Dublin, Sept. 23, 2022 (GLOBE NEWSWIRE) — The “Predictive Vehicle Technology Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
The global predictive vehicle technology market is expected to grow from $25.35 billion in 2021 to $30.02 billion in 2022 at a compound annual growth rate (CAGR) of 18.41%. The predictive vehicle technology market is expected to reach $60.40 billion in 2026 at a compound annual growth rate (CAGR) of 19.10%.
The predictive vehicle technology market consists of sales of predictive vehicle technologies by entities (organizations, sole traders, and partnerships) that refer to a set of vehicle technologies that incorporate prophetic analytics with the use of both real-time and historical data to predict vehicle behavior, and faults that might hamper vehicles if not corrected in real-time. Predictive vehicle technology uses artificial intelligence (AI) and machine learning (ML) to understand the trends and operating patterns of the vehicle owner which enhances the safety of the vehicle.
The main types of component in predictive vehicle technology market are hardware, ADAS, OBD and telematics. The hardware is a mechanical devices used in predictive vehicle technology for vehicles that includes interconnected electronic devices used to control a car’s operation, input, and output. The vehicles using predictive vehicle technology are passenger vehicle and commercial vehicle deployed through on-premise and cloud. It is mainly used for proactive alerts, safety and security, maintenance analysis and predictive smart parking.
Asia Pacific was the largest region in the predictive vehicle technology market in 2021. The regions covered in the predictive vehicle technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising demand for technologically advanced vehicles propels the growth of the predictive vehicle technology market. Technologically advanced vehicles are highly equipped with the latest technology such as advanced driver assistant systems (ADAS), predictive vehicle technology, electric vehicle (EV) technology, 360-degree cameras, and more.
The growing population and the economy, and rapid urbanization globally coupled with a need to reduce carbon footprint, have led to an increased demand for technologically advanced vehicles such as electric vehicles that use the latest EV technology. As the demand for technologically advanced vehicles grows, it will drive the need for the latest technologies including predictive vehicle technology.
For instance, in February 2022, according to the International Energy Agency (IEA), the worldwide electric car market is expanding at a rapid pace with a global sale of 6.6 million EVs in 2021, more than doubling from 2019 which was 2.2 million EVs.
Market momentum has continued, with EV sales more than doubling year on year to 6.6 million in 2021, accounting for over 9% of the worldwide market. There are presently around 16 million electric vehicles on the roads globally. Therefore, the rising demand for technologically advanced vehicles drives the predictive vehicle technology market.
Technological advancement is a key trend gaining popularity in the predictive vehicle technology market. Major companies operating in the predictive vehicle technology market are focused on providing new technological solutions/upgrades in predictive vehicle technology to strengthen their position in the market.
Predictive vehicle technology also uses hardware components such as ADAS (advanced driver assistance) components, telematics, and onboard diagnostics (OBD) port to predict vehicle behavior and assist the driver. These latest technologies help in ensuring the safety of vehicles. For an instance, in April 2021, Toyota Motor Corp, a Japanese automotive manufacturer launched its new Lexus and Mirai vehicle models in Japan, outfitted with the company’s most advanced driver assistance technology, allowing for safe driving and wireless software upgrades.
The latest driving assist technology, or Advanced Drive, from the automaker, is a level 2 autonomous system that assists drivers with driving circumstances such as staying in one’s lane, maintaining a safe distance from other vehicles, and changing lanes on expressways or other motor-vehicle only routes.
In May 2020, ZF Friedrichshafen, a German-based company specializing in driveline and chassis technology, active and passive safety technology, and also a manufacturer of auto parts acquired WABCO Vehicle Control Systems for an amount of over $7 billion.
The acquisition strengthens both firms and is expected to hasten the development of new technologies to enable autonomous commercial vehicle operations, making ZF less reliant on the passenger car industry’s cycle. Wabco is a US-based company that specializes in advanced driver assistance systems for trucks and trailers.
The countries covered in the predictive vehicle technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Major players in the predictive vehicle technology market are
- Continental AG
- Garrett Motion Inc
- Aisin Corporation
- Hella KGaA Hueck & Co
- Huawei Technologies Co Ltd
- Infineon Technologies AG
- KPIT Technologies Limited
- NXP Semiconductors NV
- Qualcomm Technologies Inc
- Samsung Electronics Co Ltd
- Sierra Wireless Inc
- Cisco Systems Inc
- Cohda Wireless Pty Ltd
- Embitel Technologies
Key Topics Covered:
1. Executive Summary
2. Predictive Vehicle Technology Market Characteristics
3. Predictive Vehicle Technology Market Trends And Strategies
4. Impact Of COVID-19 On Predictive Vehicle Technology
5. Predictive Vehicle Technology Market Size And Growth
5.1. Global Predictive Vehicle Technology Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Predictive Vehicle Technology Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Predictive Vehicle Technology Market Segmentation
6.1. Global Predictive Vehicle Technology Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.2. Global Predictive Vehicle Technology Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Passenger Vehicle
- Commercial Vehicle
6.3. Global Predictive Vehicle Technology Market, Segmentation By Deployment, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.4. Global Predictive Vehicle Technology Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Pro-Active Alerts
- Safety And Security
- Maintenance Analysis
- Predictive Smart Parking
7. Predictive Vehicle Technology Market Regional And Country Analysis
7.1. Global Predictive Vehicle Technology Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Predictive Vehicle Technology Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/3ss5sm