China Vehicle Intelligence System Market Overview
The global China Vehicle Intelligence System Market 2023 is expected to develop rapidly, promising a significant market value and a reasonable CAGR over the review period. China Vehicle Intelligence System Market industry is projected to grow from USD8.531 Billion in 2023 to USD 21.502 billion by 2032, 12.25%
China Vehicle Intelligence System Market Scenario
The global market for vehicle intelligence systems is driven largely by growing concerns about pedestrian safety, increased demand for enhanced driving experience and increased sales of premium vehicles in developing economies. Other factors driving market growth are strict government-set automotive standards, the need for increased safety of passengers and drivers in vehicles, and the increasing rate of road accidents leading to the adoption of vehicle intelligence systems.
The demand for safety features is growing because customers expect products of high quality. The costs of developing vehicle intelligence systems are however very high. The vehicle intelligence system contains numerous electronic components driven by software which increases the overall cost of the vehicle. This makes it more difficult for Original equipment manufacturers to integrate the devices in all parts of the vehicles.
Blind spot detection system is useful in alerting the driver to any obstacles that occur in the vehicle's blind spot zone. Adaptive headlights have the ability to change the intensity of light automatically in corners and dark environments. Such lights help to prevent glare.
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Segmentation
The China Vehicle Intelligence System Markethas been segmented in to two major dynamics for the convenience of the study and improved understanding.
Segmentation based on Vehicle Type has been done into passenger vehicles, and commercial vehicles
Segmentation based on Road Scene Understanding has been done into RTS (Road tracking system), RSD (Road sign detection system), NVS (Night vision system) and others
Segmentation based on Advanced Driver Assistance & Monitoring has been done into ACC (Adaptive cruise control system), TJA (Traffic jam assist system),BSD (Blind spot detection system), PA (Park assist system), DMS (Drowsiness monitoring system) and others
Regional Assessment
The global market geographic overview was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world.
Asia Pacific region is expected to dominate the China Vehicle Intelligence System Market as a result of mounting demand for automobiles and increasing people's disposable income. Growing disposable income and introduction of new car models by original equipment manufacturers also contribute to demand development. Nations like China and India account for a large part of global automotive manufacturing. The region offers producers advantages in terms of low-cost labor and raw materials.
Over the forecast era, Europe area is projected to rise with the highest CAGR. The region's original equipment manufacturers possess substantial technical capabilities and are therefore able to deliver sophisticated vehicle intelligence systems. The the adoption of advanced technologies in various vehicle segments is expected to accelerate the growth of the demand for vehicle intelligence systems in the Europe region.
Key Players
The key players of Global China Vehicle Intelligence System Market are Magna International Inc. (Canada), Autoliv Inc. (Sweden), Robert Bosch GmbH (Germany), Delphi Automotive PLC (U.K.), Infineon Technologies AG (Germany), Mobileye NV (Israel), Denso Corporation (Japan), Continental AG (Germany), Wabco Holdings Inc. (Belgium), and Valeo SA (France).
The market is witnessing augmented competition, which is expected to intensify further during the forecast period. Market players incorporate acquisition, collaboration, partnership, and expansion to gain competitive advantage in this marketplace and maintain market position.
Technological advances in vehicle intelligence system manufacturing and increased research and development expenditure by the key players are expected to increase the level of competition in the market for vehicle intelligence system.
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