Automotive Prognostics Market 2024 - Industry Growth, Drivers, Market Size, Key Players, And Forecast To 2033

Aug 13, 2024 - 18:09

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Overview and Scope

Automotive prognostics, often known as vehicle prognostics, is a branch of engineering that focuses on projecting the functioning and condition of a vehicle's systems and parts in the future. It entails monitoring and evaluating numerous metrics and data to determine the degree of departure or deterioration from predicted normal operating conditions.

Sizing and Forecast
The automotive prognostics market size has grown rapidly in recent years. It will grow from $7.14 billion in 2023 to $8.32 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to increasing vehicle complexity, regulatory compliance, growing focus on fleet management, manufacturer and aftermarket adoption, integration with telematics systems.

The automotive prognostics market size is expected to see rapid growth in the next few years. It will grow to $14.35 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to ai and machine learning advancements, increasing connectivity in vehicles, focus on electric and hybrid vehicles, customized predictive maintenance strategies, regulatory emphasis on predictive maintenance. Major trends in the forecast period include collaboration with data analytics providers, cybersecurity considerations, advancements in sensor technologies, connected car technologies, condition-based monitoring.

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Segmentation & Regional Insights
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 & Diagnostics (OBMD)
4) By End User: Original Equipment Manufacturer(OEM), Aftermarket, Fleet Operators, Private Owners

North America was the largest region in the automotive prognostics market in 2023. 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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Major Driver Impacting Market Growth
The rise in road accidents is expected to propel the growth of the automotive prognostics market going forward. Road accidents are the incidents that occur when vehicles on the road collide with one another, with pedestrians, or with stationary objects such as barriers, trees, or utility poles. Predictive diagnosis or automotive prognostics strives to provide successful and effective upkeep planning, resulting in less downtime, lower costs, more safety and increased value for roadways decreasing road accident fatalities. For instance, according to a statistical prediction of accident fatalities for 2021 by the National Highway Traffic Safety Administration, a US-based executive agency of the Department of Transportation led by the Secretary of Transportation, an estimated 42,915 persons perished in motor vehicle traffic collisions across the country. This marks a 10.5 percent increase over the 38,824 deaths reported in 2020. Therefore, the increased need for predictive diagnosis on the road is driving the automotive prognostics market.

Key Industry Players
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

The automotive prognostics market report table of contents includes:

1. Executive Summary

2. Automotive Prognostics Market Characteristics

3. Automotive Prognostics Market Trends And Strategies

4. Automotive Prognostics Market - Macro Economic Scenario

5. Global Automotive Prognostics Market Size and Growth

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32. Global Automotive Prognostics Market Competitive Benchmarking

33. Global Automotive Prognostics Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Automotive Prognostics Market

35. Automotive Prognostics Market Future Outlook and Potential Analysis

36. Appendix