Press release
Vehicle Intelligence Systems Market Analysis, Growth, Trends, Forecast by 2024
Global Vehicle Intelligence Systems Market: OverviewThe global vehicle intelligence systems market has been registering positive growth with the growing awareness about road safety. The development of vehicle intelligence systems has boosted the concept of driverless mobility. Vehicle intelligence systems are expected to shape the future of autonomous driving by improving collision avoidance, parking assistance, and emergency braking.
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On the basis of vehicle category, the global vehicle intelligence systems market can be segmented into commercial vehicles and passenger cars. The vehicle intelligence systems are mostly installed in premium and luxury cars owing to their high price. However, the commercial vehicles segment holds promising opportunities for the growth of the market during the forecast period. In terms of road scene understanding, vehicle intelligence systems can be categorized into road sign detection systems, night vision systems, road/lane tracking systems, and pedestrian detection systems. On the basis of advanced driver assistance and driver monitoring, vehicle intelligence systems are classified into blind spot detection systems, traffic jam assist systems, adaptive cruise control, alertness sensing systems, and park assist systems.
Global Vehicle Intelligence Systems Market: Drivers and Restraints
Growing awareness about vehicle and driver safety has fuelled the demand for vehicle intelligence systems. The stringent safety regulations in the manufacturing of cars and the growing demand for luxury cars in the developing countries have supported the growth of the global vehicle intelligence systems market. The rising trend of autonomous/driverless cars is expected to augment the growth of the global vehicle intelligence systems market.
The high cost of vehicle intelligence systems is one of the major restraints in the growth of the global vehicle intelligence systems market. A vehicle intelligence system implements a number of technologies and a range of software-driven electronic components. As a result, the cost of development of the vehicle intelligence system increases. This has limited the installation of vehicle intelligence systems in premium or luxury cars. Furthermore, the effective functioning of vehicle intelligence systems on a real-time basis, coupled with high capital investment, remains a key challenge for market players.
Global Vehicle Intelligence Systems Market: Region-wise Outlook
The global vehicle intelligence market can be segmented into four key regions: North America, Europe, Asia Pacific, and Rest of the World. The market in Europe is expected to witness significant due to the presence of some of the major automotive players. In countries such as the U.K., Germany, and France, the demand for vehicle intelligence systems is anticipated to surge during the forecast period owing to the presence of auto manufacturers including Daimler AG, Volkswagen Group, BMW AG, and Audi AG. With the growing demand for premium and luxury vehicles across Europe, the region is projected to support the growth of key market players. In Asia Pacific, countries such as India, Japan, South Korea, and China are the key markets for the automotive industry. The growing demand for luxury vehicles, coupled with the rise in the automotive manufacturing facilities in the region, will play a key role in the market’s growth in the coming years.
As the focus on driverless cars grows, the key players in the global automotive industry are investing heavily in artificial intelligence in cars. For example, the Toyota Research Institute is targeting the development of a driver assistance system that integrates artificial intelligence to improve safety of vehicle. Some of the prominent players in the global vehicle intelligence systems market are Denso Corporation, Delphi Automotive PLC, Autoliv Inc., Magna International Inc., Robert Bosch GmbH, Mobileye NV, Infineon Technologies AG, Continental AG, Wabco Holdings Inc., and Valeo SA. The key players are focusing on partnerships and collaborations for product development and business expansion.
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