Automotive Condition Monitoring System Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027

Market Highlights

An automotive condition monitoring system is an on-board defect detection system, which is built into vehicles and detects defective vehicle conditions and notifies the driver of potentially dangerous situations. It keeps track and reports on engine diagnostics, vehicle mechanical issues, water level, and fuel status, among other important data. A condition monitoring system comprises a control unit coupled to sensors and a data acquiring module that transmits data in the form of input to the control unit. The output information is projected onto the display module by the control unit. This, in turn, provides critical information to the driver, who can use it to avoid accidents or serious damage. In the wake of its multitude of benefits, especially safety assurance, the latest vehicles are preferably equipped with a condition monitoring system.

The automotive industry had been under immense pressure in the wake of weak economic growth, the US-China war, and matured local demand. The outbreak of the pandemic shook the industry to the core. As a result, the industry recorded a massive decline in the production of vehicles across regions. The impact of this has been recorded across its supply chain including the demand for condition monitoring systems, which plummeted over 15% in the year 2020.

The year 2021 was hoping to be a glorious year with some recovery, generated from the decline in the past couple of years, is anticipated to be filled. However, the shortage of semiconductors dented its recovery trajectory up to an extent. Such impacts also affected the demand for condition monitoring systems in the year 2021. However, the long-term market outlook still seems propitious with ample growth opportunities across regions. Also, a shift from gasoline to electric vehicles will create new revenue pockets for the market stakeholders. Overall, the automotive condition monitoring system market is estimated to grow at a decent CAGR of 5.1% during the forecast period to reach a value of US$ 310 Million in 2027.

Market Segments' Analysis

Based on the 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 including condition monitoring systems. 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 as vibration analysis, 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. A condition monitoring system is mostly used in this industry to analyze the vibration of rotating parts. It is also anticipated that vibration analysis will remain the most preferred technique type in the market in the foreseen future.

Based on the product type, the market is segmented as 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.

In terms of regions, Asia-Pacific is expected to remain the largest market for automotive condition monitoring systems over the forecast period. 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 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 condition monitoring systems in the region.

Key Players

Automotive remains one of the key industries that all the key condition monitoring system suppliers are targeting today. The following are some of the key players in the automotive condition monitoring system market:

• SKF
• Siemens
• Baker Hughes Company
• Emerson Electric Co.
• PARKER HANNIFIN CORP

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's automotive condition monitoring system market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research's internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.

• Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.

• Market trend and forecast analysis.

• Market segment trend and forecast.

• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.

• Attractive market segments and associated growth opportunities.

• Emerging trends.

• Strategic growth opportunities for the existing and new players.

• Key success factors.

The automotive condition monitoring system market is segmented into the following categories:

Automotive Condition Monitoring System Market, by Vehicle Type

• Passenger Cars (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Light Commercial Vehicle (LCV) (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Medium & Heavy Commercial Vehicle (MHCV) (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Automotive Condition Monitoring System Market, by Monitoring Technique Type

• Vibration Analysis (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Thermography (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Oil Analysis (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Automotive Condition Monitoring System Market, by Product Type

• Router-based System (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Portable System (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Sensor-based System (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Automotive Condition Monitoring System Market, by Deployment Type

• Cloud (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• On-Premises (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Automotive Condition Monitoring System Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, Italy, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others