The Automotive Predictive Technology market was valued at USD 54.45 billion on 2020 and is expected to reach USD 87.66 billion in 2026 by registering a CAGR of 8.21% during the forecast period (2021 - 2026).
The outbreak of COVID-19 has shown a negative impact on the automotive predictive technology market. Several vehicle and component manufacturing facilities across the globe were temporarily shut down, resulting in disturbances in supply chain. However, by the end of Q1 2021, the global automotive industry started recovering slightly, as governments across the globe have announced relaxations in lockdown measures.
While new vehicle sales across the globe started to increase slightly, the disruption in supply chain has created a huge chip shortage, due to which several vehicle manufacturers have delayed the launch of new vehicles. However, by the end of 2021, with increasing trend for technologically advanced features in the vehicles, such as artificial intelligence and machine learning to enhance safety features like ADAS and predictive maintenance to reduce vehicle downtime and increase vehicle performance cost-effectively are driving the market growth.
Asia-Pacific is expected to dominate the automotive camera market, owing to the increasing demand for luxury vehicles across India, China, Japan. The increasing installation of advanced driver-assistance systems (ADAS) is estimated to boost the demand for automotive cameras in the coming years across the region.
Key Market Trends
ADAS Segment Likley to Dominate the Market During the Forecast Period
In recent years, the automobile industry motivated its research and development work for improving the ADAS systems. This led to further improvements in the advanced driving assistance systems, with a surge in demand for night-time pedestrian detection systems, lane departure warning systems, cameras, RADAR, and other sensors, which are being deployed into vehicles at considerable pace. This is expected to drive the market studied.
Moreover, companies like Audi, BMW, Daimler, and Volvo are few of many OEMs started offering night-time pedestrian detection systems. It alerts the driver or automatically brakes if there is a pedestrian in the path between a certain speed range.
Several major service providers are spending heavily in research and development of the latest ADAS technologies for vehicles to gain the market share. Not only the major companies several startups are coming up with the latest innovative ideas and technologies, which are funded by these major players. For instance,
In July 2020, Mobileye, Intel’s driverless vehicle R&D division, announced that the German certification body, TÜV Süd, awarded it a recommendation for a permit to drive its autonomous vehicles on public roads in Germany, including urban and rural areas as well as the Autobahn, at up to 130 kilometers (~80 miles) per hour in real-world traffic.
Owing to such developments, ADAS segment of the market expected to dominate market during the forecast period.
Asia-Pacific Region Expected to Grow Significantly
Asia-Pacific is expected to be the fastest-growing market during the forecast period. Vehicle hybridization and electrification, increasing production of electric vehicles, are primary factors driving the demand in the market. Countries like India, China, Japan is picking up pace as predictive technology implementation in passenger cars is taking place gradually, as such cars or commercial vehicle equipped with such technology are in a bit higher price segment and some other reasons include poor infrastructure and regulations.
Automobile manufacturers in the Asia-pacific region are also investing in predictive technology and launching new products equipped with features based on predictive technology. For instance,
In April 2021, Toyota Motor Corp. unveiled in Japan new versions of the Lexus LS and Toyota Mirai, both equipped with Advanced Drive features a Level 2 autonomous system that helps keep the car in its lane, maintains the distance from other vehicles, and assists with lane changes and advanced-driver assistance and Toyota has also announced the purchase of Lyft’s autonomous car division for USD 550 million.
In July 2021, the Indian start up Minus Zero has developed an autonomous system, which is based on AI and machine learning designed in such a way to work in India traffic condition.
Such factors are creating huge opportunities for predictive technology across Asia-Pacific further the demand for such technology is going to rise in near future.
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, ZF Friedrichshafen AG, Robert Bosch, Aptiv PLC, Valeo SA, and Others. These companies are focusing on strategic collaborative initiatives to expand their market shares and profitability. For instance,
In November 2021, Valeo launched WoodScape, the first ever surround?view fisheye camera 360 degrees open-source dataset, with the aim of taking research in computer vision to develop automated driving and parking. Valeo produces fisheye cameras enabling 360° perception, key for automated driving.
In June 2020, Bosch announced the launch of new MEMS sensor the SMI230 that enables trouble-free navigation and helps realistic visualization of vehicle movements, detecting vibrations impacts against a car, trigger alarm systems for enhanced safety.
In January 2019, Visteon Corporation a leading automotive cockpit technology company, is enhancing its Drive Core Studio™ autonomous driving development environment through software from Microsoft Corp. that maximizes the power and scalability of the Cloud. This Cloud-based development environment, enables automakers and partners to create and support an ecosystem of algorithm developers, unlocking innovation potential through an open framework for developing algorithms using sensor-based artificial intelligence (AI).
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