The new report by Expert Market Research titled, ‘Global Automotive Prognostics Market Size Report and Forecast 2021-2026’, gives an in-depth analysis of the global automotive prognostics market, assessing the market based on its segments like end-use, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 55%
With the growing popularity of electric vehicles, prognostic solutions are in high demand. The use of electric vehicles (EV) has increased greatly in order to minimise the air pollution caused by internal combustion engine (ICE) automobiles. The regulatory bodies offer a variety of benefits and rewards for EV adoption.
Furthermore, advanced telematics systems are now standard on electric vehicles to track critical components like the battery. As a result of the growing adoption of EVs, the automotive prognostics market will expand.
Industry Definition and Major Segments
Automatic prognostics is a technology that predicts maintenance, improves device operation and efficiency, detects, and warns drivers when a problem occurs, and extends the lifetime of various automotive systems.
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The industry can be categorised based on end-use into:
- Aftermarket
- OEMs
Based on application, the market is divided into:
- Commercial Vehicles
- Passenger Cars
The industry can be classified into the following regions:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Vehicle electronics play an increasingly important role in automotive safety and comfort, prompting the integration of more modern electronic systems into vehicles. Any of these new systems failing could render the car inoperable for an extended period. Thus, the predictive maintenance of vehicles has become important with the growing complexity of vehicle architectures, and hence, the demand for automotive prognostics is rising globally.
Ongoing developments of connected and autonomous vehicles that provide enormous amounts of vehicle information for monitoring, analysing, and optimising vehicle performance are propelling the global automotive prognostics market. The rising focus of automakers to enhance safety and reduce costs associated with warranty claims is propelling the automotive prognostics market.
Key Market Players
The major players in the market are Cloudera, Inc., Robert Bosch GmbH, Open Text Corporation, Garrett Motion Inc., and International Business Machines Corporation, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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