quarter of 2018 for regions such as North America, Europe, South America, Asia, and Africa. The increasing number of accidents of passenger vehicles among these regions is anticipated to fuel the deployment of predictive vehicle technology in the future automotive models to ensure passenger safety and reduce the fatality rates. According to the Organization for Economic Co-operation and Development (OECD), in 2017, India accounted for about 147,913 deaths in road accidents. Such a scenario is foreseen to trigger the adoption rate of vehicle security measures, thus creating a promising market for predictive vehicle technology.

Market Size By Deployment

Top Key Players

Bosch Continental Garrett Motion Aptiv Aisin Seiki ZF NXP Valeo. Others

Frequently Asked Questions (FAQs)

What is the growth rate for the Predictive Vehicle Technology Industry?
Global Market size will grow at approx. CAGR of 9.7% during the forecast period.
Top industry players in Predictive Vehicle Technology Market are, Bosch, Continental, Garrett Motion, Aptiv, Aisin Seiki, ZF, NXP, Valeo., etc.
In the Predictive Vehicle Technology industry, North America has established itself as the market leader with a significant market share.
The Europe region has experienced the highest growth rate in the Predictive Vehicle Technology Market.
The global Market report is segmented as follows: By Deployment, By Application, By Vehicle Type


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