Predictive Vehicle Technology Market Set for Rapid Growth and Trend
According to the new research report titled "Predictive Vehicle Technology Market Forecast to 2027 - COVID-19 Impact and Global Analysis", published by The Insight Partners, the market is projected to reach US$ 48.83 billion by 2027, registering a CAGR of 13.6% during 2020-2027.
APAC Accounted for Highest Share of Predictive Vehicle Technology Market in 2019
The predictive vehicle technology market in APAC comprises China, India, Japan, Australia, South Korea, and the Rest of APAC. The economy of the region is performing well due to numerous technological and infrastructural developments. The region has a strong automotive sector, which is supported by the growing automotive manufacturing industry in countries such as India, China, and South Korea. India, China, South Korea, and Japan are among the leading vehicle manufacturing countries across the world. For instance, India produced a total of 4,516,017 vehicles, of which 3,623,335 were cars in 2019. Also, in 2019, China was the largest vehicle producing country across the globe; it produced 25,720,665 vehicles in 2019, of which 21,360,193 were cars. The presence of a strong automotive sector and increasing number of passenger car manufacturers are the major factors driving the growth of the predictive vehicle technology market in the region. The continuous growth in the economies of developing countries and the presence of huge disposable incomes in Japan and Australia, among others, have facilitated the rapid growth of the automotive industry in this region. The auto manufacturers in APAC are focusing on the development of technologically advanced products to gain a strong market position. Also, automotive manufacturers prefer integrating cutting-edge solutions in their vehicles to attract a strong customer base and generate more revenues.
Therefore, a strong automotive sector and increasing disposable incomes of people are supporting the growth of predictive vehicle technology market in the region. In APAC, with the advancement of new technologies that have found advantages in big data analytics, various companies in the region are highly focused on developing better products, which can act as solutions to daily problems. Data analytics technology is being deployed in order to evaluate data patterns and make predictions about unknown future events. Carmen Automotive, a Singapore-based company, which offers big data analytics, has revealed a new-generation predictive technology, which lets to drive safe by collecting the vehicle's data in real time by analyzing and predicting issues so they can be prevented. Such a robust focus of the automotive manufacturers to incorporate predictive technology in vehicles to strengthen their position in the region is expected to drive the growth of the market in APAC.
Key findings of the study:
AI is gaining popularity across the world; it has its applications in the automotive industry, such as self-driving cars. The AI offers driver-assist and fully autonomous mode functionality to the users. Companies such as Google and Tesla are looking forward to taking advantage of stated functionalities. For instance, Tesla has gained popularity in the electric car market, and now the company is looking ahead to making a position in self-driving vehicles by integrating AI.
Moreover, the application of AI cloud platforms ensures that data is accessible whenever required. As this technology monitors a number of sensors and detects issues even before they affect the vehicle operation, the automakers are in the race of taking it. For instance, in October 2018, Microsoft and Volkswagen partnered to transform the automobile company into the digital service-driven business. By extracting the power of PowerBI, Azure IoT, and Skype, Volkswagen aims to provide telematics, customer experience, and productivity solutions. Volkswagen has realized the customers' demands to know more with regard to cloud-based AI solutions. Due to this, the company has designed projects to give Over-The-Air (OTA) software updates for their vehicles.
Owing to AI benefits, such as detection of driver's behavior, AI cloud platforms to ensure data is available on-time, and driving safety features for connected vehicles are responsible, predictive maintenance is widely adopted in the automotive industry.
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