Global Vehicle Analytics Market - 2023-2030

Overview

Global Vehicle Analytics Market reached US$ 3.1 Billion in 2022 and is expected to reach US$ 18.0 Billion by 2030, growing with a CAGR of 24.7% during the forecast period 2023-2030.

The growing popularity of electric vehicles (EVs) indeed contributes significantly to the boost in market growth for the global vehicle analytics market. The adoption of electric vehicles introduces unique challenges and opportunities that vehicle analytics addresses, making it an essential component in the electric mobility ecosystem. Vehicle analytics is crucial for monitoring the performance of electric vehicle batteries. It tracks factors such as state of charge, state of health and charging patterns, providing insights that help optimize battery life and efficiency.

Some of the major key players in the market expand their business to fulfill consumer demand. For instance, on December 05, 2023, FICO, US-based data analytics firm launched its cloud platform in India. Indian banks like HDFC Bank, Pivot Bank and AU Little Money Bank are among the early adopters set to hoist consumer loyalty and drive development in the financial area.

North America is a dominating region in the global vehicle analytics market. North America has been an early adopter of telematics arrangements, which structure a critical part of vehicle examination. Telematics, including GPS following, distant diagnostics and associated vehicle highlights, has acquired broad acknowledgment among shoppers and organizations in the locale. North America flaunts a vigorous IT foundation and inescapable web network, working with the execution of associated vehicle innovations and supporting the information escalated prerequisites of vehicle examination arrangements.

Dynamics

Technological Advancements in Autonomous Vehicle

Autonomous vehicles produce immense measures of information through sensors, cameras, LiDAR and different advances. Vehicle investigation processes this information to go with ongoing choices, improving the vehicle's capacity to explore and answer dynamic conditions. Vehicle examination incorporates information from various sensors to make an extensive comprehension of the vehicle's environmental elements.

The sensor combination is vital for independent vehicles to see and decipher the climate, guaranteeing safe route precisely. The real-time monitoring of autonomous vehicle performance provided by vehicle analytics enables the immediate identification of potential issues or anomalies. The ability is fundamental for guaranteeing the security and dependability of independent frameworks.

Prescient support arrangements inside vehicle investigation empower independent armadas to expect and resolve likely issues before they lead to vehicle margin time. For instance, in March 2021, Honda turned into the principal automaker to sell level-3 independent vehicles and at present intends to carry this innovation out to the majority by 2029. Moreover, they intend to accomplish a zero-casualty rate from car collisions by 2050.

Growing Demand of Autonomous Mobility

Autonomous vehicles produce immense measures of information through sensors, cameras, LiDAR, radar and different advances. Vehicle investigation processes this information to go with ongoing choices, improving the vehicle's capacity to explore and answer dynamic conditions. Vehicle examination incorporates information from various sensors to make an extensive comprehension of the vehicle's environmental elements. The sensor combination is vital for independent vehicles to see and decipher the climate, guaranteeing a safe route precisely.

The real-time monitoring of autonomous vehicle performance provided by vehicle analytics enables the immediate identification of potential issues or anomalies. The ability is fundamental for guaranteeing the security and dependability of independent frameworks. Prescient support arrangements inside vehicle investigation empower independent armadas to expect and resolve likely issues before they lead to vehicle margin time. The proactive approach ensures the continuous operation of autonomous vehicles.

The growing availability of autonomous vehicles in the market helps to boost market growth over the forecast period. For instance, on June 05, 2023, Minus Zero, an Artificial Intelligence startup in Banglore launched Indias first autonomous vehicle in the market. zPod is drove automatically without steering wheel and it can drive itself in all environmental and geographical constraints.

High Initial Implementation Costs Hampers Market Growth

Implementing vehicle analytics often involves significant capital investment in both hardware (sensors, devices) and software components (analytics platforms, predictive maintenance software). The initial capital outlay can be a barrier, particularly for organizations with constrained budgets.

The integration of vehicle analytics solutions with existing fleet management systems, enterprise resource planning (ERP) software or other enterprise systems can contribute to increased implementation costs. Customization and seamless integration often require additional resources.

Deploying vehicle analytics may require upgrading or investing in supporting infrastructure, such as robust data storage, high-speed internet connectivity and secure communication networks. The infrastructure-related costs can add to the overall implementation expenses. Organizations often seek the assistance of consultants or professional services for the successful implementation of vehicle analytics solutions. The services come with associated costs, contributing to the overall financial investment.

Segment Analysis

The global vehicle analytics market is segmented based on component, deployment, vehicle type, connectivity, application, end-user and region.

Growing Adoption of Vehicle Analytics Services Globally

Based on the components, the vehicle analytics market is segmented into software and services. Software components in the vehicle analytics market frequently incorporate high level examination apparatuses, AI calculations and information handling capacities. The vast amounts of data generated by automobiles can now be thoroughly analyzed using these technologies, providing valuable insights into performance, usage patterns and potential issues.

Predictive maintenance software is a crucial aspect of the software component segment. The type of programming uses investigation to anticipate when vehicle parts are probably going to fizzle, taking into consideration proactive upkeep and diminishing the gamble of surprising breakdowns. The capability is extremely useful for managing a fleet and increasing vehicle overall reliability.

Growing vehicle analytics software products launched by the major key players helps to boost segment growth over the forecast period. For instance, on September 04, 2023, Valeo launched Valeo anSWer software in the market. As automobiles become more intelligent and electric, the automotive industry is going through its worst time. Vehicle producers are changing from an equipment based engineering to a product based design.

Geographical Penetration

North America is a Dominating Region in the Vehicle Analytics Market Due To the Strong Presence of the Automotive Industry

North America has the world's biggest and most persuasive automakers and innovation organizations. The presence of major auto producers and their consolidations and coordinated efforts with innovation suppliers has encouraged the turn of events and reception of cutting edge vehicle investigation arrangements. The region has been at the bleeding edge of mechanical headways, including the mix of IoT (Web of Things), man-made intelligence (Computerized reasoning) and information examination in vehicles. The blend of an experienced auto industry and a well-informed purchaser base has sped up the reception of vehicle examination arrangements.

Some of the major key players in North America follow merger and acquisition strategies to expand their business. For instance, on July 27, 2023, Platform Science, the leading connected vehicle platform and Uptake, a leader in predictive analytics software-as-a-service (SaaS) completed a partnership to expand its data-driven insights and predictive maintenance capabilities to some of the country's largest vehicle fleets.

Competitive Landscape

The major global players in the market include Xevo Inc, Agnik LLC, Microsoft, Teletrac Navman, SAP, Automotive Rentals, Procon Analytics, Pivotal Software, Inc., WEX Inc., Intelligent Mechatronic Systems.

COVID-19 Impact Analysis

The pandemic disturbed supply chains globally, influencing the development of vehicles and related parts. Numerous auto makers briefly shut down or downsized creation during lockdowns and limitations. The reduction in vehicle production could have slowed the integration of new vehicle analytics solutions, impacting market growth. Economic uncertainty led to delayed investment decisions across various industries.

Lockdowns and restrictions altered consumer behavior, impacting vehicle sales and usage patterns. Changes in how vehicles are used could have influenced the demand for specific analytics features, such as those related to fleet management or usage-based insurance. The need for remote monitoring and maintenance solutions increased as travel restrictions limited on-site inspections. Vehicle analytics solutions offering remote monitoring and predictive maintenance features may have gained traction during the pandemic.

Russia-Ukraine War Impact Analysis

Due to the geopolitical conflicts, there are disruptions in global supply chains. The key suppliers of components and technology used in vehicle analytics solutions are badly affected due to this shortage, delays and increased costs of components. It creates economic uncertainty, impacting investment decisions and consumer confidence. Businesses may delay or reconsider their investments in technology, including vehicle analytics solutions.

Geopolitical events can influence currency exchange rates, leading to fluctuations that may impact the cost of imported technologies or services, potentially affecting pricing strategies in the vehicle analytics market. Geopolitical events lead to changes in trade regulations and export controls. Such changes may impact the cross-border movement of technology and data, affecting the global operations of companies in the vehicle analytics sector.

By Component

• Software
• Services

By Deployment

• On-premise
• Cloud

By Vehicle Type

• Passenger Vehicles
• Commercial Vehicles

By Connectivity

• Wi-Fi
• Cellular Network
• Bluetooth

By Application

• Dealer Performance Analysis
• Driver & User Behavior Analysis
• Predictive Maintenance
• Safety & Security Management
• Traffic Management
• Usage-based Insurance
• Others

By End-User

• Original Equipment Manufacturers (OEMs)
• Insurers
• Automotive Dealers
• Regulatory Bodies
• Fleet Owners
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On December 25, 2023, Infocar, a vehicle data platform leader launched a new product in the Japanese market. The company has more than 30 30 intellectual property rights related to vehicle data analytics and currently holds the No. 1 market share in Korea.
• On February 10, 2023, NTT Data completed a partnership with TOYOTA & Mitsui Fudosan to launch a Connected Car Data Initiative to reduce traffic congestion and CO2 emissions.
• On June 28, 2022, Renault Group and Atos launched industrial data grade, a new service for industrial data collection to support manufacturing companies in their digital journey towards industry 4.0.

Why Purchase the Report?

• To visualize the global vehicle analytics market segmentation based on component, deployment, vehicle type, connectivity, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of vehicle analytics market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global vehicle analytics market report would provide approximately 86 tables, 87 figures and 231 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies