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.
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Market Challenges
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Segment Overview
This automotive prognostics market report extensively covers market segmentation by
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.
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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
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: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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