Market Research Report
Automotive Predictive Technology Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||946144|
|Published||Content info||90 Pages
Delivery time: 2-3 business days
|Automotive Predictive Technology Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: June 1, 2020||Content info: 90 Pages||
The Automotive Predictive Technology Market*is anticipated to register a CAGR of about 10%, during the forecast period.
ADAS Segment is Expected to be the Market Leader
By Hardware type, ADAS segment is expected to be the market leader during the forecast period. The Advanced Driver Assistance Systems consist of sensors, radars and cameras that provide assistance to the driver in avoiding any possible accident or collision. The leading OEMs around the world are spending heavily on technology to improve these systems as end users are very much concerned about the safety of themselves while in the automobile due to the increasing number of road accidents. In lieu of this, in March 2020, Hyundai and Aptiv entered into a joint venture to provide solutions for robo-taxi providers, fleet operators and automotive manufacturers with an aim to make mobility safer, green, more connected and accessible. All these developments are expected to help this segment grow.
Asia-Pacific is Expected to be the Market Leader
The region accounts for almost 60% of world's population as well as major developing economies of the world like China, India. During the forecast period Asia-Pacific nations are expected to grow considerably which might see an increased demand for automobiles in the region. Also, people in this geography are replacing vehicles at a faster rate than it was a few years ago. The newer vehicles are almost always better and more equipped vehicles. And these better equipped vehicles are expected to feature different ADAS systems. Furthermore, manufacturers are bringing ADAS technology to mid and affordable vehicle classes. These factors will drive the demand for automotive predictive technology in the region. The region also accounts for many big players in the industry who are spending heavily on research and development of predictive technology to innovate new products.
The Automotive Predictive Technology market is fragmented, with several players vying for significant amounts of shares in the market. Some of the prominent companies in the automotive predictive technology market are Continental AG, Aptiv, Harman, Visteon and others. In this market some vehicle manufacturers are also developing predictive technologies. For instance, in February 2020, Hyundai and Kia developed the world's first predictive gear shift technology.