How Has The Predictive Vehicle Technology Market Size Evolved Historically?
The predictive vehicle technology market has seen considerable growth due to a variety of factors.
• In the past few years, the market size for predictive vehicle technology has seen a swift expansion. The market, currently worth $40.37 billion in 2024, is predicted to reach $47.4 billion in 2025, presenting a compound annual growth rate (CAGR) of 17.4%.
This upward trajectory during the historic period is due to factors such as the emphasis on driver safety, the growing requirement for fuel efficiency and emission reduction, the development of autonomous vehicles, and the implementation of government regulations and safety standards.
What Will Be The Predictive Vehicle Technology Market Size In The Future?
The predictive vehicle technology market is expected to maintain its strong growth trajectory in upcoming years.
• In the ensuing years, the predictive vehicle technology market is anticipated to experience swift growth, reaching a size of $95.7 billion in 2029 with a CAGR of 19.2%.
Factors propelling the growth during the forecasted timeline are the development of intelligent infrastructure, commitments towards environmental sustainability, potential for data monetization, governmental funding in smart cities, and enhanced consumer desire for advanced capabilities. The future holds an expansion of the connected car ecosystem, preventive maintenance solutions, telematics and usage-based insurance (UBI), energy management, and optimization of efficiency, prediction of road conditions and traffic, as well as personalized experiences within the car.
What Are The Primary Growth Drivers In The Predictive Vehicle Technology Market?
The expansion of the predictive vehicle technology market can be ascribed to the escalating requirement for vehicles incorporated with high-tech features. Modern vehicles come packed with the most recent updates such as predictive vehicle technology, advanced driver assistant systems (ADAS), electric vehicle (EV) technology, and 360-degree cameras, among others. The growth in population and the economy on a global scale, accelerated urbanization in conjunction with a drive to minimize carbon emissions, has resulted in an augmented demand for sophisticated vehicles such as electrically powered ones that utilize cutting-edge EV technology. The amplified need for technologically superior vehicles will stimulate the demand for emerging technologies like predictive vehicle technology. For instance, in February 2022, the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, stated that electric car sales in 2023 are projected to be 3.5 million more than in 2022, marking a 35% year-on-year surge. As a result, the growing need for technologically advanced vehicles bolsters the expansion of the predictive vehicle technology market.
What Is The Segmentation Of The Global Predictive Vehicle Technology Market?
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
Subsegments:
1) By Hardware: Sensors, Control Units, Communication Devices, Power Supply Systems
2) By ADAS (Advanced Driver Assistance Systems): Adaptive Cruise Control, Lane Departure Warning, Automatic Emergency Braking, Parking Assistance Systems
3) By OBD (On-Board Diagnostics): Diagnostic Scanners, Emission Testing Equipment, Vehicle Monitoring Systems
4) By Telematics: GPS Tracking Systems, Fleet Management Solutions, Vehicle Health Monitoring Systems
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What Emerging Trends Are Shaping The Predictive Vehicle Technology Market Landscape?
The prevalence of technological innovation is an emerging trend in the predictive vehicle technology industry. Leading firms in this market are concentrating on offering fresh technological products and enhancements in predictive vehicle technology to consolidate their market standing. Predictive vehicle technology incorporates hardware elements like advanced driver assistance (ADAS) components, telematics, and onboard diagnostics (OBD) port to forecast vehicle activities and support the driver. These innovations contribute to vehicle safety. For instance, in January 2024, Infineon, a semiconductor firm from Germany, partnered with Aurora Labs, an Israeli automobile technology firm, to introduce an AI-Powered Automotive Safety System. By adopting AI-driven approaches, car manufacturers can proactively identify possible defects in critical automobile components, assuring a dependable and safe driving experience for users. Infineon and Aurora Labs are setting the pace in shaping the future of vehicle technology with their focus on real-time monitoring, adherence to safety standards, and transformative solutions.
Who Are the Key Players in the Predictive Vehicle Technology Market?
Major companies operating in the predictive vehicle technology market include:
• Robert Bosch GmbH
• Continental AG
• Valeo
• 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.
What are the Regional Insights into the Predictive Vehicle Technology Market?
Asia-Pacific was the largest region in the predictive vehicle technology market in 2024. The regions covered in the predictive vehicle technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
