The predictive vehicle technology market in North America is expected to grow from US$ 3. 90 million in 2019 to US$ 8. 52 million by 2027; it is estimated to grow at a CAGR of 12. 68% from 2020 to 2027.
New York, Aug. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Predictive Vehicle Technology Market Forecast to 2027 - COVID-19 Impact and Analysis - by Hardware, Vehicle Type, and Application and Country" - https://www.reportlinker.com/p05953815/?utm_source=GNW
The advanced technologies, such as AI, are gaining popularity across North America.AI has its applications in the automotive industry, such as self-driving cars.
Blending of AI in automotive industry is bolstering the growth of the automotive industry.AI offers driver-assist and fully autonomous mode functionality to the users.
Companies such as Google and Tesla are looking forward to take advantage of stated functionalities.For instance, Tesla has gained a name in the electric car market, and now the company is looking ahead to make a position in self-driving vehicles by integrating AI.
Moreover, pertaining to the benefits of AI, including detection of driver’s behavior, AI cloud platforms to ensure data is available on-time, and driving safety features for connected vehicles are responsible for boosting the adoption of predictive maintenance in the automotive industry which is further driving the demand for predictive vehicle technology. Increasing use of predictive powertrain control in heavy vehicles is among the other factors expected to positively influence the demand for predictive vehicle technology.
In terms of hardware, the ADAS segment dominated the North America predictive vehicle technology market in 2019.The demand for ADAS, which assists in monitoring, braking, warning, and steering activities, is projected to rise in the coming decade.
Factors such as government regulations and consumer interest in safety applications are accountable for the rising need for ADAS in connected cars.Also, in order to ensure the safety of drivers and reduce road accidents, the need for ADAS is growing across the countries.
The ADAS applications are still in their early phase and are getting adopted by major countries.For instance, the US is making it compulsory that all vehicles be equipped with forward-collision warning systems and autonomous emergency braking systems, which eventually proves out to be a major driver for the predictive vehicle technology market.
Also, in North America, the effects of COVID-19 outbreak are devastating. The US has higher number of confirmed cases of coronavirus, compared to Canada and Mexico. The fast increase in the number of confirmed cases and reported deaths are likely to impact the businesses operating in this region. Due to the COVID-19 outbreak in the region, the supply chain and sales are getting affected. In addition to this, the overall manufacturing processes, research, and development activities would also get affected in the short term.
The overall North America predictive vehicle technology market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the North America predictive vehicle technology market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the North America predictive vehicle technology market.Key players operating in the North America predictive vehicle technology market include AISIN SEIKI Co.
Ltd., Aptiv PLC, Continental AG, HELLA GmbH and Co. KGaA, NXP SEMICONDUCTORS N.V., Robert Bosch GmbH, Valeo, Visteon Corporation, and ZF Friedrichshafen AG.
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