Overview and Scope
The predictive vehicle technology 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.
Sizing and Forecast
The predictive vehicle technology market size has grown rapidly in recent years. It will grow from $34.77 billion in 2023 to $41.23 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth in the historic period can be attributed to focus on driver safety, demand for fuel efficiency and emission reduction, autonomous vehicle development, government regulations and safety standards,
The predictive vehicle technology market size is expected to see rapid growth in the next few years. It will grow to $79.99 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%. The growth in the forecast period can be attributed to smart infrastructure development, environmental sustainability goals, data monetization opportunities, government investments in smart cities, consumer demand for advanced features.. Major trends in the forecast period include connected car ecosystem expansion, predictive maintenance solutions, usage-based insurance (ubi) and telematics, energy management and efficiency optimization, road condition and traffic prediction, personalized in-car experiences.
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Segmentation & Regional Insights
The predictive vehicle technology market covered in this report is segmented –
1) By Component: Hardware, ADAS, OBD, Telematics
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle
3) By Deployment: On-Premise, Cloud
4) By Application: Proactive Alerts, Safety And Security, Maintenance Analysis, Predictive Smart Parking
Asia-Pacific was the largest region in the predictive vehicle technology market in 2023. The regions covered in the predictive vehicle technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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 growth.
Key Industry Players
Major companies operating in the predictive vehicle technology market report are Robert Bosch GmbH, Continental AG, Valeo, Garrett Motion Inc., Aisin Corporation,Tesla Inc.,Waymo LLC.,Mobileye Inc.,NVIDIA Corporation,Aptiv PLC.,Otonomo Technologies Ltd.,Kia Motors Corporation, BorgWarner Inc.,ZF Friedrichshafen AG,Velodyne Lidar Inc.,Aeva Technologies Inc.,Argo AI LLC,Nuro Inc.,Aurora Innovation Inc., Amazon Com Inc.,General Motors Company,Ford Motor Company,Mercedes-Benz Group AG,Audi Automobilwerke GmbH Zwickau,The Volvo Group,Hyundai Motor Co,Bayerische Motoren Werke GmbH,Toyota Motor Corporation,Honda Motor Co Ltd.,Qualcomm Inc.
The predictive vehicle technology market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
……..
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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