NEW
YORK, June 19, 2024 /PRNewswire/ -- The
global automotive prognostics market size is estimated to
grow by USD 9.92 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of over 29.12% during the forecast period.
Maintenance cost-saving benefits of automotive prognostics
system is driving market growth, with a trend
towards traditional automotive suppliers entering automotive
telematics market. However, high costs associated with
telematics services exert pressure on the adoption of prognostics
system poses a challenge. Key market players include ANSYS
Inc., Bridgestone Corp., Cloudera Inc., Continental AG, Dell
Technologies Inc., Digital Management LLC, Fleet Complete, Garrett
Motion Inc., International Business Machines Corp., Magna
International Inc., OpenText Corp., Pioneer Corp., Predii Inc.,
Preteckt Inc., Progress Software Corp., Ridgetop Group Inc., Robert
Bosch GmbH, Samsung Electronics Co. Ltd., Solera Holdings LLC, and
VMware Inc..
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Automotive
Prognostics Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
29.12%
|
Market growth
2024-2028
|
USD 9925.4
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
22.62
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
39%
|
Key
countries
|
US, Germany, China, UK,
and Canada
|
Key companies
profiled
|
ANSYS Inc., Bridgestone
Corp., Cloudera Inc., Continental AG, Dell Technologies Inc.,
Digital Management LLC, Fleet Complete, Garrett Motion Inc.,
International Business Machines Corp., Magna International Inc.,
OpenText Corp., Pioneer Corp., Predii Inc., Preteckt Inc., Progress
Software Corp., Ridgetop Group Inc., Robert Bosch GmbH, Samsung
Electronics Co. Ltd., Solera Holdings LLC, and VMware
Inc.
|
Market Driver
Traditional automotive suppliers, such as Bosch and Continental,
are expanding into the telematics domain to offer advanced
diagnostics and prognostics capabilities. This shift towards
value-added services allows them to enhance vehicle performance and
safety while staying competitive in the connected vehicle market.
By integrating telematics, these suppliers are driving the growth
of the automotive prognostics market during the forecast
period.
The Automotive Prognostics Market is experiencing significant
growth due to the increasing adoption of predictive maintenance in
the automotive industry. Vehicles equipped with diagnostic systems
and sensors are enabling prognostics, allowing for early detection
and prevention of vehicle failures. Prognostics systems use vehicle
data to predict component failures, reducing downtime and
maintenance costs. The market is driven by the need for improved
vehicle safety and efficiency, as well as the increasing
availability of connected vehicles. Additionally, the use of
machine learning and artificial intelligence in prognostics is
trending, providing more accurate and reliable predictions.
Overall, the market for automotive prognostics is poised for
continued growth in the coming years.
Research report provides comprehensive data on
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Report
Market Challenges
- The automotive prognostics market involves initial setup costs,
including licensing fees, installation, customization, and
integration with existing vehicle systems. Ongoing subscription
fees and hidden charges, such as roaming fees, add to the overall
cost. High automobile-embedded telematics prices, driven by
additional features, challenge manufacturers to maintain low
monthly fees. To keep profits high, some manufacturers offer
low-cost solutions, impacting the adoption of embedded telematics
and automotive prognostics systems. The development of alternative,
low-cost telematics solutions may pose challenges to the market
during the forecast period.
- The Automotive Prognostics Market faces several challenges in
implementing predictive maintenance solutions. One challenge is the
complexity of vehicle systems, requiring advanced sensors and
analytics to identify potential issues. Another challenge is data
management, as large amounts of data must be collected, processed,
and analyzed in real-time. Additionally, cybersecurity is a
concern, as vehicle systems become increasingly connected and
vulnerable to attacks. Furthermore, cost and regulatory compliance
are also challenges, as implementing prognostics technology can be
expensive and requires adherence to various industry standards.
Finally, the integration of predictive maintenance with other
vehicle systems, such as telematics and diagnostics, can be complex
and require coordination between multiple stakeholders.
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challenges - Request a sample report!
Segment Overview
This automotive prognostics market report extensively covers
market segmentation by
- Application
- 1.1 Passenger cars
- 1.2 Commercial vehicles
- End-user
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Passenger cars- The Automotive Prognostics
Market refers to the use of predictive analytics in the automotive
industry to identify and address potential issues before they cause
vehicle downtime. This market is driven by the increasing demand
for vehicle reliability and safety, as well as the growing trend
towards connected and autonomous vehicles. Companies in this market
provide solutions for predictive maintenance, diagnostics, and
condition monitoring, helping automakers and fleet operators reduce
costs and improve efficiency.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Automotive Prognostics Market encompasses advanced solutions
for predicting component failures in passenger vehicles and
commercial fleets. These systems utilize real-time insights from
sensors to calculate failure probabilities, enabling preventive
maintenance and predictive diagnostics. Owners of hatchbacks and
other passenger vehicles, as well as fleet operators, benefit from
these solutions by extending the lifespan of their automotive
systems and reducing air pollution from unnecessary emissions.
Automotive OEMs and aftermarket providers offer vehicle diagnostics
and prognostics solutions to help prevent failures in internal
combustion engines and other critical systems, such as ABS
production. Telematics services play a crucial role in providing
real-time data for prognostics applications, enhancing systems
operation and optimizing maintenance schedules.
Market Research Overview
The Automotive Prognostics Market refers to the industry focused
on predictive maintenance and failure prevention in the automotive
sector. This market utilizes various technologies such as machine
learning, artificial intelligence, and sensor data analysis to
identify potential issues before they become critical. The goal is
to enhance vehicle reliability, reduce downtime, and improve
overall operational efficiency. Components involved include vehicle
sensors, communication networks, and data analytics tools.
Applications span across passenger cars, commercial vehicles, and
electric vehicles. The market is expected to grow significantly due
to increasing vehicle complexity, rising demand for connected
vehicles, and stringent regulations on vehicle safety and
emissions.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Passenger Cars
- Commercial Vehicles
- End-user
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio