The global predictive vehicle technology market is projected to grow at a CAGR of 20.1% during the forecast period, to reach USD 90.2 billion by 2027 from an estimated USD 20.8 billion in 2019. Factors such as the advent of machine learning and excessive use of real-time data for various applications would drive the growth of the market.
The major market players include Bosch (Germany), Continental (Germany), Garrett Motion (Switzerland), Aisin Seiki (Japan), Aptiv (UK), Valeo (France), NXP (Netherlands), Visteon (US), ZF (Germany), Autoliv (Sweden), and Hella (Germany). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to expand their presence in the global market. Partnerships and new product launches have helped the key players innovate their offerings and broaden their customer base.
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Bosch is a leading player in the global predictive vehicle technology market. The company offers high-quality technologies for automotive applications and caters to a large customer base, including major automakers across the globe. Recently, in February 2019, the company introduced a multi-camera system for forklifts with precision maneuvers. Using the sight assist, the multi-camera system can provide a full 360° view around the forklift-even if it is carrying bulky freight. The system was publicly showcased for the first time at LogiMAT. Also, in December 2018, Bosch combined its connectivity and telematics units, which-individually-are capable of single transmission technology, to create an all-in-one central control unit for V2X data communication. These product developments by the company are expected to boost its revenue and expand its customer base.
In the predictive vehicle technology market, Continental is a major player offering the best possible solutions for advanced technologies in vehicular architecture. The company focuses on offering advanced, efficient, and effective safety and convenience features for vehicles. In February 2018, Continental and NVIDIA announced that they are partnering to create AI-powered self-driving vehicle systems based on the NVIDIA DRIVE platform, with a planned market introduction by 2021 for Level 3 features. The partnership enabled the production of AI computer systems that scale from automated Level 2 features through full Level 5 self-driving capabilities. Also, in May 2017, Continental signed a strategic cooperation agreement with Baidu, one of the biggest Internet companies in China, with the goal of establishing comprehensive strategic cooperation in the areas of automated driving, connected vehicles, and intelligent mobility services.
Aptiv, one of the world’s largest automobile parts and components manufacturer and software provider, is another key player in the market. The company offers advanced technologies in almost all applications of vehicles. In May 2018, Aptiv announced the launch of a fleet of 30 autonomous vehicles in Las Vegas on the Lyft network. A product of Aptiv’s Mobility and Services group, these vehicles will operate on Aptiv’s fully-integrated autonomous driving platform and be made available to the public in partnership with Lyft. In addition to this, the company, in December 2018, announced the grand opening of its Las Vegas Technical Center. The facility joins Boston, Singapore, and Pittsburgh as one of Aptiv's major autonomous vehicle hubs, and is a state-of-the-art, all-inclusive facility for vehicle operations, R&D, data management, and technology demonstration center. This investment is a milestone in the company’s continued expansion of its revenue-generating autonomous vehicle activities.
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
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