Predictive Vehicle Technology Market - Introduction
Currently, the automobile industry is witnessing the integration of several advanced technologies in vehicles to improve their efficiency and the safety of occupants. Vehicle manufacturers are using artificial intelligence (AI) and machine leaning (ML) to understand the trends and operating pattern of the vehicle owner which enhances the safety factor of vehicle with the help of AI. Artificial intelligence and machine learning are becoming an integral part of the future vehicles and auto industry as predictive technologies are gaining more popularity among all vehicle types by providing the foremost convenience to the driver. Vehicle manufacturers are focusing on adoption of IoT or connected gadgets in their vehicles, which support voice commands and they can also alter the user interface.
Predictive vehicle technology can be utilized in vehicles as it has a sensor embedded within the vehicle that alerts the driver if the vehicle needs maintenance. The vehicle’s performance is evaluated by the predictive system or technology on the basis of the condition of the vehicle or mileage clocked. The system also provides information to the user regarding malfunctioning of vehicle systems.
Global Predictive Vehicle Technology Market – Competitive Landscape
Robert Bosch GmbH
Robert Bosch GmbH was founded in 1886, and is presently based in Gerlingen, Germany. The company operates through four major business segments: Consumer goods (including household appliances and power tools), mobility (hardware and software), industrial technology (including drive and control), and energy and building technology. The company offers diverse products including electric motor, brake shoes, lightings, and display systems, under the mobility segment. The company manufactures various types of sensors and systems that enhance safety of vehicles.
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Continental AG was founded in 1871, and currently has headquarters in Hanover, Germany. Continental AG is a leading supplier of components in the automobile industry. The company operates through two major groups: automotive group and rubber group, which is further divided into various business verticals such as powertrain, chassis & safety, interior, tires and services. The company has a global presence and operates through several locations spread across the Americas, Africa, Europe, and Middle East & Africa.
Magna International Inc.
Magna International Inc. was founded in 1957 and currently is based in Ontario, Canada. The company a major supplier of new technological and body components for the automobile industry. It has over 174,000 employees working across 338 manufacturing units and 89 product development plants spread in more than 28 countries worldwide. The company operates majorly in body exteriors & structures, power & vision, ADAS & automated driving, and seating systems.
HARMAN International was founded in 1980, with headquarters in Stamford, Connecticut, U.S. The company designs, develops, and sells connected products and solutions for automakers and consumers across the globe. Its products include audio & visual products, connected car systems, connected services, and enterprise automation solutions. Harman also provides audio systems through various brands including AKG, Harman Kardon, Infinity, JBL, Lexicon, Mark Levinson, and Revel.
Global Predictive Vehicle Technology Market – Dynamics
Rising demand for technologically advanced vehicles
Rising demand for technologically advanced vehicles is a major factor driving the predictive vehicle technology market. Vehicles are equipped with several systems that can detect obstacles and vehicles on the road, or around the vehicles, and take preventive measure to maintain the speed and distance of the vehicle from other vehicles. Presently, vehicles are connected to each other and they share information as per the requirement of the vehicle, which helps save lag or delay and effort while traveling. Vehicles are becoming safer and more secure, which leads to higher safety of the driver and vehicles. This is a key factor that is estimated to drive the predictive vehicle technology market during the forecast period
Rising demand for connected vehicles
Demand of the connected vehicles is increasing at a steady pace, as the internet becomes an integral part of human life. People are looking for connected systems all across their surroundings, which includes vehicles. The internet is the means of communication between the vehicle and the owner and other surrounding vehicles.
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Global Predictive Vehicle Technology Market – Segmentation
The global predictive vehicle technology market can be segmented based on:
- Vehicle Type
Global Predictive Vehicle Technology Market – By Vehicle Type
Based on vehicle type, the global predictive vehicle technology market can be classified into:
- Passenger vehicle
- Commercial vehicle
Global Predictive Vehicle Technology Market – By Deployment
Based on deployment, the global predictive vehicle technology market can be bifurcated into:
Global Predictive Vehicle Technology Market – By Application
Based on Application, the global predictive vehicle technology market can be split into:
- Maintenance Analysis
- Driving Pattern Analysis
- Predictive Smart Parking
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