New York, US, Feb. 14, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Vehicle Intelligence System Market Research Report: Information by Advanced Driver Assistance & Monitoring, Region, Road Scene Understanding, and Vehicle Type- Forecast till 2030”, the global vehicle intelligence system market is anticipated to show considerable development during the assessment era from 2022 to 2030 at a healthy growth rate of approximately 12.25%. The reports further anticipate the market to attain a substantially larger size of around USD 20110 million by the end of 2030.
Vehicle Intelligence System Market Overview:
Vehicle Intelligence Systems (VIS) is deployed to make sure the safety of the driver, pedestrians, and passengers. VIS examines the vehicle's functioning, avoiding possible danger from other vehicles. Upon the installation of VIS, vehicles exchange information utilizing a two-way communication system. The lanes of the automated highways have a computer-controlled system that informs the drivers of the traffic jam, offers parking assistance, and avoids collisions. Vehicle intelligence systems refer to a wide range of electrical and mechanical components incorporated with a controlling device and receivers so that all information can be collected through the components and observed. It also assists in offering precision functioning of the complete vehicle and improves performance. The global vehicle intelligence system market has demonstrated immense development in recent years. The primary parameter supporting the development of the market is the growing awareness regarding stringent safety regulations.
Competitive Analysis
The catalog for the leading participants across the global vehicle intelligence system market includes companies such as:
- Denso Corporation (Japan)
- Mobileye NV (Israel)
- Delphi Automotive PLC (U.K.)
- Infineon Technologies AG (Germany)
- Autoliv Inc. (Sweden)
- Continental AG (Germany)
- Magna International Inc. (Canada)
- Wabco Holdings Inc. (Belgium)
- Robert Bosch GmbH (Germany)
- Valeo S.A. (France)
- Among others.
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Furthermore, the escalating demand for luxury cars in developing countries will likely catalyze the market's growth over the review era. Moreover, the growing need for higher safety of passengers and drivers in vehicles and the stringent automobile standards set by governments are also likely to boost the market's development over the review era. In addition, factors such as the rising vehicle production, increasing rate of road accidents, and efficient functioning of the vehicle are also likely to enhance the market performance over the coming years. On the other hand, the absence of knowledge in the aftermarket automotive market and the high cost of integration are anticipated to challenge the market's growth.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 20,110 Million USD |
| CAGR during 2022-2030 | 12.25% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| y Market Opportunities | Rising vehicle production and increase in the road accidents Increase in demand for luxury vehicles and rise in automotive manufacturers |
| Key Market Drivers | Rise in demand for safety features |
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Market USP Covered
Market Drivers
The global vehicle intelligence system market has demonstrated immense development in recent years. The primary parameter supporting the development of the market is the growing awareness regarding stringent safety regulations. Furthermore, the escalating demand for luxury cars in developing countries will likely catalyze the market's growth over the review era. Moreover, the growing need for higher safety of passengers and drivers in vehicles and the stringent automobile standards set by governments are also likely to boost the market's development over the review era. In addition, factors such as the rising vehicle production, increasing rate of road accidents, and efficient functioning of the vehicle are also likely to enhance the market performance over the coming years.
Market Restraints
On the other hand, the absence of knowledge in the aftermarket automotive market and the high cost of integration are anticipated to challenge the market's growth.
COVID-19 Impact
The global health hazard in the shape of COVID-19 has had a massive impact on most industry sectors. Considering the rapid spread of the infectious disease, several governments across the globe announced partial or complete lockdowns for quite a long time. Consequently, the industry operations were halted, and some businesses shut down.
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Given the sudden fall in demand for vehicles and travel restrictions imposed, the vehicle intelligence system market faced several unexpected challenges during the pandemic. On the other hand, with the rapid vaccination rates and all the global industrial operations returning to normal, the market is anticipated to experience substantial development over the forecasted timeframe.
Segment Analysis
Among all the types, the anti-lock braking system (ABS) segment is anticipated to hold the top position across the global vehicle intelligence system market over the review era.
Among all the road scene understanding, the road sign detection system segment is predicted to ensure the top spot across the global vehicle intelligence system market over the review era.
Among all the components, the sensors segment is anticipated to secure the top position across the global vehicle intelligence system market over the review era.
Regional Analysis
The global vehicle intelligence system market is analyzed across five major geographies: Latin America, Asia-Pacific, Europe, the Middle East & Africa, and North America.
The MRFR analysis reports suggest that the European region is anticipated to secure the top position across the global vehicle intelligence system market over the coming years. the primary aspect supporting the development of the regional market is the presence of major automotive players across the region. There is a rise in demand for vehicle intelligence systems across nations such as France, Germany, and the U.K. because of the presence of premium and luxury vehicles here.
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The Asia-Pacific regional market for vehicle intelligence systems is anticipated to showcase the maximum growth rate over the review era. China, South Korea, Japan, and India are considered to be the viral market for the growth of these regions, given the rise in demand for luxury vehicles along with the rise in automotive manufacturers are considered to be the crucial aspects causing an upsurge in the market's development.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
