The automotive prognostics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Prognostics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The automotive prognostics market size has grown rapidly in recent years. It will grow from $7.14 billion in 2023 to $8.32 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to increasing vehicle complexity, regulatory compliance, growing focus on fleet management, manufacturer and aftermarket adoption, integration with telematics systems.
The automotive prognostics market size is expected to see rapid growth in the next few years. It will grow to $14.35 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to ai and machine learning advancements, increasing connectivity in vehicles, focus on electric and hybrid vehicles, customized predictive maintenance strategies, regulatory emphasis on predictive maintenance. Major trends in the forecast period include collaboration with data analytics providers, cybersecurity considerations, advancements in sensor technologies, connected car technologies, condition-based monitoring.
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Scope Of Automotive Prognostics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automotive Prognostics Market Overview
Market Drivers –
The rise in road accidents is expected to propel the growth of the automotive prognostics market going forward. Road accidents are the incidents that occur when vehicles on the road collide with one another, with pedestrians, or with stationary objects such as barriers, trees, or utility poles. Predictive diagnosis or automotive prognostics strives to provide successful and effective upkeep planning, resulting in less downtime, lower costs, more safety and increased value for roadways decreasing road accident fatalities. For instance, according to a statistical prediction of accident fatalities for 2021 by the National Highway Traffic Safety Administration, a US-based executive agency of the Department of Transportation led by the Secretary of Transportation, an estimated 42,915 persons perished in motor vehicle traffic collisions across the country. This marks a 10.5 percent increase over the 38,824 deaths reported in 2020. Therefore, the increased need for predictive diagnosis on the road is driving the automotive prognostics market.
Market Trends –
Major companies operating in the automotive prognostic market are focusing on model-based predictive control (MPC) technology software to drive the revenues in the market. Model-based predictive control (MPC) technology software is a sort of software that predicts a system’s future behavior using a mathematical model and then computes the best control actions to achieve the desired performance. For instance, in June 2021, Garrett Motion Inc., a Switzerland-based company that provides automotive prognostic tools and services, launched Model-Based Predictive Control (MPC) technology software. This technology can forecast and optimize the way a system operates in real-world conditions and enhances performance, efficiency and reliability. The company enables the technology’s installation and deployment considerably faster and easier, allowing efficient implementation on existing and prospective vehicle platforms.
The automotive prognostics market covered in this report is segmented –
1) By Component: Hardware, Software , Services
2) By Vehicle Type: Passenger Vehicle, Hatchback, Sedan, Utility Vehicle, Light Commercial Vehicle, Trucks, Buses And Coaches
3) By Application: Engine (Combustion control, Condition Monitoring), Battery (Electric Power Generation , Traction Battery), Power Steering System, Suspension System, On Board Monitoring & Diagnostics (OBMD)
4) By End User: Original Equipment Manufacturer(OEM), Aftermarket, Fleet Operators, Private Owners
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Regional Insights –
North America was the largest region in the automotive prognostics market in 2023. The regions covered in the automotive prognostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the automotive prognostics market report are Stellantis N.V., General Motors Company, Bayerische Motoren Werke AG, Tesla Inc., International Business Machines Corporation, DENSO Corporation, Continental AG, Magna International Inc., Bridgestone Corporation, Cummins Inc., ZF Friedrichshafen AG, Lear Corporation, Infineon Technologies AG, NXP Semiconductor Inc., Harman International Industries, Delphi Technologies, Garrett Motion Inc., Ansys Inc., Digital Management LLC, HCL Technologies Limited, Robert Bosch GmbH, Aeris Communications, Covisint Corp., Cognosos Inc., Preteckt Inc., Acerta Analytics Solutions Inc., Ansik Inc., Hitachi Astemo Ltd
Table of Contents
1. Executive Summary
2. Automotive Prognostics Market Report Structure
3. Automotive Prognostics Market Trends And Strategies
4. Automotive Prognostics Market – Macro Economic Scenario
5. Automotive Prognostics Market Size And Growth
…..
27. Automotive Prognostics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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