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.
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.
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.
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. Predictive Vehicle Technology Market Landscape 4.1 Market Overview 4.2 Europe PEST Analysis 4.3 Ecosystem Analysis 4.4 Expert Opinion
5. Predictive Vehicle Technology-Market Dynamics 5.1 Market Drivers 5.1.1 Adaptation of predictive powertrain control technology in heavy vehicles 5.1.2 Mass Implementation of AI and MI in automotive industry 5.2 Market Restraints 5.2.1 Data management and security. 5.3 Market Opportunities 5.3.1 Demand for robust data management system for connected automobile. 5.4 Future Trends 5.4.1 Dawn of autonomous vehicles 5.5 Impact Analysis of Drivers and Restraints
6. Predictive Vehicle Technology Market - Europe Analysis 6.1 Predictive Vehicle Technology Market Overview 6.2 Europe Predictive Vehicle Technology Market - Revenue and Forecast to 2027 (US$ Million) 6.3 Market Positioning -Key Players
7. Predictive Vehicle Technology Market Analysis - By Hardware 7.1 Overview 7.2 Europe Predictive Vehicle Technology Market, By Hardware (2019 and 2027) 7.3 ADAS 7.4 Telematics 7.5 OBD
8. Predictive Vehicle Technology Market Analysis - By Vehicle Type 8.1 Overview 8.2 Europe Predictive Vehicle Technology Market Breakdown, by Vehicle Type, 2019 & 2027 8.3 Commercial Vehicle 8.4 Passenger Car
9. Predictive Vehicle Technology Market Analysis - By Application 9.1 Overview 9.2 Europe Predictive Vehicle Technology Market Breakdown, by Application, 2019 & 2027 9.3 Proactive Alerts 9.4 Safety and Security
10. Predictive Vehicle Technology Market - Country Analysis
11. Predictive Vehicle Technology Market- COVID-19 Impact Analysis 11.1 Europe
12. Industry Landscape 12.1 Market Initiative 12.2 Merger and Acquisition 12.3 New Development