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Automotive Prognostics Market Outlook, Market Share, Size, Growth Status And Forecast To 2033
Automotive Prognostics Market Outlook
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Automotive Prognostics Market 2024 Key Insights:
• The automotive prognostics market is expected to grow to $14.35 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%.
• Automotive Prognostics Market Surges In Response To Road Accident Concerns
• Focus On Model-Based Predictive Control (MPC) Technology Software To Drive The Revenues
• North America was the largest region in the automotive prognostics market in 2023
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