Europe Predictive Vehicle Technology Market is expected to reach US$ 11.78 Mn by 2027

Safety and security Segment to Dominate Europe Predictive Vehicle Technology Market during 2019–2027

According to The Insight Partners market research study on “Europe Predictive Vehicle Technology Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Hardware, Vehicle Type, and Application,” is expected to reach US$ 11.78 Mn by 2027 from US$ 4.92 Mn in 2019. The market is estimated to grow at a CAGR of 14.0% from 2020 to 2027. The report provides trends prevailing in the Europe predictive vehicle technology market along with the drivers and restraints pertaining to the market growth. Growing use of predictive powertrain control in heavy vehicles is the major factor driving the growth of the Europe predictive vehicle technology market. However, issues associated with the predictive technology is hinder the growth of North America predictive vehicle technology market. In Europe, the automotive sector plays a vital role in the growth of the country's prosperity, as it accounts for a significant portion of the region’s GDP as well as provides jobs to a large population. Due to these factors, the European Commission has taken several initiatives for the development of the automotive industry in the region. Also, Horizon 2020 by EU focuses on providing funds for R&D on automotive by launching programs such as European Green Vehicles Initiative and programs on 'Road Transport,' 'ICT for Smart Mobility,' 'Factories of the Future' and 'Logistics.  Furthermore, in Europe, Italy is the worst-hit country by the coronavirus outbreak. As Spain, Italy, Germany, and France recorded the highest number of confirmed coronavirus cases and the number of deaths on a daily basis are growing at an alarming rate. The country is expected to suffer an economic loss due to a lack of revenue from various industries and supply chain disruptions. Other member states are also implementing drastic measures and travel restrictions to contain the social and financial damage, including border shutdowns and business lockdowns. This outbreak is anticipated to impact market growth of predictive vehicle technology in Europe in the short term, especially in Italy and Spain.

The market for predictive vehicle technology is segmented into hardware, vehicle type, application and country. Based on hardware, the market is segmented into ADAS, Telematics, and OBD. In 2019, the ADS segment held the largest share Europe Predictive Vehicle Technology Market. Based on vehicle type the Europe predictive vehicle technology market is divided into commercial and passenger. Commercial vehicle is expected to the fastest growing segment over the forecast period. Similarly, On the basis of application the market is segmented into proactive alerts, and safety and security. The safety and security segment accounts for largest market share in the 2019.

AISIN SEIKI Co.Ltd., Aptiv PLC, Continental AG, HELLA GmbH and Co. KGaA, NXP SEMICONDUCTORS N.V., Robert Bosch GmbH, Traffilog LTD, Visteon Corporation and ZF Friedrichshafen AG are among the leading companies in the Europe 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 2020, Aptiv and Hyundai Motor Group announced that they will form a joint venture for autonomous driving. The joint venture will advance the design, development and commercialization of SAE Level 4 and 5 autonomous technologies

                                             Europe Predictive Vehicle Technology Market, By Country, 2019 and 2027 (%)

                                     

Europe Predictive Vehicle Technology Market – By Hardware

• ADS
• Telematics
• OBD

Europe Predictive Vehicle Technology Market – By Vehicle Type

• Commercial Vehicle
• Passenger Vehicle

Europe Predictive Vehicle Technology Market – By Application

• Proactive Alerts
• Safety and Security

Europe Predictive Vehicle Technology Market – By Country

• Germany
• France
• Italy
• United Kingdom
• Russia
• Rest of Europe