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Automotive Prognostics Market Surges In Response To Road Accident Concerns Driver: A Major Catalyst in the Evolution of the Automotive Prognostics Market in 2025
Automotive Prognostics Market
The surge in road accidents is projected to fuel the expansion of the automotive prognostics market in future. Road mishaps transpire when vehicles in transit collide with each other, pedestrians, or static objects such as barriers, trees, or utility poles. Automotive prognostics or predictive diagnosis primarily aims at efficient and successful maintenance planning, translating to less downtime, reduced expenses, greater safety, and enhanced value for roads while reducing fatalities resulting from road accidents. For example, the Llywodraeth Cymru / Welsh Government, an administration based in Wales, reported in June 2024 that the police forces in Wales logged a total of 4,348 road casualties in 2023, marking a 2% rise compared to 2022. Consequently, the growing demand for predictive diagnosis on roads stimulates the growth of the automotive prognostics market.
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What is the projected compound annual growth rate (CAGR) of the automotive prognostics market from 2025 to 2034, and what factors influence it?
The market size of automotive prognostics has seen swift expansion in the past few years. The market is projected to increase from $8.32 billion in 2024 to $9.68 billion in 2025, maintaining a compound annual growth rate (CAGR) of 16.3%. The uptick noted during the historical period can be tied back to factors such as the heightened complexity of vehicles, adherence to regulations, an escalating attention towards fleet management, adoption by manufacturers and the aftermarket, and integration into telematics systems.
The auto prognosis market is projected to experience a swift expansion in the coming years, escalating to a value of $16.28 billion by 2029, with a compound annual growth rate (CAGR) of 13.9%. The growth during the forecast period hinges on artificial intelligence and machine learning advances, heightened vehicle connectivity, a shift towards electric and hybrid vehicles, personalized proactive maintenance plans, and regulatory focus on predictive upkeep. Key trends within the forecast period encompass partnerships with data analytics firms, cybersecurity issues, progress in sensor technologies, linked car technologies, and condition-based surveillance.
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What are the most significant trends transforming the automotive prognostics market today?
Leading organizations in the automotive prognostic market are opting for strategic alliances to cultivate innovative automotive prognostics. This tactic of strategic collaborations aids these companies by merging their resources and know-how, elevating R&D activities, and expanding market reach, while also expediting the process of commercializing. This collective tactic is conducive to sparking innovation and spurring growth in the automotive prognostics industry. To illustrate, in October 2023, Infineon Technologies AG, a semiconductor manufacturer based in Germany, formed a partnership with Eatron Technologies, a British software firm. Through this partnership, Infineon and Eatron aim to upgrade automotive battery management systems (BMS) by incorporating machine learning into Infineon's AURIX TC4x microcontroller. The alliance emphasizes on furthering battery performance, precision, and prognostics, which includes state of health (SoH) and estimates of remaining operation life (RUL).
What are the major segments of the automotive prognostics market and their role in driving growth?
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 And Diagnostics (OBMD)
4) By End User: Original Equipment Manufacturer(OEM), After market, Fleet Operators, Private Owners
Subsegments:
1) By Hardware: Sensors, Data Acquisition Systems, Onboard Diagnostic Devices, Communication Interfaces
2) By Software: Predictive Analytics Software, Diagnostic Software, Data Visualization Tools, Machine Learning Algorithms
3) By Services: Consulting Services, Implementation And Integration Services, Maintenance And Support Services, Training And Education Services
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Which regions are key players in the growth of the automotive prognostics market?
North America was the largest region in the automotive prognostics market in 2024. The regions covered in the automotive prognostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the automotive prognostics 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
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What Is Covered In The Automotive Prognostics Global Market Report?
• Market Size Forecast: Examine the automotive prognostics market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the automotive prognostics market for a structured understanding.
• Key Players Overview: Analyze major players in the automotive prognostics market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive prognostics market.
• Segment Contributions: Evaluate how different segments drive overall growth in the automotive prognostics market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive prognostics market.
• Industry Challenges: Identify potential risks and obstacles affecting the automotive prognostics market.
• Competitive Landscape: Review strategic developments in the automotive prognostics market, including expansions, agreements, and new product launches.
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