Report : Asia Pacific Predictive Vehicle Technology Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Hardware (ADAS, Telematics, and OBD); Vehicle Type (Commercial Vehicle and Passenger Car); and Application (Proactive Alerts and Safety and Security) and Country
Commercial Vehicle Segment to Dominate Asia Pacific Predictive Vehicle Technology Market during 2019–2027
According to The Insight Partners market research study on “Asia Pacific Predictive Vehicle Technology Market to 2027 – COVID-19 Impact and Analysis and Forecast by Hardware, Vehicle Type, and Application,” is expected to reach US$ 25.33 Mn by 2027 from US$ 10.64 Mn in 2019. The market is estimated to grow at a CAGR of 13.91% from 2020 to 2027. The report provides trends prevailing in the APAC predictive vehicle technology market along with the drivers and restraints pertaining to the market growth. Integration of AI in automotive industry is the major factor driving the growth of the APAC predictive vehicle technology market. However, issues regarding predictive technology hinder the growth of APAC predictive vehicle technology market. The COVID-19 is anticipated to cause huge disruptions in the Asia Pacific region. Asia pacific is a crucial region in terms of manufacturing and industrial growth and any disruptions may negatively impact the growth of various industries dependent on the region for supply and revenues. In terms of automotive production, China is a biggest car market, and Wuhan, which is a center of an outbreak, is called as a “motor city”. The reason behind calling Wuhan a motor city is that the city is a home to auto plants such as Peugeot Group, Honda, General Motors, Nissan, and Renault. For instance, Honda alone in Wuhan accounts for nearly 50% of total production in China. Also, Capital of Wuhan, Hubei Province was the 4th largest car producer in China in 2019. The coronavirus pandemic has interrupted business operations of varied manufacturing business including automotive. In March 2020, the vehicle sales have declined by more than 43% to 1.43 from 25.2 units in March 2019 as per the data published by the China Association of Automobile Manufacturers (CAAM). The government of countries such as China and India in the Asia Pacific region are taking drastic measures to reduce the effects coronavirus outbreak by announcing lockdowns and travel bans. These measures are expected to have a negative impact on the growth of industries and markets in this region, at least over the coming six to nine months.
The market for predictive vehicle technology market is segmented into hardware, vehicle type, application, and country. Based on hardware, the market is segmented into ADAS, Telematics, and OBD. In 2019, the ADAS segment held the largest share APAC predictive vehicle technology market. On the basis of vehicle type the market is segmented into commercial vehicle, and passenger car. The passenger car segment accounts for largest market share in the 2019. Similarly, based on application, the market is bifurcated into proactive alerts, and safety and security. The safety and security segment contributed a substantial share in 2019.
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 are among the leading companies in the APAC predictive vehicle technology market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Robert Bosch GmbH’s Service Solutions unit agreed to buy LAWA Solutions GmbH, a Germany based start-up that specializes in cloud-based software for roadside assistance and repair shops.
APAC Predictive Vehicle Technology Market, By Country, 2019 and 2027 (%)
The report segments the APAC Predictive Vehicle Technology market as follows:
Predictive Vehicle Technology Market – By Hardware
Predictive Vehicle Technology Market – By Vehicle Type
redictive Vehicle Technology Market – By Application
Predictive Vehicle Technology Market – By Country