Automotive Condition Monitoring System Market is Forecasted to Reach US$ 310 million in 2027, Says Stratview Research

The global automotive condition monitoring system market is projected to witness a growth rate of 5.1% annually from 2022 to 2027, with an anticipated size of US$ 310 million by 2027, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global automotive condition monitoring system market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2027: US$ 310 million
Growth (CAGR): 5.1% during 2022-2027
Forecast Period: 2022-2027
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 5
Number of Tables & Graphs: 100+

Segment Insights on the Automotive Condition Monitoring System Market:
The global automotive condition monitoring system market is segmented based on vehicle type, monitoring technique type, product type, deployment type, and region.

Based on vehicle type - The market is bifurcated into passenger cars, light commercial vehicles, and medium- & heavy-duty commercial vehicles. Seemingly correct, passenger cars remain the biggest demand generator for condition monitoring systems in the foreseen future. The key factors driving the passenger cars' segment dominance are the largest vehicle production category paired with increased acceptance of electronic products. Furthermore, a paradigm shift from gasoline to electric vehicles assures a gargantuan demand for condition-monitoring systems in the years to come.

Based on the monitoring technique type - The market is segmented into vibration, thermography, oil analysis, and others. Vibration analysis remains at the nucleus for all the leading market stakeholders serving the automotive industry. An automobile consists of several parts whose health needs to be regularly monitored. This system is mostly used in this industry to analyze the vibration of rotating parts. It is also anticipated that the vibration segment will remain the most preferred technique type in the market in the foreseeable future.

Based on the product type - The market is segmented as a router-based system, portable system, and sensor-based system. Among these product types, the sensor-based system dominates the market. Sensors are used to provide continuous status monitoring by collecting data through machine learning or artificial intelligence (AI), which are increasingly preferred in the automotive industry.

To know the most attractive segments, visit:
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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest market over the forecast period. This growth outlook is majorly attributed to the following-
- In addition to that, the region is likely to witness healthy market growth in the coming years. China, Japan, India, South Korea, and Thailand are the preferred manufacturing destinations of automobiles in Asia.
- Increasing disposable income paired with the increasing motorization rate of the key developing Asian economies assures a high production of automobiles in the region, which, in turn, is likely to generate substantial demand for the systems in the region.

Automotive Condition Monitoring System Market Drivers:

Some of the key drivers listed in the report are given below.
- Rising demand for predictive maintenance, increasing vehicle electrification, and advancements in IoT and AI technologies.
- Growing emphasis on fleet efficiency, safety regulations, and real-time data analytics further boost market growth, enhancing vehicle performance and reducing unexpected breakdowns.

Top Companies in the Automotive Condition Monitoring System Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• SKF
• Siemens
• Baker Hughes Company
• Emerson Electric Co.
• PARKER HANNIFIN CORP

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Automotive Condition Monitoring System Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.