The latest research by 6418 MarketsandMarkets, Vehicle Intelligence Systems Market by Road Scene Understanding, Advanced Driver Assistance & Monitoring, predicts that the global market for vehicle intelligence systems will grow at a CAGR of 12.24%, from US$11.29 Billion in 2016 to US$20.11 Billion by 2021.
Given the increasingly stringent safety norms, automotive OEMs are focusing on enhancing the safety of vehicles. To ensure the safety of the driver, passengers, and pedestrians, the vehicle needs to be intelligent enough to avoid potential danger. Vehicle intelligence systems, when incorporated in the vehicle, analyse the vehicle's environment and it's functioning, thereby aiding the driver and making the driving experience safer and more comfortable.
The road scene understanding segment of the vehicle intelligence systems market covers various intelligence systems that communicate with the vehicle's surroundings, thereby assisting the driver and ensuring a better driving experience. This segment includes lane/road tracking, road sign detection, night vision, and pedestrian detection systems. Given the rising vehicle production and increasing number of road accidents, the demand for these intelligence systems is expected to increase in the near future. Additionally, OEMs are developing autonomous cars, which would help upgrade and increase the reliability of the systems.
The commercial vehicle segment of the vehicle intelligence systems market is estimated to register the highest CAGR during the forecast period. This growth is driven by the need to enhance the safety of commercial vehicles, as these vehicles generally travel large distances. Currently, the adoption of intelligence systems in commercial vehicles is limited; this provides manufacturers with ample opportunities to increase their market share. Additionally, commercial vehicle sales in the North American region are high, owing to continued low-interest rates on automotive loans. This will likely boost the commercial Vehicle Intelligence Systems Market in the region.
The report segments the vehicle intelligence systems market into Europe, North America, Asia-Oceania, and rest of the world (RoW). Europe is estimated to lead the market, accounting for more than one-third of the market share. OEMs in this region possess considerable technological capabilities and are consequently able to offer advanced intelligence systems for vehicles. In 2015, the R&D expenditure of the European automotive sector reached approximately US$50 billion. The growing adoption of these technologies in various vehicle segments is expected to accelerate the growth of the European vehicle intelligence systems market.
Given the increasingly stringent safety norms, automotive OEMs are focusing on enhancing the safety of vehicles. To ensure the safety of the driver, passengers, and pedestrians, the vehicle needs to be intelligent enough to avoid potential danger. Vehicle intelligence systems, when incorporated in the vehicle, analyse the vehicle's environment and it's functioning, thereby aiding the driver and making the driving experience safer and more comfortable.
The road scene understanding segment of the vehicle intelligence systems market covers various intelligence systems that communicate with the vehicle's surroundings, thereby assisting the driver and ensuring a better driving experience. This segment includes lane/road tracking, road sign detection, night vision, and pedestrian detection systems. Given the rising vehicle production and increasing number of road accidents, the demand for these intelligence systems is expected to increase in the near future. Additionally, OEMs are developing autonomous cars, which would help upgrade and increase the reliability of the systems.
The commercial vehicle segment of the vehicle intelligence systems market is estimated to register the highest CAGR during the forecast period. This growth is driven by the need to enhance the safety of commercial vehicles, as these vehicles generally travel large distances. Currently, the adoption of intelligence systems in commercial vehicles is limited; this provides manufacturers with ample opportunities to increase their market share. Additionally, commercial vehicle sales in the North American region are high, owing to continued low-interest rates on automotive loans. This will likely boost the commercial Vehicle Intelligence Systems Market in the region.
The report segments the vehicle intelligence systems market into Europe, North America, Asia-Oceania, and rest of the world (RoW). Europe is estimated to lead the market, accounting for more than one-third of the market share. OEMs in this region possess considerable technological capabilities and are consequently able to offer advanced intelligence systems for vehicles. In 2015, the R&D expenditure of the European automotive sector reached approximately US$50 billion. The growing adoption of these technologies in various vehicle segments is expected to accelerate the growth of the European vehicle intelligence systems market.
