Automotive Prognostics Market size is set to grow by USD 9.92 billion from 2024-2028, maintenance cost-saving benefits of automotive prognostics system boost the market, Technavio

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..


Technavio has announced its latest market research report titled Global automotive prognostics market 2024-2028

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

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 impact of trend. For more details- Download a Sample 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.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This automotive prognostics market report extensively covers market segmentation by  

  1. Application 
    • 1.1 Passenger cars
    • 1.2 Commercial vehicles
  2. End-user 
    • 2.1 Aftermarket
    • 2.2 OEMs
  3. 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
    • Aftermarket
    • OEMs
  • 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: [email protected]
    Website: www.technavio.com/

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/automotive-prognostics-market-size-is-set-to-grow-by-usd-9-92-billion-from-2024-2028–maintenance-cost-saving-benefits-of-automotive-prognostics-system-boost-the-market-technavio-302176449.html

    SOURCE Technavio