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Automotive Prognostics Market Surges In Response To Road Accident Concerns: Key Factor Driving The Growth In The Automotive Prognostics Market
Automotive Prognostics
What Is the Expected Automotive Prognostics Market Size During the Forecast Period?
In recent times, the automotive prognostics market has witnessed a significant expansion. The market size, which is at $8.32 billion in 2024, is projected to escalate to $9.68 billion in 2025, reflecting a compound annual growth rate (CAGR) of 16.3%. The augmentation during the historical period is associated with factors such as increased vehicle sophistication, adherence to regulatory measures, a rising emphasis on fleet management, adoption by manufacturers and aftermarkets, and incorporation with telematics systems.
The market size of automotive prognostics is projected to witness significant expansion in the upcoming years. It is estimated to reach $16.28 billion by 2029, rising at a compound annual growth rate (CAGR) of 13.9%. The surge during this period can be correlated to the advancements in artificial intelligence and machine learning, heightened connectivity in cars, emphasis on electric and hybrid vehicles, tailored predictive upkeep strategies, and governmental focus on predictive maintenance. The primary trends for this forecast period include partnerships with data analytics firms, considerations for cybersecurity, development in sensor technologies, the evolution of connected car technologies, and condition-based monitoring.
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What Are the High-Growth Segments in the Automotive Prognostics Market?
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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What Key Drivers Are Expected to Influence Future Automotive Prognostics Market Growth?
The increasing number of road accidents is projected to stimulate the expansion of the automotive prognostics market. Road incidents, which involve collisions between vehicles, pedestrians, or fixed objects such as barriers, trees, or utility poles, are escalating. The automotive prognostics, also known as predictive diagnosis, aims to promote successful maintenance planning, which results in reduced downtime, cost reduction, enhanced safety, and increased value for the roads by reducing road accident casualties. For example, in June 2024, the Llywodraeth Cymru / Welsh Government, an administration based in Wales, reported that police forces in Wales recorded a total of 4,348 road casualties in 2023, a 2% increase from the previous year. Thus, the escalating requirement for predictive diagnosis on the roads is propelling the growth of the automotive prognostics market.
Which Companies Hold the Largest Share Across Different Automotive Prognostics Market Segments?
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
What Are the Latest Developing Trends in the Automotive Prognostics Market?
Leading businesses in the automotive prognostic market are utilizing the strategy of alliances to pioneer in automotive prognostics. These alliances are valuable to automotive prognostic enterprises as they allow for pooling of resources and knowledge, strengthening R&D activities, expanding market reach, and enhancing the pace of commercialization. This collective strategy nurtures innovation and propels growth in the automotive prognostics field. As an example, in October 2023, Infineon Technologies AG, a semiconductor manufacturer originating from Germany, entered into a partnership with Eatron Technologies, a UK-based software firm. Through this collaboration, Infineon and Eatron are aiming to advance automotive battery management systems (BMS) by incorporating machine learning into Infineon's AURIX TC4x microcontroller. The joint venture concentrates on augmenting battery performance, precision, and prognostics, which includes state of health (SoH) and remaining useful life (RUL) prediction.
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What Are the Emerging Geographies for The Automotive Prognostics Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Prognostics Market?
2. What is the CAGR expected in the Automotive Prognostics Market?
3. What Are the Key Innovations Transforming the Automotive Prognostics Industry?
4. Which Region Is Leading the Automotive Prognostics Market?
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