The global vehicle intelligence system market will garner a healthy CAGR during the forecast period (2017-2022), Market Research Future (MRFR) reveals in a detailed analysis. The automotive industry is highly embracing intelligence systems in vehicles to ensure driver safety, as well as pedestrian and passenger safety. This system assists in analyzing the function of a vehicle, thus avoiding potential danger with other vehicles.
Intelligence system has gained huge attention in vehicles to enhance engine performance efficiency. The surging emphasis on general and driver safety on the roads is augmenting the vehicle intelligence system market across the globe. Automobile manufacturers across the globe are extensively adopting intelligence systems in vehicles owing to the soaring demand from consumers and development in production efficiencies. This will contribute to the market growth in the forecast period. With the rising demand for autonomous cars, coupled with the surging spending on R&D activities, the market is predicted to augment in the foreseeable future.
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The rate of road accidents in the past few years has increased at a tremendous rate. This has resulted in a dire need for passenger and driver safety systems in vehicles, further resulting in increased adoption of intelligence systems in vehicles. Moreover, the soaring demand for infotainment in vehicles for improved navigation, emergency alarm systems, and driving assistance is set to accelerate the vehicle intelligence systems market across the globe. Also, the increased traffic congestion due to the surging number of vehicles has resulted in the need to adopt these systems.
On the contrary, the lack of knowledge in the aftermarket automotive market and complications associated with the integration of these systems are some of the major concerns likely to restrict the market growth in the long run.
Global Vehicle Intelligence System Market: Segmental Analysis
The global vehicle intelligence system market is segmented on the basis of vehicle type, road scene understanding, and advanced driver assistance & monitoring.
By vehicle type, the vehicle intelligence system market is segmented into commercial vehicles and passenger cars. Of these, the commercial vehicle segment is predicted to dominate the global market owing to the soaring need for improved safety of commercial vehicles, as these vehicles are meant for long-distance traveling.
By road scene understanding, the vehicle intelligence system market is segmented into RSD, RTD, NVS, and others. Of these, the road tracking system (RTS) will dominate the market owing to the surging demand for intelligence systems due to increasing road accidents.
By advanced driver assistance & monitoring, the market is segmented into BSP, ACC, DMS, PA TJA, and others. Of these, park assist (PA) segment will dominate the market, owing to its low integration cost.
Regional Frontiers
Geographically, the vehicle intelligence system market spans across Asia Pacific, Europe, North America, and the Rest of the World (RoW).
Considering the global scenario, Europe is likely to acquire the largest share in the global market, mainly due to the existence of several industry bigshots in this region. The soaring demand for vehicle intelligence systems, especially in nations like Germany, the U.K., and France, owing to the presence of premium cars, is estimated to propel the market growth in the region. OEMs in Europe possess technological capabilities and offer advanced intelligence systems for vehicles. The soaring adoption of technologies in several vehicle segments is considered to push the market growth uphill.
The Asia Pacific will expand at a significant rate during the assessment period. The region is likely to retain its dominance in the coming years owing to the existence of economies like Japan, India, China, and South Korea. The increasing demand for premium vehicles, coupled with the rising number of automotive manufacturers in these countries are anticipated to contribute to the regional market’s growth.
Industry Updates
July 2019: Chroma ATE has recently signed a strategic cooperation memorandum with Altair Engineering to work together to develop tools for electric vehicle and testing and digital twins of e-Propulsion Testing Systems. The joint effort will include the integration of model-based development simulation methods with Power Hardware-in-the-Loop testing. This will help to achieve the required performance of the e-propulsion system.
Competitive Dashboard
The players dominating the global vehicle intelligence system market include Delphi Automotive PLC (U.K.), Denso Corporation (Japan), Magna International Inc. (Canada), Autoliv Inc. (Sweden), Mobileye NV (Israel), Robert Bosch GmbH (Germany), Continental AG (Germany), Infineon Technologies AG (Germany), Valeo SA (France), and Wabco Holdings Inc. (Belgium).
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