Automotive Prognostics Market by Application, End-Users and Geography - Global Forecast and Analysis 2019-2023
Global Automotive Prognostics Market: About this market
Automotive prognostics determine the remaining useful life (RUL) of various critical vehicle components. Technavio’s automotive prognostics market analysis considers sales from end-users including aftermarket and OEMs. Our analysis also considers the sales of automotive prognostics in APAC, Europe, North America, South America, and MEA. In 2018, the aftermarket segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the demand from fleet operators will play a significant role in the aftermarket segment to maintain its market position. Also, our global automotive prognostics market report looks at factors such as maintenance cost saving benefits of the automotive prognostic system, the growing popularity of electric vehicle creating demand for prognostic solutions, and increased focus of prominent automotive OEMs for improving vehicle diagnostics services. However, high cost associated with telematics services exert pressure on the adoption of the prognostic system, development of in-house telematics solutions, and need for efficient regulations to cater to informative piracy and security issues posed by telematics solutions may hamper the growth of the automotive prognostics industry over the forecast period.
Global Automotive Prognostics Market: Overview
Growing popularity of electric vehicle creating demand for prognostic solutions
The adoption of electric vehicles is increasing due to increase in incentives offered by governments across the world. This will create growth opportunities for electric vehicle OEMs as they deploy telematics solutions such as prognostics systems to monitor the health of batteries and electric drivetrains in electric vehicles. Hence, the developments by vendors toward adopting prognostics solutions in the EVs, coupled with the increasing adoption of EVs, will be a crucial factor driving the market growth. This will lead to the expansion of the global automotive prognostics market at a CAGR of close to 67% during the forecast period.
High cost associated with telematics services exert pressure on the adoption of the prognostic system
The setting up of telematics systems not only involves the installation fee and initial cost but also involves customization and integration costs. In addition, it involves roaming charges. These charges pose a challenge in the market growth as it negatively influences the purchase decision of customers, thereby, minimizing the need for automotive prognostics for determining the RUL of vehicle components.
For the detailed list of factors that will drive the global automotive prognostics market during the forecast period 2019-2023, click here.
With the presence of few major players, the global automotive prognostics market is moderately concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading automotive prognostics manufacturers, that include Ansik Inc., Cloudera Inc., General Motors Co., Open Text Corp., Pivotal Software Inc., and Robert Bosch GmbH.
Also, the automotive prognostics market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook