Press release
Automotive Prognostics Market is Anticipated to Expand upto $16.07 Billion in 2029
Automotive Prognostics
What Is the Forecasted Market Growth Rate of the Automotive Prognostics Industry?
In recent years, the size of the automotive prognostics market has seen a swift expansion. It is projected to escalate from $8.32 billion in 2024 to $9.62 billion in 2025, with a compound annual growth rate (CAGR) of 15.6%. The surge in the historic phase of growth can be linked to the rise in vehicle intricacy, adherence to regulatory standards, an intensifying focus on fleet administration, adoption by manufacturers and the aftermarket sector, along with integration with telematics systems.
How Will the Automotive Prognostics Market Size Evolve From 2025 to 2029?
In the upcoming years, the automotive prognostics market is projected to have substantial growth. It is forecasted to reach approximately $16.07 billion in 2029 with a compound annual growth rate (CAGR) of 13.7%. Several factors contribute to this projected growth during the forecast period such as AI and machine learning progress, enhanced vehicle connectivity, focus on electric and hybrid vehicles, tailored predictive maintenance tactics, and regulatory attention on predictive maintenance. Noteworthy trends during this period include partnerships with data analytics vendors, cybersecurity aspects, sensor technology advancements, connected car technologies, and condition-based monitoring.
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What Are the Main Growth Drivers in the Automotive Prognostics Market Today?
The escalation in road mishaps is predicted to reinforce the expansion of the automotive prognostics market in the future. These mishaps are instances wherein vehicles in transit hit other vehicles, pedestrians, or immovable entities such as barriers, trees, or utility poles. Automotive prognostics or predictive diagnosis aims to deliver efficient maintenance planning, leading to reduced downtime, decreased expenses, enhanced safety, and higher value for highways, thereby reducing the fatalities from road accidents. For example, as per the Llywodraeth Cymru / Welsh Government, a governing body based in Wales, the police forces in Wales in 2023 reported a total of 4,348 road casualties, indicating a 2% surge compared to 2022. Thus, the growing demand for predictive diagnosis on roads stimulates the growth of the automotive prognostics market.
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Which Automotive Prognostics Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate Automotive Prognostics Industry Growth?
Significant businesses active in the car prediction market are resorting to strategic alliances strategy in order to come up with creative car prediction. These alliances avail car prediction companies by combining assets and knowledge, encouraging research and development, widening market exposure, and encouraging faster product introduction. This cooperative strategy encourages creativity and hastens growth in the car prognostic area. For example, in October 2023, Infineon Technologies AG, a semiconductor manufacturing company from Germany, teamed up with Eatron Technologies, a software company from the UK. Through this alliance, Infineon and Eatron are looking to boost automotive battery management systems (BMS) by incorporating machine learning capabilities into Infineon's AURIX TC4x microcontroller. The partnership puts emphasis on enhancing battery performance, precision, and prediction, including state of health (SoH) and remaining useful life (RUL) forecasting.
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Which Companies Hold the Largest Market Share in the Automotive Prognostics Sector?
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
Where Is the Automotive Prognostics Market Experiencing the Highest 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.
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Asia +44 7882 955267 & +91 8897263534,
Europe +44 7882 955267
Email:saumyas@tbrc.info
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