Vehicle Intelligence System Market Size Grow at 14.18?GR by Growth Insight, Share, Emerging Technologies, Share, Regional, Industry Forecast To 2030
Research Reports
Mar 28, 2022
Vehicle Intelligence System Market Scope
The Global Vehicle Intelligence System Market can display a 14.18?GR over the forecast period.
Vehicle intelligence systems aim to make a safe driving experience for driver and its passengers. Rise of ride hailing companies and gamification of cab rides can drive its incorporation into latest vehicles. Market Research Future’s (MRFR) report on the vehicle intelligence system market covers a comprehensive analysis conducted with the help of primary and secondary market research methods. It covers prospects on the industry for the forecast period (2020-2027) while taking into consideration the effects of the COVID-19 pandemic.
Environmental Concerns to Drive Market Growth
Environmental norms and safety policies mandated by government agencies can drive demand for vehicle intelligence systems. Changes in customer preferences, government policies, and inflationary prices can influence customer purchasing decisions. Launch of new variants with safety measures to protect drivers and passengers can drive market growth. Development of transport infrastructure and support from information technologies such as GPS and internet can bolster the market demand significantly.
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Advanced Driver Assistance Systems Market Growth
Integration of advanced driver assistance systems owing to its low production cost and rising vehicular accidents can drive market growth. Rise of autonomous cars and stringent standards set by developing and developed countries to tackle increasing rate of road accidents can drive market demand. Efforts put in by governments for advanced traffic management solutions and international trade running rampant can bode well for these systems.
Lack of Skilled Personnel and Automotive Afterservice Centers to Hamper Market Growth
The lack of skilled technicians and shortage of post-sales service centers can hamper market growth. Dearth of functioning skills of vehicle intelligence systems and lack of support from satellites for efficient navigation can impede the market.
COVID-19 Impact
The COVID-19 pandemic negatively impacted the vehicle intelligence system market due to shutdown of production facilities and rise of chip shortage. But the expansion of semiconductor companies in new areas as well as new laws prioritizing customer safety can drive demand for vehicle intelligence systems. Use of the system for tracking vehicles and prevention of theft can drive its demand during the pandemic.
Segmentation Analysis
Passenger Vehicles to Dominate Market Share
Passenger vehicles are likely to capture a large market share over the forecast period due to rise of ride hailing services and prioritization of passengers by automotive manufacturers.
Night Vision System to Capture Major Market Share
Night vision systems can capture a large market share over the forecast period owing to adaptive headlights being able to capture images even in pitch darkness. Huge demand for safety of passengers and drivers as well as dimly lit neighborhoods owing to lack of public planning projects can drive its demand in future cars.
Blind Spot Detection System Application to Lead in Global Market
Blind spot detection system (BDS) is expected to capture a large market share over the forecast period due to its ability to detect blind spots. Development of large urban spaces and need for parallel parking can drive the demand for the application in the vehicle intelligence system market.
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Regional Analysis
Europe to Lead Global Vehicle Intelligence System Market
Europe is anticipated to dominate the demand share of the vehicle intelligence system market owing to investments in modernization of cars as well as use of digital technologies to enhance safety of driver and passengers. Presence of key automotive manufacturers and efforts to lower cases of accidents can drive its demand by customers.
APAC to Display Highest CAGR
APAC is estimated to display a strong growth rate owing to demand for luxury and premium cars. Increased spending power of customers and financial schemes supporting purchase of modern cars can drive the expansion of the vehicle intelligence system market.
Competitive Analysis
Continental AG (Germany), Magna International Inc. (Canada), Wabco Holdings Inc. (Belgium), Delphi Automotive PLC (U.K.), Valeo SA (France), Mobileye NV (Israel), Infineon Technologies AG (Germany), Autoliv Inc. (Sweden), Robert Bosch GmbH (Germany), and Denso Corporation (Japan) are prominent players of the global vehicle intelligence system market. Mergers and acquisitions are prime strategies employed by key players.
Industry Update
KPIT Technologies is planning to invest in vehicle intelligence system technology in order to expand the scope of autonomous vehicles
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