Vehicle Intelligence System Market to Witness a Pronounce Growth During 2023 to 2030

PRESS RELEASE

Published January 30, 2023

Market Research Future Insights
The Global Vehicle Intelligence System Market is estimated to be worth USD 20.11 Billion by 2030, registering a 12.25% CAGR during the forecast period (2022- 2030).

Vehicle Intelligence System (VIS) is installed in vehicles to make sure the safety of the driver, the passengers, and pedestrians. VIS analyzes the vehicle's functioning by avoiding possible danger with 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 alerts the drivers of the traffic jam, provides parking assistance and avoids collisions. Vehicle intelligence systems are comprehensive electrical and mechanical components that are integrated with a controlling device and receivers so that all of the information can be collected through the components and can be monitored. It also aids in providing precision functioning of the complete vehicle and improves performance.

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Based on vehicle type, the commercial vehicle segment is anticipated to dominate the worldwide vehicle intelligence system market due to the necessity for enhanced safety of commercial vehicles because these vehicles are used for long-distance traveling. The application of VIS in commercial vehicles holds a considerable opportunity for manufacturers to boost their market share.

Based on road scene understanding, road tracking system (RTS) is estimated to dominate the market due to the surge in demand for intelligence systems. This is because of the increasing vehicle production and an upsurge in road accidents. Based on advanced driver assistance & monitoring, the park assist (PA) segment is anticipated to dominate the market due to the low cost of integration in all vehicle segments.

The growing trend of autonomous cars along with strict automobile standards set by governments of various countries and the boosting rate of road accidents will further cater to ample new opportunities that will lead to the growth of the vehicle intelligence systems market in the above-mentioned forecasted period.

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Regional Analysis
The Global Vehicle Intelligence System Market is divided into five regions; North America, Asia Pacific, Europe, Latin America and the Middle East & Africa.

Europe is projected to have the largest market share during the forecast period due to the presence of considerable automotive players in this region.

Asia-Pacific is estimated to expand at a significant growth rate over the forecast period of 2022 to 2030 owing to the massive adoption of vehicle intelligence systems in developing economies, encouraged by the increasing awareness regarding vehicle safety in the region.

Market Segmentation

The Global Vehicle Intelligence System Market is segmented into the following types;

By Vehicle type

Passenger cars Commercial vehicles

By Road scene understanding

RTS RSD NVS Others

By Advanced driver assistance & monitoring

ACC BSP PATJA DMS Others

Key Players
The Global Vehicle Intelligence System Market’s prominent key players are Denso Corporation (Japan), Delphi Automotive PLC (U.K.), Autoliv Inc. (Sweden), Magna International Inc. (Canada), Robert Bosch GmbH (Germany), Mobileye NV (Israel), Infineon Technologies AG (Germany), Continental AG (Germany), Wabco Holdings Inc. (Belgium) and Valeo SA (France).