The predictive vehicle technology market in APAC is expected to grow from US$ 10.64 million in 2019 to US$ 25.33 million by 2027; it is estimated to grow at a CAGR of 13.91% from 2020 to 2027.
The prevalent opportunity in pursuing in a connected car arena is data management. The connected cars are streaming massive amounts of data into the cloud, and thus to utilize extensive data, the need for predictive analysis and data analysis is growing constantly. Also, Predictive maintenance, predictive collision avoidance, automotive marketing, and data management of connected cars are some of the growing concepts driving the demand for predictive vehicle technology. The COVID-19 pandemic has interrupted business operations of various manufacturing businesses including automotive. As per the data published by the China Association of Automobile Manufacturers (CAAM), the vehicle sales declined by more than 43%, from 25.2 units in March 2019 to 1.43 units in March 2020. The governments of countries such as China and India are taking drastic measures to reduce the effects of COVID-19 outbreak by announcing lockdowns and travel bans. These measures are expected to have a negative impact on the growth of industries and markets in this region, at least over the next six to nine months.
Based on hardware, the ADAS segment led the predictive vehicle technology market in 2019. Demand for ADAS, which assists in monitoring, braking, warning, and steering activities, is projected to rise in the coming decade. Factors such as government regulations and consumer interest in safety applications are accountable for the rising need for ADAS in connected cars. Also, in order to ensure the safety of drivers and reduce road accidents, the need for ADAS is growing across the countries. The ADAS applications are still in their early phase and are getting adopted by major countries. Moreover, the same technologies which facilitate ADAS offerings might be further used to build fully autonomous vehicles. Therefore, both OEMs and high-tech players are taking steps to integrate ADAS into autonomous vehicles. Any ADAS technology which gains early support would have a benefit when the autonomous cars reach the market, which ultimately drives the predictive vehicle technology market.
The overall APAC predictive vehicle technology market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the APAC predictive vehicle technology market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the APAC predictive vehicle technology market. Key players operating in the APAC predictive vehicle technology market include AISIN SEIKI Co. Ltd., Aptiv PLC, Continental AG, HELLA GmbH and Co. KGaA, NXP SEMICONDUCTORS N.V., Robert Bosch GmbH, Valeo, Visteon Corporation, and ZF Friedrichshafen AG.