Artificial Intelligence
Predictive Automobile Technology Market Size to Hit USD 118.10 Billion, Globally, by 2030 at a CAGR of 9.1%
Pune, India., June 13, 2023 (GLOBE NEWSWIRE) — The global predictive automobile technology market size was worth USD 60.96 billion in 2022. The market value is slated to rise from USD 64.26 billion in 2023 to USD 118.10 billion by 2030 at 9.1% CAGR during the forecast period. The surge is due to the growing demand for efficient, comfortable, and safe transportation. Predictive technology deploys numerous sensors for tracking real-time and historical data on driver & vehicle behaviour by leveraging Machine Learning (ML) and Artificial Intelligence (AI). This information is provided by Fortune Business Insights™ in its research report, titled “Predictive Automobile Technology Market, 2023-2030”.
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Market Drivers & Restraints:
Rise in Market Value Impelled by Escalating Penetration of Advanced Technologies
The predictive automobile technology market growth is being impelled by the rising penetration of advanced technologies. The industry expansion would be further influenced by the escalating development of autonomous and connected cars. However, the market expansion could be restrained by increasing cyber security threats related to predictive technology.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 9.1% |
| 2030 Value Projection | USD 118.10 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 64.26 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 150 |
Competitive Landscape:
Major Players Ink Partnership Deals to Strengthen Industry Position
Leading predictive automobile technology industry participants are focused on the adoption of an array of initiatives for strengthening their positions in the market. These include partnership agreements, collaborations, and others. For instance, in April 2021, Volvo expanded its partnership with NVIDIA to deploy NVIDIA DRIVE Orin system-on-a-chip (SoC) technology to power up the autonomous driving computer. The system would be part of the next-generation Volvo models.
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Segments:
Passenger Cars Segment to Emerge Prominent Owing to Increasing Popularity of New Generation Vehicles
Based on vehicle type, the market is subdivided into commercial vehicles and passenger cars. The passenger cars segment is estimated to depict a substantial surge over the projected period. The rise is due to the escalating demand for new-generation automobiles equipped with advanced safety technologies.
Other End-Users Segment to Register Notable Upsurge Due to Growing Technology Demand
On the basis of end-user, the market is fragmented into insurers, fleet owners, and other end-users. The other end-users segment is set to record considerable expansion throughout the study period. The surge is on account of the growing technology demand in private passenger cars for comfortable, efficient, and safe driving.
Software Segment to Depict Substantial Expansion Driven by Surging Demand for Reliable Analytics
Based on component, the market is classified into software and hardware. The software segment is expected to record appreciable growth over the forecast period. The growth is due to the escalating product demand for numerous applications – safe driving, commercial fleet management, and UBI.
ADAS Segment to Gain Traction Driven by Increasing Vehicle Production
Based on application, the market is categorized into OBD, predictive maintenance, ADAS, and UBI. The ADAS segment is poised to register notable growth throughout the study period. The upsurge is on account of the increasing popularity of ADAS features.
On the basis of region, the market for predictive automobile technology is fragmented into North America, Asia Pacific, Europe, and the rest of the world.
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Regional Insights:
Asia Pacific to Lead Owing to Escalating Sales of New-Generation Vehicles
The Asia Pacific predictive automobile technology market share is estimated to register considerable expansion throughout the forecast period. The rise is impelled by the growing number of sales of new-generation vehicles and the enforcement of favorable government policies in the region.
The Europe market is expected to record a substantial rise over the estimated period. This is due to the escalating adoption of electric vehicles equipped with advanced technologies.
The rest of the world constitutes the Middle East & Africa and Latin American economies. The growing automotive sector in these regions is anticipated to favor industry expansion.
Report Coverage:
The report offers a coverage of the major trends propelling market growth over the forecast period. It further gives an analysis of the vital factors impelling the overall business scenario throughout the forthcoming years. Additional aspects include merger agreements, acquisitions, and the rollout of new solutions by leading industry participants.
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A list of prominent Predictive Automobile Technology manufacturers operating in the global market:
- Continental AG (Germany)
- ZF Friedrichshafen (Germany)
- Valeo S.A (France)
- Aptiv (Ireland)
- Robert Bosch GmbH (Germany)
- Aisin Seiki (Japan)
- Garrett Motion (Switzerland)
- HARMAN INTERNATIONAL (U.S.)
- Visteon Corporation (U.S.)
- NXP (Netherlands)
Notable Industry Development:
- March 2021 – HARMAN, a Samsung Electronics subsidiary, focused on solutions for automotive, connected technology, and consumer & enterprise markets. The software agent mitigates and anticipates automotive connectivity and discrepancy on the road.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- Technological Developments
- Impact of COVID-19
- Global Predictive Automobile Technology Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By End-Users
- Fleet Owners
- Insurers
- Other End-Users
- Market Analysis, Insights and Forecast – By Component
- Software
- Hardware
- Market Analysis, Insights and Forecast – By Application
- ADAS
- OBD
- Predictive Maintenance
- UBI
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Predictive Automobile Technology Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By End-Users
- Fleet Owners
- Insurers
- Other End-Users
- Market Analysis, Insights and Forecast – By Component
- Software
- Hardware
- Market Analysis, Insights and Forecast – By Application
- ADAS
- OBD
- Predictive Maintenance
- UBI
- Market Analysis – By Country
- U.S.
- By Vehicle Type
- Canada
- By Vehicle Type
- Mexico
- By Vehicle Type
- Europe Predictive Automobile Technology Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By End-Users
- Fleet Owners
- Insurers
- Other End-Users
- Market Analysis, Insights and Forecast – By Component
- Software
- Hardware
- Market Analysis, Insights and Forecast – By Application
- ADAS
- OBD
- Predictive Maintenance
- UBI
- Market Analysis – By Country
- U.K.
- By Vehicle Type
- Germany
- By Vehicle Type
- France
- By Vehicle Type
- Rest of Europe
- By Vehicle Type
- Asia Pacific Predictive Automobile Technology Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By End-Users
- Fleet Owners
- Insurers
- Other End-Users
- Market Analysis, Insights and Forecast – By Component
- Software
- Hardware
- Market Analysis, Insights and Forecast – By Application
- ADAS
- OBD
- Predictive Maintenance
- UBI
- Market Analysis – By Country
- China
- By Vehicle Type
- Japan
- By Vehicle Type
- India
- By Vehicle Type
- South Korea
- By Vehicle Type
- Rest of Asia Pacific
- By Vehicle Type
- Rest of the World Predictive Automobile Technology Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By End-Users
- Fleet Owners
- Insurers
- Other End-Users
- Market Analysis, Insights and Forecast – By Component
- Software
- Hardware
- Market Analysis, Insights and Forecast – By Application
- ADAS
- OBD
- Predictive Maintenance
- UBI
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