Asia Pacific predictive vehicle technology market in APAC is expected to grow from US$ 10.64 Mn in 2019 to US$ 25.33 Mn by 2027; it is estimated to grow at a CAGR of 13.91% from 2020 to 2027.
The automotive industry is experiencing significant incorporation of various advanced technologies in cars to improve the safety and efficiency of the occupants. The automakers are leveraging artificial intelligence (AI) and machine learning (ML) to realize the patterns and trends of the driver and improve the safety of the vehicle. Both technologies are ready to become a vital part of upcoming vehicles and the automotive industry. In the race of connected cars and self-driving vehicles, predictive vehicle technologies are gaining acceptance among all auto types, which offers notable convenience to the driver and passengers. Therefore, the automakers are concentrating on adopting connected gadgets and IoT in vehicles that support voice commands. Thus, the growth in the integration of AI in automotive industry is expected to create a significant demand for predictive vehicle technology in the coming years, which is further anticipated to drive the predictive vehicle technology market. The COVID-19 is anticipated to cause huge disruptions in the Asia Pacific region. Asia pacific is a crucial region in terms of manufacturing and industrial growth and any disruptions may negatively impact the growth of various industries dependent on the region for supply and revenues. In terms of automotive production, China is a biggest car market, and Wuhan, which is a center of an outbreak, is called as a “motor city”.
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Some of the companies competing in the Asia Pacific Predictive Vehicle Technology Market are:
- AISIN SEIKI Co.Ltd.
- Aptiv PLC
- Continental AG
- HELLA GmbH and Co. KGaA
- NXP SEMICONDUCTORS N.V.
- Robert Bosch GmbH
- Visteon Corporation
- ZF Friedrichshafen AG
Key Market Segments:
In terms of vehicle type, the passenger car segment accounted for the largest share of the APAC predictive vehicle technology market in 2019. In terms of hardware, the ADAS segment held a larger market share of the predictive vehicle technology market in 2019. Further, the safety and security segment held a larger share of the market based on application in 2019.
APAC Predictive Vehicle Technology Market – By Type:
- Commercial Vehicle
- Passenger Car
APAC Predictive Vehicle Technology Market – Application:
- Proactive Alerts
- Safety and Security
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