Press release
Vehicle Diagnostic Analytics Market Analysis and Forecast, 2022-2031
Vehicle Diagnostic Analytics Market Overview
The vehicle diagnostic analytics market is projected to reach $4,425.6 million by 2031 from $1,827.4 million in 2021, growing at a CAGR of 9.22% during the forecast period 2022-2031. The growth in the vehicle diagnostic analytics market is expected to be driven by the growing demand for vehicle diagnostic analytics in fleet management, rapid adoption of connected, autonomous, shared, and electric (CASE) strategies by original equipment manufacturers (OEMs) in the automotive industry, increasing focus on predictive maintenance for cost-savings and enhanced safety, and growing application of vehicle diagnostic by OEMs/automotive dealers in warranty analytics.
Market Lifecycle Stage
Globally, connected vehicles are moving the automotive industry into a new era. Vehicles are being deployed with extensive sensor platforms that generate vast amounts of data from different systems, such as telematics control units and on-board diagnostic (OBD) interfaces. At the same time, the advent of 5G and high bandwidth V2X technology have led to enhanced connectivity levels in the connected vehicles, providing the much-needed boost to the growth of the vehicle diagnostic analytics market.
The vehicle diagnostic analytics market is in the growth phase. The implementation of automotive diagnostics solutions is increasing in connected vehicles, internal combustion engine (ICE), as well as electric vehicles (EVs). As a result, the market is expected to flourish during the forecast period.
Impact
The vehicle diagnostic analytics market is driven by several factors, such as growing demand for vehicle diagnostic analytics in fleet management, rapid adoption of connected, autonomous, shared, and electric (CASE) strategies by OEMs in the automotive industry, increasing focus on predictive maintenance for cost-savings and enhanced safety, and growing application of vehicle diagnostic analytics by OEMs/automotive dealers in warranty analytics.
Vehicle diagnostic solution providers are working toward the development of advanced vehicle diagnostic analytics solutions to address the growing consumer needs of transforming the automotive industry. With automotive OEMs developing the next generation of connected and autonomous vehicles, the demand for such solutions is likely to increase multi-fold over the coming years.
Market Segmentation:
Segmentation 1: by Application Type
Predictive Maintenance
Warranty Analytics
Residual Value Estimation
Vehicle Safety and Security Management
The predictive maintenance segment is expected to dominate the vehicle diagnostics analytics market during the forecast period 2022-2031, owing to the benefits, such as cost savings and enhanced vehicle safety levels, and predictive maintenance solutions.
Segmentation 2: by Vehicle Propulsion Type
Internal Combustion Engine (ICE) Vehicles
Electric Vehicles (EVs)
Based on vehicle propulsion type, the internal combustion engine (ICE) vehicles segment currently dominates the market; however, the electric vehicles (EVs) segment is likely to dominate the market toward the end of the forecast period.
Segmentation 3: by Vehicle Type
Passenger Vehicles
Commercial Vehicles
Based on vehicle type, the commercial vehicles segment is likely to continue dominating the market during the forecast period.
Segmentation 4: by Diagnostic Solution Type
Onboard Diagnostics
Remote Diagnostics
The onboard diagnostics segment is expected to dominate the vehicle diagnostic analytics market during the forecast period, owing to the lack of infrastructure needed for remote diagnostics.
Segmentation 5: by End User
Fleet Owners
Automotive Dealers and Service Providers
OEMs
Insurance Companies
The vehicle diagnostic analytics market is slightly more dominated by the fleet owners segment, owing to the growing popularity of automotive diagnostics solutions among fleet owners for the cost-savings related to their fleet vehicles.
Segmentation 6: by Deployment Model
On-Premises
On-Demand
The on-premises segment is expected to continue dominating the vehicle diagnostic analytics market during the forecast period.
Segmentation 7: by Region
North America
Europe
U.K.
China
Asia-Pacific and Japan
Rest-of-the-World
North America generated the highest revenue of $584.8 million in 2021, which is attributed to the increased sales of connected vehicles in the North America region. The vehicle diagnostic analytics market is attractive in North America due to the growing adoption of vehicle diagnostic analytics solutions by automotive OEMs and vehicle fleet owners. However, Europe is expected to overtake North America toward the end of the forecast period while growing at the highest rate as compared to other regions.
Recent Developments in the Vehicle Diagnostic Analytics Market
In February 2022, OCTO Telematics announced a new agreement in its partnership with Ford Motor Company to extend its data streaming into Europe. By leveraging Fords connected vehicle data, OCTO would enhance its market-proven telematics services in insurance and analytical services in the U.K., Italy, Germany, France, and Spain.
In January 2022, Continental came up with a new 4G dongle, thereby boosting the performance of its remote vehicle data platform for vehicle data of numerous makes and models.
In February 2021, Harman International acquired all the assets of Savari, Inc. for developing vehicle-to-everything communications technology in 5G edge and automotive devices.
In August 2020, Teletrac Navman US Ltd. announced the next-generation solution, TN360, powered by artificial intelligence that delivers telematics functionality, providing fleet management with smart, predictive, and actionable insights.
In September 2019, Bosch enhanced its vehicle diagnostic analysis for FSA 720 and FSA 740 and adapted it to the use of 48-volt on-board systems in passenger cars.
Demand Drivers and Limitations
Following are the demand drivers for the vehicle diagnostic analytics market:
Growing Demand for Vehicle Diagnostic Analytics in Fleet Management
Rapid Adoption of Connected, Autonomous, Shared, and Electric (CASE) Strategies by OEMs in the Automotive Industry
Increasing Focus on Predictive Maintenance for Cost-Savings and Enhanced Safety
Growing Application of vehicle diagnostics by OEMs/Automotive Dealers in Warranty Analytics
Following are the limitations for the vehicle diagnostic analytics market:
Data Security
Network Coverage Limitations
Challenges Associated with Integration and Upgradation of Analytics Software with Existing Diagnostic Solutions
How can this report add value to an organization?
Product/Innovation Strategy: The increasing demand for internet of things (IoT)-based predictive maintenance solutions for connected vehicles is one of the primary factors boosting the growth of the vehicle diagnostic market. To serve the vehicle diagnostic analytics solution needs of the end users in the growing connected vehicle industry, companies are working on the development of innovative vehicle diagnostic analytics solutions based on advancements in IoT technology and artificial intelligence/machine learning (AI/ML)-based analytics techniques.
Growth/Marketing Strategy: The vehicle diagnostic analytics market is growing at a significant pace and holds enormous opportunities for market players. Some of the strategies covered in this segment are product launches, partnerships, collaborations, business expansions, and investments. The companies' preferred strategy has been product launches, partnerships, and collaborations to strengthen their positions in the global vehicle diagnostic analytics market.
Competitive Strategy: The key players in the automotive diagnostics market analyzed and profiled in the study include vehicle diagnostic solution providers that develop/co-develop and market vehicle diagnostic solutions. Moreover, a detailed competitive benchmarking of the players operating in the vehicle diagnostic analytics market has been done to help the reader understand the ways in which players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
The top three market players who are leading the vehicle diagnostic analytics market include Bosch Mobility Solutions (Bosch Group), Continental Mobility Services (Continental AG), and Harman International. These players capture around 60% of the market share, whereas the remaining players in the market capture around 40% of the market share.
Some of the prominent names established in this market are:
Bosch Mobility Solutions
Continental Mobility Services
Harman International
Microsoft
Teletrac Navman US Ltd
SAP
WEX Inc.
IBM
Kinetica DB Inc.
Silver Power Systems
OCTO Group S.p.A
KPIT Technologies Limited
Tata Consultancy Services Limited
Noregon
Akkurate Oy
AutoDAP B.V.
Sibros Technologies Inc.
Mojio
Poseidon Systems, LLC
Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable).
AMC1315SAPlease see more details: https://www.marketresearchdirect.com/report/vehicle-diagnostic-analytics-market-analysis-and-forecast-2022-2031/
Challenge House, Sherwood Drive, Milton Keynes, MK3 6DP ENGLAND UNITED KINGDOM
Market Research Direct is a single source for premium market research reports.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Vehicle Diagnostic Analytics Market Analysis and Forecast, 2022-2031 here
News-ID: 2821704 • Views: β¦
More Releases from MarketResearchDirect.com
The Global Small Cell Lung Cancer Market: Prevalence, Treatment, and Market Play β¦
The global market for small cell lung cancer is set to grow in the coming years, driven by the increasing prevalence of the disease. Small cell lung cancer is a sub-type of lung cancer that accounts for less than 20% of cases, and its treatment has proven challenging due to poor survival rates. The median overall survival for patients with small cell lung cancer is just over a year, andβ¦
Nanocellulose: Global Markets
Summary:
The global nanocellulose market totaled $REDACTED in 2021 and $REDACTED in 2022. Growing at a CAGR of REDACTED%, the market is expected to reach $REDACTED in 2027.
Given the current state of ecological consciousness, it is challenging to disregard dangerous emissions from any industrial process or human activity due to their negative effects on the environment. Recently, several academics have expressed concern about the need to replace input materials with less-β¦
Anti-Money Laundering: Global Market Outlook
Summary:
Anti-money laundering (AML) comprises laws, policies, and regulations to safeguard financial frauds and illegal activity. Organizations must comply with these regulations even though compliance led financial institutions do have compliance departments and purchase software solutions. As times are changing, organizations are becoming more adaptive to the AML technologies and the end-user industry is reflecting various important trends shaping how they are being utilized. Increasing stringent regulations and compliance obligations forβ¦
Global Multi-Factor Authentication Market: Trends and Forecast (2022-2027)
Summary:
The demand for MFA, requiring additional proof of identity beyond a simple username and password is gaining widespread acceptance, worldwide. The rising number of identity thefts and breaches, as well as the increased use of IoT/BYOD devices, are driving up demand for MFA. Face recognition, voice analysis and iris recognition are used by organizations to authenticate and verify employees. Post pandemic, there has been a dramatic increase in cyber-based attacksβ¦
More Releases for Vehicle
Transformative Trends Impacting the Vehicle-to-Vehicle (V2V) Communication Marke β¦
Stay ahead with our updated market reports featuring the latest on tariffs, trade flows, and supply chain transformations.
How Large Will the Vehicle-to-Vehicle (V2V) Communication Market Size By 2025?
The size of the vehicle-to-vehicle (V2V) communication market has seen significant expansion in the most recent years. The market is projected to surge from $24.28 billion in 2024 to $27.1 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.6%. Theβ¦
Electric Vehicle Motor Market : Battery Electric Vehicle, Plugin Hybrid Vehicle, β¦
According to the report published by Allied Market Research, the global electric vehicle motor market generated $5.5 billion in 2021, and is estimated to reach $34.4 billion by 2031, witnessing a CAGR of 20.3% from 2022 to 2031.
Asia-Pacific is expected to dominate the global electric vehicle motor market. An increase in vehicle population and a rise in vehicle standards fuel the growth of the Asia-Pacific market. Moreover, various technologicalβ¦
Truck Platooning Market : Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V β¦
According to a recent report published by Allied Market Research, titled,"Truck Platooning Market by Technology, Platooning Type, and Communication Technology: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global truck platooning market size was valued at $500.9 million in 2017, and is projected to reach $4,590.3 million by 2025, registering a CAGR of 32.4% from 2018 to 2025.
To Explore More, Download Sample Report: https://www.alliedmarketresearch.com/request-sample/5245
Global truck platooning market is segmentedβ¦
Electric Vehicle Motor Market : Battery Electric Vehicle, Plugin Hybrid Vehicle, β¦
According to a new report published by Allied Market Research, titled, "Electric Vehicle Motor Market," The global electric vehicle motor market was valued at $5.5 billion in 2021, and is projected to reach $34.4 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.
Asia-Pacific is expected to dominate the global electric vehicle motor market. An increase in vehicle population and a rise in vehicle standards fuel theβ¦
Electric Vehicle Power Inverter Market : Hybrid Vehicle, Plug in Hybrid Vehicle, β¦
The electric vehicle power inverter market was valued at $8.67 billion in 2021, and is estimated to reach $22.25 billion by 2031, growing at a CAGR of 10.4% from 2022 to 2031.
Download Sample Report at https://www.alliedmarketresearch.com/request-sample/9122
Factors that drive the growth of the electric vehicle power inverter market are increase in demand for electric vehicles, proactive government initiatives for the development of electric vehicle, and surge in demand for low-emission andβ¦
Truck Platooning Market : Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V β¦
The global truck platooning market size was valued at $500.9 million in 2017 and is projected to reach $4590.3 million by 2025, registering a CAGR of 32.4% from 2018 to 2025 by Technology (Adaptive Cruise Control (ACC), Blind Spot Warning (BSW), Global Positioning System (GPS), Forward Collision Warning (FCW), Lane Keep Assist (LKA), and Others), Platooning type (Driver-Assistive Tuck Platooning (DATP) and Autonomous Truck Platooning), and Communication Technology (Vehicle-to-infrastructure (V2I),β¦
