Press release
Vehicle Intelligence Systems Market driven by Rising Trend of Autonomous/Driverless Cars
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.
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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.
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.
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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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