PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477159
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477159
Automotive Prognostics Market size was valued at USD 7,242 Million in 2023, expanding at a CAGR of 15.5% from 2024 to 2032.
The Automotive Prognostics Market pertains to a segment within the automotive industry focused on utilizing data analytics and predictive algorithms to forecast potential, enabling proactive maintenance and reducing unplanned downtime. There is a growing emphasis on leveraging artificial intelligence and machine learning algorithms to enhance prognostic capabilities and accuracy. However, challenges such as data privacy concerns, interoperability issues, and the high cost of implementation hinder market growth. Opportunities lie in the increasing adoption of electric vehicles and autonomous driving technologies, driving the demand for sophisticated prognostic solutions to ensure vehicle safety, reliability, and performance optimization.
Automotive Prognostics Market- Market Dynamics
Automakers' pursuit of safety and cost reduction fuels automotive prognostics market growth
The automotive industry has been grappling with an alarming rise in road traffic accidents, resulting in significant loss of lives and financial resources. According to the U.S. National Highway Traffic Safety Administration (NHTSA), mechanical failures in vehicles contribute to 2% of total car accidents in the country. In response, automakers are increasingly integrating failure-predicting systems into their vehicle models to mitigate accidents and improve safety ratings. Additionally, original equipment manufacturers (OEMs) are burdened with substantial costs, with warranty claims accounting for approximately 2% to 5% of their annual earnings. This heightened financial strain has prompted automakers to prioritize safety enhancements and mitigate losses associated with warranty claims, thus driving the growth of the global automotive prognostics market.
Automotive Prognostics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 15.5% over the forecast period (2024-2032)
Based on Vehicle Type segmentation, Passenger Cars was predicted to show maximum market share in the year 2023
Based on Component segmentation, Software was the leading type in 2023
Based on Application segmentation, Engine System was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Automotive Prognostics Market is segmented based on Vehicle Type, Component, Application, End User, and Region.
The market is divided into three categories based on Vehicle Type: Passenger Cars address maintenance and performance monitoring. Commercial Vehicles focus on fleet management and efficiency. Electric Vehicles tackle unique maintenance challenges. Others include off-road, agricultural, and industrial vehicles.
The market is divided into two categories based on Component: Hardware comprises sensors, controllers, and diagnostic tools for data collection and processing. The software encompasses analysis, predictive modeling, and generating insights. Services include remote diagnostics, predictive maintenance, and technical support for manufacturers and fleet operators.
Automotive Prognostics Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
North America leads with a mature automotive sector in the US and Canada, benefiting from a strong OEM presence and robust aftermarket services driving predictive maintenance demand. In Europe, Germany, France, and the UK prioritize automotive innovation due to stringent regulations, while the trend towards connected vehicles spurs market growth. Asia Pacific sees rapid expansion, particularly in China, Japan, and South Korea, driven by increasing vehicle production and demand for safety features. Latin America shows moderate growth, driven by a growing aftermarket and expanding vehicle fleets in Brazil and Mexico. The Middle East & Africa present emerging opportunities, with growing investments in automotive technology infrastructure, particularly in the UAE, Saudi Arabia, and South Africa.
Several key players such as Bosch, Continental AG, Delphi Technologies, and ZF Friedrichshafen AG dominate the market through their extensive product portfolios, technological advancements, and strategic partnerships. Additionally, emerging players are entering the market, intensifying competition and driving innovation. Factors such as product quality, reliability, and after-sales service play crucial roles in determining market competitiveness. As automotive prognostics solutions become increasingly vital for predictive maintenance and vehicle reliability, competition among market players is expected to further intensify, leading to continuous advancements and new market entrants.
In January 2024 Mahindra & Mahindra Ltd. announced the launch of the 2024 XUV700. The 2024 XUV700 reflects the brand's continuous commitment to elevating customer experience.
GLOBAL AUTOMOTIVE PROGNOSTICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Aisin Seiki Co., Ltd.
BorgWarner Inc.
Continental AG
Delphi Automotive PLC
Denso Corporation
Garrett Motion Inc.
Hella GmbH & Co. KGaA
Hitachi Automotive Systems, Ltd.
Infineon Technologies AG
Mitsubishi Electric Corporation
Robert Bosch GmbH
Schaeffler AG
Siemens AG
SKF AB
WABCO Holdings Inc.
ZF Friedrichshafen AG
Others