Report : South America 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)
OBD Segment to Dominate SAM Predictive Vehicle Technology Market during the forecast period (2020 – 2027)
According to The Insight Partners market research study on “SAM 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$ 1.48 million by 2027 from US$ 0.66 million in 2019. The market is estimated to grow at a CAGR of 13.0% from 2020 to 2027. The report provides trends prevailing in the SAM predictive vehicle technology market along with the drivers and restraints pertaining to the market growth. Application of AI (artificial intelligence) in automotive industry is the major factor driving the growth of the SAM predictive vehicle technology market. However, rising security concerns in using predictive technology hinder the growth of SAM predictive vehicle technology market.
In SAM, Brazil has the highest number of COVID-19 cases, followed by Ecuador, Chile, Peru, and Argentina, among others. The automotive industry is one of the victim of COVID-19, and since the start of 2020, this industry have been reflecting declining trend. With the imposition of lockdown across SAM region, the industries have been witnessing shattering experience. The automotive industry requires a significant number of human labour, and on the contrary, the COVID-19 virus is spreading through human involvement, the sector is unable to function properly. The declining trend in automotive industry is reflecting a negative impact on the predictive vehicle market. The government of SAM has taken an array of actions to protect their citizens and contain COVID-19’s spread. Containment measures in several SAM countries will reduce economic activity in the manufacturing and service sectors for at least the next quarter and are expected to rebound once the pandemic is contained.
The SAM 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 in SAM 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 & security. The safety & 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 SAM 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, 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.
The report segments the SAM Predictive Vehicle Technology market as follows:
SAM Predictive Vehicle Technology Market – By Hardware
SAM Predictive Vehicle Technology Market – By Vehicle Type
SAM Predictive Vehicle Technology Market – By Application
SAM Predictive Vehicle Technology Market – By Country