Global Vehicle Intelligence System Market Size was valued at USD 7.6 billion in 2022. The Vehicle Intelligence System market industry is projected to grow from USD8.531 Billion in 2023 to USD 21.502 billion by 2032, exhibitinga compound annual growth rate (CAGR) of 12.25% during the forecast period (2023 - 2032). Increased demand for luxury vehicles, a rise in automotive manufacturers and rising vehicle production, and an increase in road accidents are the key market drivers enhancing the market growth.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Safety is one of the important factors driving consumer buying behavior. Today there has been a significant increase in the number of vehicles, which has led to problems such as traffic congestion and accidents. The primary reason for accidents is speeding, not following traffic rules, and lack of focus due to drowsiness. For instance, according to the Association for Safe International Road Travel, approximately 1.3 million people die in road crashes yearly. To reduce the probability of accidents, OEMs are incorporating vehicle intelligence systems. These vehicle intelligence systems send an alert signal or automatically intervene and take the necessary action, which reduces the chances of an accident. These systems have gained significant importance in the past few years, and the demand for such systems will always increase due to stringent safety regulations. This factor drives the Market CAGR.
Additionally, the increasing rate of road accidents and rising vehicle production are also largely lifting the growth of the vehicle intelligence systems market. However, the high cost of integration and absence of knowledge in the aftermarket automotive market for the systems are the major limitations for the growth of the vehicle intelligence systems market in the forecast period of 2021 to 2028. In contrast, the efficient functioning of vehicle intelligence systems has the potential to challenge the growth of the vehicle intelligence systems market. Likewise, the rising trend of autonomous cars, along with stringent automobile standards set by governments of several countries and the increasing rate of road accidents, will further cater to ample new opportunities that will lead to the growth of the vehicle intelligence systems market. Thus, driving the Vehicle Intelligence System market revenue.
The global Vehicle Intelligence System market segmentation, based on Vehicle type, includes passenger and commercial vehicles. Due to the requirement for increased safety in commercial vehicles because they are designed for long-distance travel, this category led the global market for vehicle intelligence systems. The use of VIS in commercial vehicles, which holds a major opportunity for manufacturers to increase their market share, is limited.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on Road Scene Understanding, the global Vehicle Intelligence System market segmentation includes RTS, RSD, NVS, and others. The RTS segment dominated the market due to increased demand for intelligence systems. This is because of rising vehicle production and increased road accidents.
Based on Advanced Driver Assistance & Monitoring, the global Vehicle Intelligence System market segmentation includes ACC, BSP, PATJA, DMS, and others. The ACC segment dominated the market; ACC utilizes sensors to detect the distance between the vehicle and the one ahead, automatically adjusting the vehicle's speed to maintain a safe following distance. This feature provides convenience by reducing the need for constant manual speed adjustments and also helps prevent rear-end collisions, making it a popular choice among consumers.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Vehicle Intelligence System market, will dominate this market, owing to the rising awareness regarding vehicle safety in the Region, which will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Vehicle Intelligence System market accounts for the second-largest market share due to the increasing demand for vehicle intelligence systems. Further, the German Vehicle Intelligence System market held the largest market share, and the U.K. Vehicle Intelligence System market was the fastest-growing market in the European Region.
The Asia-Pacific Vehicle Intelligence System Market is expected to grow at the fastest CAGR from 2023 to 2032 owing to the high adoption of vehicle intelligence systems in developing economies. Moreover, China’s Vehicle Intelligence System market held the largest market share, and the Indian Vehicle Intelligence System market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Vehicle Intelligence System market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Vehicle Intelligence System industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Vehicle Intelligence System industry to benefit clients and increase the market sector. The Vehicle Intelligence System industry has offered some of the most significant advantages in recent years. Major players in the Vehicle Intelligence System market, includingDenso 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 S.A. (France)., and others, are attempting to increase market demand by investing in research and development operations.
The biggest producer of semiconductors in Germany is Infineon Technologies AG. The semiconductor activities were once a part of Siemens AG, the former parent company. One of the top 10 semiconductor producers in the world, Infineon employs roughly 50,280 people. Infineon Technologies AG developed a 24-GHz radar solution, an integrated system containing a 24-GHz radar chip and AURIX microcontroller. The microcontroller used in the system is customized for radar applications. The newly developed radar-based solution is best suited for trucks and construction machines.
WABCO was a U.S.-based provider of heavy-duty commercial vehicles' electronic braking, stability, suspension, and transmission automation systems.WABCO Holdings Inc. launched a new generation of lane departure warning systems. The upgraded system incorporates video recording and near-real-time video analysis. It also has improved lane marking recognition due to an intelligent lane-tracking algorithm.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 7.6 billion |
| Market Size 2023 | USD 8.531 billion |
| Market Size 2032 | USD 21.502 billion |
| Compound Annual Growth Rate (CAGR) | 12.25%(2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vehicle Type, Road Scene Understanding,Advanced Driver Assistance & Monitoring, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â 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 S.A. (France) |
| Key Market Opportunities | Rising vehicle production and increase in road accidents Increase in demand for luxury vehicles and rise in automotive manufacturers. |
| Key Market Dynamics | Rise in demand for safety features. |
Frequently Asked Questions (FAQ) :
The global Vehicle Intelligence System market size was valued at USD 7.6 Billion in 2022.
The global market is projected to grow at a CAGR of 12.25%during the forecast period, 2023-2032.
North America had the largest share of the global market
The key players in the market 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 S.A. (France).
The Commercial Vehicles category dominated the market in 2022.
The RTS had the largest share of the global market.
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