The predictive vehicle technology market in Europe is expected to grow from US$ 4.92 million in 2019 to US$ 11.78 million by 2027; it is estimated to grow at a CAGR of 14.0% from 2020 to 2027.
The advanced technologies, such as AI, are foraying and integrating into various industry vertical at a fast pace. AI has its applications in the automotive industry, such as self-driving cars. AI offers driver-assist and fully autonomous mode functionality to the users. Companies such as Google and Tesla are looking forward to take advantage of stated functionalities. For instance, Tesla has gained a name in the electric car market, and now the company is looking ahead to make a position in self-driving vehicles by integrating AI, which is further driving the demand for predictive vehicle technology market. The adaptation of predictive powertrain control technology in heavy vehicles is among the other factors expected to positively influence the demand for predictive vehicle technology. Moreover, factory shutdowns due to COVID-19 crisis have caused production loss accounting for 1,465,415 motor vehicles to date, as per the statement published by the European Automobile Manufacturers’ Association (ACEA). Also, Marelli has extended a temporary shutdown of their manufacturing activities in majority of the European plants. Furthermore, Bridgestone EMIA is working upon either temporarily closing or lowering production in their European manufacturing network.
In terms of hardware, the ADAS segment led the predictive vehicle technology market in 2019. The 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. For instance, the European Union is making it compulsory that all vehicles be equipped with forward-collision warning systems and autonomous emergency braking systems. This is ultimately expected to drive the predictive vehicle technology market.
The overall 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 Europe 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 Europe Predictive vehicle technology market. Major players operating in the Europe 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, Traffilog LTD, Visteon Corporation, and ZF Friedrichshafen AG.