June 29, 2020
According to the research report titled ‘Predictive Vehicle Technology Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Hardware; Vehicle Type; Application, global predictive vehicle technology market was worth USD 21.03 billion in 2019 and is expected to amass USD 48.8 billion by the year 2027, witnessing a CAGR of 13.5% over 2020-2027.
The increasing usage of artificial intelligence in automotive and predictive technologies in commercial vehicles is boosting the demand for predictive technology in automotive industry. Additionally, the need to handle the huge amount of data produced by the vehicles is likely to have a positive impact on the deployment of predictive vehicle technology during the analysis period, projects the study.
The emergence of connected cars and self-driving or autonomous vehicles across the globe is anticipated to favor the predictive vehicle technology in terms of development of predictive collision avoidance and other systems. Regions such as North America and Europe are the forerunners in the automobile industry in terms of the deployment of advanced technology. Advanced technologies like machine learning, artificial intelligence, and predictive technologies are increasingly deployed in cars and other commercial vehicles across the globe.
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Incorporation of advanced technologies, like machine learning & artificial intelligence and predictive technologies, in passenger cars and commercial vehicles is on the rise across the globe. In an era of ongoing technological innovations, digital platforms are the latest mode of technical transformation. Autonomous vehicles are being tested in regions such as UAE, Japan, Singapore, Netherlands, US, and UK.
Considering the geographical hierarchy, Asia Pacific held a significant share of the global market in 2019 and is slated to grow substantially over 2020-2027.
The companies which define the competitive landscape of the global predictive vehicle technology market are ZF Friedrichshafen AG, Visteon Corp., Valeo, Traffilog LTD, Robert Bosch GmbH, NXP SEMICONDUCTORS N.V., HELLA GmbH and Co. KGaA, Continental AG, Aptiv PLC, and AISIN SEIKI Co.Ltd. among others.