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Automotive Prognostics Market Size, Share, Trends Analysis And Forecasts(2024 - 2033)
Automotive Prognostics Market
As per the report, 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 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%.
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Automotive Prognostics Market Surges In Response To Road Accident Concerns
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.
Focus On Model-Based Predictive Control (MPC) Technology Software To Drive The Revenues
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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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
Contents of the report:
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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