Market Trends of Automotive Predictive Technology Industry
ADAS Segment Likley to Dominate the Market During the Forecast Period
- In recent years, the automobile industry has motivated its research and development work to improve 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.
- In July 2022, Hyundai Motor India made a significant stride in automotive technology with the launch of an upgraded version of its top-tier sports utility vehicle (SUV), the Tucson. Boasting level 2 advanced driving assistance systems (ADAS) capability, this SUV introduces a new era of intelligent driving features. Among the groundbreaking features is an automated sensing technology that combines the power of cutting-edge cameras and radar sensors. With this innovative setup, Tucson can now accurately detect other vehicles, pedestrians, and even cyclists on the road.
- Moreover, companies like Audi, BMW, Daimler, and Volvo are a few of many original equipment manufacturers (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 November 2022, Zenseact, a software company, introduced artificial intelligence (AI)-powered software, Onepilot, that will offer drivers a new level of safety in Volvo's fully electric flagship SUV, the Volvo EX90.
- 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.
- Due to such developments, the ADAS segment is expected to dominate the market during the forecast period.
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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 the 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 May 2023, the Bengaluru-based Continental Technology Centre India is making significant strides in the development of advanced driver assistance systems (ADAS) tailored specifically to Indian road conditions. Their efforts have resulted in modular ADAS solutions, which can be readily adapted to various vehicle platforms, ensuring seamless integration and compatibility.
- In July 2021, a pioneering Indian start-up named Minus Zero achieved a remarkable milestone by successfully creating an autonomous system powered by cutting-edge AI and machine learning technologies. This innovative system is purposefully designed to function optimally amidst the unique challenges posed by 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.
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