Predictive Vehicle Technology Market Outlook 2030 –
Predictive vehicle technology is a combination of artificial intelligence (AI) and machine learning (ML) used to understand the trends and operating pattern of the vehicle owner which enhances the safety of the vehicle. The tools include data mining, neural networks, system modelling, and simulation. Predictive vehicle technology personalizes the driving experience by automating the process of vehicle settings which includes the vehicle’s infotainment system and application preferences.
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AI and ML are an integral part of future vehicles and auto industry since, predictive technologies are gaining popularity among all the vehicle types for providing the driver with comfort and convenience. OEMs are focusing on adoption of IoT and connected gadgets in the vehicles which can operate on voice commands. Moreover, the sensors present in the vehicle can also inform the vehicle owner whether the vehicle needs a service from a mechanic. Furthermore, the vehicle’s performance is evaluated by the predictive system on the basis of vehicle’s condition, mileage clocked, and information about safety hazards linked with malfunctioning of vehicles. Thus, the data from the system helps to reduce the downtime of finding the fault in the vehicle and repair the same.
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The key players analyzed in the report include Robert Bosch GmbH, International Business Machines (IBM) Corporation, Honeywell International Inc., Siemen AG, Continental AG, Aisin Seiki, Aptiv, Garrett Motion, Magna International Inc., and HARMAN International Inc.
COVID-19 Impact Analysis:
Predictive vehicle technology market has witnessed a downfall due to COVID-19 pandemic. The predictive vehicle technology market is an evolving sector with constant R&D which was disrupted due to lockdown. Due to the pandemic globally the manufacturing of automobile was halted thus, disrupting the supply of predictive vehicle technology. Also, unavailability of labour due to social distancing norms and other restriction which affected the production of hardware required for predictive vehicle technology. Moreover, due to slowdown of global economy and reduction in individual’s disposable income is expected to affect the demand of vehicles. Furthermore, the fall in growth of vehicles market is affecting the predictive vehicle technology market.
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Top Impacting Factors
- Rise semiconductor technology, use of artificial intelligence & machine learning, and rise in demand for autonomous vehicles is expected to drive growth of the market.
- However, data security & integration with existing software platforms and higher cost of the technology will hamper growth of the market.
- Rise in demand for safety & advanced features, rise in demand for connected vehicles, and rise in R&D for new technology act as an opportunity for growth of the market.
Rise in demand for connected vehicles
The vehicles are equipped with various systems to detect obstacles or vehicles on road and take preventive measures such maintain the speed and distance of the vehicle from other vehicles. Also, presently the vehicles are connected to each other, and share information as per requirement which saves lag or delay and effort while travelling. Moreover, with these new technology’s vehicles are becoming safer and more secure, which leads to higher safety of drivers and vehicles. For instance, in 2017 HARMAN International Inc. has developed a cloud-based platform HARMAN Ignite. The first fully integrated cloud-based platform for developing, managing, and operating in-vehicle applications which provides good connectivity, device management, analytics, safety, and others. Thus, the demand for technologically advanced vehicles is expected to drive growth of predictive vehicle technology market.
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