Automotive Predictive Technology Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia-Pacific|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and it's growth?
Automotive Predictive Technology Market Analysis
The automotive predictive technology market was valued at USD 59.09 billion in 2021 and is anticipated to reach USD 94.85 billion by 2027, registering a CAGR of 8.21% during the forecast period (2022-2027).
The outbreak of COVID-19 has negatively impacted the automotive predictive technology market. Several vehicles and component manufacturing facilities worldwide were temporarily shut down, resulting in disturbances in the supply chain. However, the automotive industry started recovering slightly and is expected to continue during the forecast period.
The growing trend of technologically advanced features in the vehicles, such as artificial intelligence and machine learning to enhance safety features like ADAS and predictive maintenance focused on reducing vehicle downtime and increasing vehicle performance cost-effectively, is driving the market growth.
Autonomous vehicles and self-driving technologies also use several predictive features to alert drivers about obstacles and produce other driving alerts. Several major OEMs are investing heavily in developing autonomous vehicles, and such developments are expected to offer new opportunities for players in the market.
Asia-Pacific is expected to dominate the automotive predictive technology market, owing to the increasing demand for luxury vehicles across India, China, and Japan. The increasing installation of advanced driver-assistance systems (ADAS) is also to estimated to boost the demand for such technologies in the coming years across the region.
Automotive Predictive Technology Industry Segmentation
Automotive predictive vehicle technology is a set of vehicle technologies that incorporate predictive analytics with the use of real-time and historical data that forecast activity, behavior, and faults that may hamper vehicles if not corrected in real-time. The report covers the latest trends, COVID-19 impact, and technological developments in the market.
The scope of the report covers segmentation based on Vehicle Type, End User, Hardware Type, and Geography. By Vehicle Type, the market is segmented into Passenger Cars and Commercial Vehicles. By End User, the market is segmented into Fleet owners, Insurers, and Other End Users.
By Hardware type, the market is segmented into ADAS, On-board diagnostics, and Other Hardware Types. By Geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. For each segment, market sizing and forecast have been done on the basis of Value (USD billion).
|By Vehicle Type|
|By End User|
|Other End Users|
|By Hardware Type|
|Other Hardware Types|
Automotive Predictive Technology Market Trends
This section covers the major market trends shaping the Automotive Predictive Technology Market according to our research experts:
ADAS Segment Likley to Dominate the Market During the Forecast Period
In recent years, the automobile industry motivated its research and development work for improving the ADAS systems. This led to further improvements in the advanced driving assistance systems, with a surge in demand for night-time pedestrian detection systems, lane departure warning systems, cameras, RADAR, and other sensors, which are being deployed into vehicles at a considerable pace. So, players continuously focus on deploying products with such technologies to drive demand in the market. For instance,
- In 2021, Hyundai launched its updated model for Santafee. The car is packed with a variety of features, along with safety features. Hyundai Santafee is equipped with the SmartSense safety features, which include a range of cameras, radars, and motion detection technologies such as Forward Collision-Avoidance Assist (FCA), designed to detect vehicles, pedestrians, or cyclists that are directly in front of the vehicle,
Moreover, companies like Audi, BMW, Daimler, and Volvo are a few of many OEMs that started offering night-time pedestrian detection systems. It alerts the driver or automatically brakes if there is a pedestrian in the path between a certain speed range. For instance,
- In April 2021, Volvo Cars announced its collaboration expansion with NVIDIA to use NVIDIA DRIVE Orin system-on-a-chip (SoC) technology to power the autonomous driving computer in next-generation Volvo models. The first car featuring this SoC is the next-generation Volvo XC90, which will be revealed in 2022.
Several major service providers are spending heavily on research and development of the latest ADAS technologies for vehicles to gain market share. Not only the major companies but several startups are also coming up with the latest innovative ideas and technologies, which are funded by these major players. For instance,
- In July 2020, Mobileye, Intel’s driverless vehicle R&D division, announced that the German certification body, TÜV Süd, awarded it a recommendation for a permit to drive its autonomous vehicles on public roads in Germany, including urban areas, rural areas, and the Autobahn, at up to 130 kilometers (~80 miles) per hour in real-world traffic.
Due to such developments, the ADAS segment is expected to dominate the market during the forecast period.
To understand key trends, Download Sample Report
Asia-Pacific Expected to Hold Significant Market Share
Asia-Pacific is expected to be the fastest-growing market during the forecast period. Vehicle hybridization and electrification and increasing production of electric vehicles are the primary factors driving the demand. Countries like India, China, and Japan are picking up pace as predictive technology implementation in passenger cars is taking place gradually, as such cars or commercial vehicles equipped with such technology are in a bit higher price segment. Poor infrastructure and regulations are other reasons responsible for slow adoption.
Automobile manufacturers in the Asia-pacific region are also investing in predictive technology and launching new products equipped with features based on predictive technology. For instance,
- In April 2021, Toyota Motor Corp. unveiled new versions of the Lexus LS and Toyota Mirai in Japan, both equipped with Advanced Drive, features a Level 2 autonomous system that helps keep the car in its lane, maintains the distance from other vehicles, and assists with lane changes and advanced-driver assistance. Toyota has also announced the purchase of Lyft’s autonomous car division for USD 550 million.
- In July 2021, the Indian start-up Minus Zero developed an autonomous system based on AI and machine learning designed to work in Indian traffic conditions.
Such factors are creating huge opportunities for predictive technology across Asia-Pacific. The demand for such technologies is expected to increase in the near future.
To understand geography trends, Download Sample Report
Automotive Predictive Technology Industry Overview
The automotive predictive technology market is moderately consolidated as it accommodates several major and new players vying for significant market share. Some of the prominent companies in the automotive predictive technology market include Continental AG, ZF Friedrichshafen AG, Robert Bosch, Aptiv PLC, and Valeo SA. These companies are focusing on strategic collaborative initiatives to expand their market shares and profits. For instance,
- In November 2021, Valeo launched WoodScape, the first-ever surround‑view fisheye camera 360 degrees open-source dataset, with the aim of taking research in computer vision to develop automated driving and parking. Valeo produces fisheye cameras enabling 360° perception, key for automated driving.
- In June 2020, Bosch announced the launch of a new MEMS sensor, the SMI230. The sensor enables trouble-free navigation and helps realistic visualization of vehicle movements, detects vibrations' impacts against a car, and triggers alarm systems for enhanced safety.
- In January 2019, Visteon Corporation, a leading automotive cockpit technology company, was enhancing its Drive Core Studio™ autonomous driving development environment through software from Microsoft Corp. that maximizes the power and scalability of the Cloud. This Cloud-based development environment enables automakers and partners to create and support an ecosystem of algorithm developers, unlocking innovation potential through an open framework for developing algorithms using sensor-based artificial intelligence (AI).
Automotive Predictive Technology Market Leaders
ZF Friedrichshafen AG
*Disclaimer: Major Players sorted in no particular order
Automotive Predictive Technology Market News
- In July 2021, ZF premiered its new ZF ProAI supercomputer at IAA in Germany. This system comes equipped with control units, software, sensors, and actuators for software-defined vehicles and offers the latest security mechanisms against cyber threats by offering customized computing power for vehicles of any level of automation.
- In June 2021, Garrett Motion Inc. announced that it launched a new software solution focused on Model-Based Predictive Control (MPC) technology with Hyundai Motor Company (HMC). The launch by Garrett encompasses Hyundai’s all-new i20 N and is expected to include other vehicle models equipped with HMC’s new 1.6-liter turbocharged engine.
- In February 2021, Robert Bosch announced its collaboration with Fetch.ai to leverage the latest technologies like blockchain to exchange data with peers without triggering privacy controls.
- In January 2021, HARMAN announced HARMAN Turbo Connect (TBOT), a new intelligent software agent that anticipates and mitigates vehicle connectivity discrepancies on the road. The HARMAN TBOT satisfies the current demand for high-speed connectivity with low latency, especially when used alongside 5G-enabled technologies like HARMAN’s Smart Conformal Antenna and full 5G and 5G-ready Telecommunications Control Units (TCU).
Automotive Predictive Technology Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Vehicle Type
5.1.1 Passenger Vehicles
5.1.2 Commercial Vehicles
5.2 By End User
5.2.1 Fleet Owners
5.2.3 Other End Users
5.3 By Hardware Type
5.3.2 On-board Diagnosis
5.3.3 Other Hardware Types
5.4.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.4 Rest of the World
126.96.36.199 United Arab Emirates
188.8.131.52 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Continental AG
6.2.2 Aptiv PLC
6.2.3 Garrett Motion Inc.
6.2.4 Harman International Industries Incorporated
6.2.5 Visteon Corporation
6.2.6 ZF Friedrichshafen AG
6.2.7 Valeo SA
6.2.8 Robert Bosch GmbH
6.2.10 Infineon Technologies AG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Automotive Predictive Technology Market Research FAQs
What is the study period of this market?
The Automotive Predictive Technology Market is studied from 2018 - 2028.
What is the growth rate of Automotive Predictive Technology Market?
The Automotive Predictive Technology Market is growing at a CAGR of 8.21% over the next 5 years.
What is Automotive Predictive Technology Market size in 2018?
The Automotive Predictive Technology Market is valued at 59 Billion USD in 2018.
What is Automotive Predictive Technology Market size in 2028?
The Automotive Predictive Technology Market is valued at 94 Billion USD in 2028.
Which region has highest growth rate in Automotive Predictive Technology Market?
Asia-Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Automotive Predictive Technology Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Automotive Predictive Technology Market?
Continental AG, Aptiv , ZF Friedrichshafen AG, Robert Bosch, Valeo SA are the major companies operating in Automotive Predictive Technology Market.
Automotive Predictive Technology Industry Report
Statistics for the 2023 Automotive Predictive Technology market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Predictive Technology analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.