Predictive Vehicle Technology Global Market Report 2024

Predictive vehicle technology encompasses a suite of vehicle technologies that integrate predictive analytics by utilizing both real-time and historical data to anticipate vehicle behavior and identify potential faults that could adversely affect vehicles if not addressed promptly. The application of artificial intelligence (AI) and machine learning (ML) in predictive vehicle technology aids in comprehending the trends and operational patterns of vehicle owners, thereby enhancing overall vehicle safety.

The primary components in the predictive vehicle technology market include hardware, Advanced Driver Assistance Systems (ADAS), On-Board Diagnostics (OBD), and telematics. Hardware refers to mechanical devices employed in predictive vehicle technology for vehicles, encompassing interconnected electronic devices responsible for controlling a car's operation, input, and output. Vehicles equipped with predictive vehicle technology include both passenger vehicles and commercial vehicles deployed via on-premise and cloud solutions. This technology primarily serves purposes such as proactive alerts, safety and security measures, maintenance analysis, and predictive smart parking.

The predictive vehicle technology market research report is one of a series of new reports that provides predictive vehicle technology market statistics, including predictive vehicle technology industry global market size, regional shares, competitors with a predictive vehicle technology market share, detailed predictive vehicle technology market segments, market trends and opportunities, and any further data you may need to thrive in the predictive vehicle technology industry. This predictive vehicle technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 expansion observed in the historical period can be credited to a concentration on driver safety, a desire for improved fuel efficiency and reduced emissions, advancements in autonomous vehicle development, and the implementation of 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 anticipated growth in the forecast period can be ascribed to the development of smart infrastructure, a commitment to environmental sustainability goals, opportunities for data monetization, government investments in smart cities, and consumer demand for advanced features. Key trends in the forecast period encompass the expansion of the connected car ecosystem, the adoption of predictive maintenance solutions, the rise of usage-based insurance (UBI) and telematics, energy management, efficiency optimization, as well as advancements in road condition and traffic prediction, and the provision of personalized in-car experiences.

The surge in demand for technologically advanced vehicles is driving the growth of the predictive vehicle technology market. These vehicles are equipped with cutting-edge features such as advanced driver assistance systems (ADAS), predictive vehicle technology, electric vehicle (EV) technology, 360-degree cameras, and more. Global factors such as population growth, economic expansion, and rapid urbanization, combined with a need to reduce carbon footprint, contribute to the rising demand for technologically advanced vehicles like electric vehicles utilizing the latest EV technology. As the demand for such vehicles increases, there is a concurrent need for advanced technologies, including predictive vehicle technology. Notably, the International Energy Agency (IEA) reported in February 2022 that the global electric car market witnessed substantial growth, with sales reaching 6.6 million EVs in 2021, more than doubling from 2019's 2.2 million EVs. This momentum is indicative of the growing prominence of technologically advanced vehicles, driving the predictive vehicle technology market.

The upswing in car sales is anticipated to be a significant driver of the predictive vehicle technology market. Cars, defined as motor vehicles designed for passenger or goods transportation on roads, increasingly utilize predictive vehicle technology for collision avoidance, predictive maintenance, improved traffic prediction, and enhanced route optimization. For example, according to FinMasters in July 2023, approximately 13.74 million cars and light trucks were sold in the United States in 2022. Projections estimate that sales will reach 14.8 million units for the entire year in 2023, based on the 2.13 million units sold in January-February 2023. Consequently, the growing sales of cars are expected to fuel the expansion of the predictive vehicle technology market.

Technological advancement stands out as a prominent trend gaining traction in the predictive vehicle technology market. Leading companies in this market are committed to providing new technological solutions and upgrades to bolster their market positions. Predictive vehicle technology incorporates hardware components such as advanced driver assistance systems (ADAS) components, telematics, and onboard diagnostics (OBD) ports to predict and enhance vehicle behavior, ensuring safety. For instance, in April 2021, Toyota Motor Corp launched advanced driver assistance technology in its Lexus and Mirai vehicle models in Japan, offering level 2 autonomous capabilities to assist drivers in various driving scenarios. This technology includes features like lane-keeping, maintaining safe distances, and lane-changing on expressways.

Major players in the predictive vehicle technology industry are adopting a strategic partnership approach to deliver essential services to individuals, businesses, and governments. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefit and success. As an illustration, in January 2023, Continental AG, a German manufacturing company, partnered with Ambarella Inc., a U. S. -based semiconductor manufacturer. The collaboration aims to develop full-stack, scalable vehicle system solutions, enhancing Continental's leadership in assisted and automated driving. This partnership combines Ambarella's computer vision expertise, system-on-chip (SoC) technology, and software modules with Continental's hardware and software proficiency, broadening their portfolio of automotive system solutions.

In November 2021, Sensata, a U. S. -based manufacturer and distributor of sensors and electronic controls, acquired SmartWitness for an undisclosed amount. This acquisition aligns with Sensata's growth initiative, Insight, and expands its market presence. SmartWitness, a U. S. -based manufacturer of in-vehicle cameras, recorders, and software, enhances Sensata's capabilities in the evolving landscape of predictive vehicle technology.

Major companies operating in the 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.

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

The countries covered in the predictive vehicle technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The predictive vehicle technology market includes revenues earned by entities by providing services by using predictive maintenance software and predictive maintenance sensors that includes services such as vibration analysis, oil analysis, thermal imaging. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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