Predictive Vehicle Technology Market worth $90.2 billion by 2027

The report "Predictive Vehicle Technology Market by Application (Proactive alerts, Safety & Security), Hardware (ADAS component, OBD and Telematics), Deployment (On premise and Cloud), End User, Vehicle, and Region - Global Forecast to 2027" The global predictive vehicle technology market is projected to grow at a CAGR of 20.1% to reach USD 90.2 billion by 2027 from an estimated USD 20.8 billion in 2019.

The major factors driving the growth of the market are the advent of machine learning and excessive usage of real-time data for various automotive applications, leveraging the use of predictive technology in automobiles.

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By Deployment: Cloud is the fastest growing segment of the predictive vehicle technology market during the forecast period

The advent of big data and cloud computing is creating opportunities for organizations to move toward cloud-based deployment models. The cloud model is expected to be adopted at a higher rate than on-premise deployment in the future. Cloud deployment model makes use of the cloud to deliver solutions to clients. Scalability and agility of cloud-based technologies are contributing to the increasing adoption of cloud-based vehicle analytics solutions.

By Vehicle Type: Commercial vehicle is expected to be the fastest growing segment in the predictive vehicle technology market

In commercial vehicles, the use of telematics systems is rising as it contributes to fleet safety. It mainly provides satellite navigation, GPS location tracking, and infotainment options. The option to monitor the location of a vehicle in real time is useful for informing drivers about the incoming traffic, vehicle accidents, weather issues, and congested routes. Government regulations in developed countries are supportive of and often mandate the inclusion of commercial telematics in new vehicles, helping the global commercial telematics market. These factors have fueled the fastest growth of the commercial vehicle segment.

By Region: Asia Pacific is expected to be the fastest growing region in the by 2027 in the predictive vehicle technology market

India, China, and South Korea, among others are supporting the inclusion of commercial telematics in new vehicles, helping the global commercial telematics market. Many European and North American OEMs are entering the sub-continental markets to cater to the demand for advanced telematics solution in the region. In addition to this, the anticipated BS VI regulation in India is likely to push the demand for OBD in passenger and commercial vehicles. These factors together are responsible for the fastest growth of the Asia Pacific region during the forecast period.

Key Market Players:

The major market players include Bosch (Germany), Continental (Germany), Valeo (France), Garrett Motion (Switzerland), Aisin Seiki (Japan), and Aptiv (UK), among others.

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