Market Scenario
The global market for vehicle intelligence systems is driven largely by growing concerns about pedestrian safety, increased demand for enhanced driving experience and increased sales of premium vehicles in developing economies. Other factors driving market growth are strict government-set automotive standards, the need for increased safety of passengers and drivers in vehicles, and the increasing rate of road accidents leading to the adoption of vehicle intelligence systems.
The demand for safety features is growing because customers expect products of high quality. The costs of developing vehicle intelligence systems market are however very high. The vehicle intelligence system contains numerous electronic components driven by software which increases the overall cost of the vehicle. This makes it more difficult for Original equipment manufacturers to integrate the devices in all parts of the vehicles.
Blind spot detection system is useful in alerting the driver to any obstacles that occur in the vehicle's blind spot zone. Adaptive headlights have the ability to change the intensity of light automatically in corners and dark environments. Such lights help to prevent glare.
Competitive Analysis
Continental AG (Germany), Magna International Inc. (Canada), Wabco Holdings Inc. (Belgium), Delphi Automotive PLC (U.K.), Valeo SA (France), Mobileye NV (Israel), Infineon Technologies AG (Germany), Autoliv Inc. (Sweden), Robert Bosch GmbH (Germany), and Denso Corporation (Japan) are prominent players of the global vehicle intelligence system market. Mergers and acquisitions are prime strategies employed by key players.
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Global Vehicle Intelligence System Market Driven by Abundance of Drivers
Vehicle intelligence systems aim to make a safe driving experience for driver and its passengers. Rise of ride hailing companies and gamification of cab rides can drive its incorporation into latest vehicles. Market Research Future’s (MRFR) report on the vehicle intelligence system market covers a comprehensive analysis conducted with the help of primary and secondary market research methods. It covers prospects on the industry for the forecast period. while taking into consideration the effects of the COVID-19 pandemic.
Segmentation Analysis
Passenger Vehicles to Dominate Market Share
Passenger vehicles are likely to capture a large market share over the forecast period due to rise of ride hailing services and prioritization of passengers by automotive manufacturers.
Night Vision System to Capture Major Market Share
Night vision systems can capture a large market share over the forecast period owing to adaptive headlights being able to capture images even in pitch darkness. Huge demand for safety of passengers and drivers as well as dimly lit neighborhoods owing to lack of public planning projects can drive its demand in future cars.
Blind Spot Detection System Application to Lead in Global Market
Blind spot detection system (BDS) is expected to capture a large market share over the forecast period due to its ability to detect blind spots. Development of large urban spaces and need for parallel parking can drive the demand for the application in the vehicle intelligence system market.
Regional Analysis
Europe to Lead Global Vehicle Intelligence System Market
Europe is anticipated to dominate the demand share of the vehicle intelligence system market owing to investments in modernization of cars as well as use of digital technologies to enhance safety of driver and passengers. Presence of key automotive manufacturers and efforts to lower cases of accidents can drive its demand by customers.
APAC to Display Highest CAGR
APAC is estimated to display a strong growth rate owing to demand for luxury and premium cars. Increased spending power of customers and financial schemes supporting purchase of modern cars can drive the expansion of the vehicle intelligence system market.
Industry Update
KPIT Technologies is planning to invest in vehicle intelligence system technology in order to expand the scope of autonomous vehicles.
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