The global vehicle intelligence market size in 2023 is 8.3 billion and is expected to reach USD 9.17 billion in 2024 and reach USD 15.12 billion by 2029, growing at a CAGR of 10.52% from 2024 to 2029.
The deployment of vehicle intelligence systems into motor vehicles has become very common in today’s world. There is a need to promote the most advanced features like adaptive cruise control, lane departure warning, and collision avoidance. Here, artificial intelligence is playing a major role in improving the efficiency and safety of motor vehicles. In the U.S., the number of people buying luxurious cars rose by 19% in 2023.
Growing disposable income, especially in urban areas, is the major factor influencing the growth rate of the market. People’s affordability to buy advanced featured passenger cars for safety is eventually inclined to gear up the market’s share. It is a well-known fact that advanced features like vehicle intelligence can reduce the risk of road accidents by giving warning signals and avoiding mortality, which is hugely attracting the consumer’s attention. The growing popularity of lightweight vehicles through social media influencers is also driving the growth rate of the vehicle intelligence market.
However, the sudden failure of the system in real-time slightly degrades the growth rate of the market. Strict rules and regulations by government authorities to lower carbon footprints also restrict the growth rate of the vehicle intelligence market. The lack of skilled people to integrate advanced software solutions in the automobile industry is hindering the market share.
The shifting trend towards autonomous cars is greatly enhancing the growth rate of the market. Topmost companies are concentrating on launching driverless cars with the help of vehicle intelligence systems, which are set to create huge growth opportunities for the market. Government authorities are focusing on the approvals of the newly launched features in automobiles to avoid road accidents, which is gaining traction over the share of the market.
Growing cost of the passenger cars due to increasing prices of the raw materials as the supply chain disruptions hit the world in unprecedented way is a key challenging factor for the market key player.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
10.52% |
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Segments Covered |
By Component, Driver Assistant, and Driver Monitoring, Road Scene Understanding, region. |
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Various Analyses Covered |
Global, Regional, & Country Level Analysis; Segment-Level Analysis; DROC, PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC (U.K.), Robert Bosch GmbH (Germany), and Autoliv Inc. (Sweden). |
The North American vehicle intelligence systems market is leading with the highest share. The rapid boost in the per capita income from the past two years is augmenting and fuelling the growth rate of the market in North America. The demand to launch luxurious cars with the most advanced technology is likely to set up new growth opportunities for the vehicle intelligence systems market. The U.S. and Canada are majorly influencing the growth rate of the market. Ongoing research and development activities in the automobile industry to launch self-driving cars in the most efficient way is enhancing the growth rate of the market. Already, a few companies have launched autonomous cars, and 80 companies are working on launching new featured autonomous cars, trucks, and lightweight vehicles in approximately 36 countries. The high demand for autonomous cars solely lavishes the prominent growth rate of the vehicle intelligence systems market.
Asia Pacific, vehicle intelligence systems market, is deemed to set the new highest CAGR record by the end of 2029. The growing population in emerging countries like India and China is a primary factor that helps the market to grow. The demand to increase the production rate of lightweight vehicles is surging tremendously in these countries, which is further ascribed to promote new growth opportunities for the vehicle intelligence systems market. The number of passenger car sales were surged during the period of 2022-203. Almost 30.09 million units of car sales were recorded only in 2023, which is 13% higher than the record in 2022.
Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC (U.K.), Robert Bosch GmbH (Germany), and Autoliv Inc. (Sweden).
In September, 2023, Continental A, one of the leading companies in automotive industry collaborated with the Google Cloud intuitive that enhance the drivers experience. The plan is to integrate the Google cloud’s data and A.I. (Artificial Intelligence) into the vehicle computer systems. The system shall provide required information to the drivers and can also answer to the question appropriately according to the data in the google.
By Component
By Advanced Driver Assistance and Driver Monitoring Systems
By Road Scene Understanding
By Region
Frequently Asked Questions
The annual growth of the vehicle intelligence system market is 13%.
The region that is leading the vehicle intelligence system market is Asia Pacific.
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