The predictive vehicle technology market in SAM is expected to grow from US$ 0.66 million in 2019 to US$ 1.48 million by 2027; it is estimated to grow at a CAGR of 13.0% from 2020 to 2027.
The connected cars stream massive amounts of data into the cloud and to utilize this data, there is an increasing need for predictive analysis and data analysis. Concepts such as predictive maintenance, predictive collision avoidance, automotive marketing, and data management of connected cars bolster the growth of the predictive vehicle technology market. The rising application of data management in connected cars also positively influences the demand for predictive vehicle technology.
Due to the COVID-19 crisis, the governments of various countries in SAM are taking several preventive measures to protect their citizens and contain COVID-19’s spread. It is anticipated that SAM will face lower export revenues owing to the drop in commodity prices and a reduction in export volumes.
Based on hardware, the ADAS segment dominated the predictive vehicle technology market in 2019. The demand for ADAS, which assists the driver in monitoring, braking, warning, and steering activities, is projected to rise in the coming decade. The increasing number of regulations imposed by governments and growing consumers’ interest in safety applications are accountable to the rising need for ADAS in connected cars. Also, to ensure drivers' safety and avoid road accidents, the demand for ADAS is growing across the countries. The applications for ADAS are still in their early phase and getting adopted in major countries. Also, the same technologies that facilitate ADAS offerings might be further used to build fully autonomous vehicles. Therefore, both OEMs (orginal equipment manufacturer) and high-tech players are taking steps to integrate ADAS into autonomous vehicles. Any ADAS technology that gains early support gets the benefit when the autonomous cars reach the market. Due to better safety provided to the drivers, drives the SAM predictive vehicle technology market.
The overall SAM 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 an overview and forecast of the SAM 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 and gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert (such as VPs, business development managers, market intelligence managers, and national sales managers) and external consultants (such as valuation experts, research analysts, and key opinion leaders specializing in the SAM predictive vehicle technology market). 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 are among a few players operating in the SAM predictive vehicle technology market.