Global Commercial Vehicle Prognostic Systems Market 2017-2021
About Commercial Vehicle Prognostic Systems
The prognostic system predicts the failure time for the component or system. Here, failure represents the point at which system can no longer be used to meet desired performance. Hence, the prognostic system informs the user of the remaining useful life (RUL) of the component. The market encompasses commercial vehicles, which have some type of prognostic applications, across the world. The global commercial vehicle prognostic system market is concentrated with top firms accounting for the maximum portion, particularly focused on the aftermarket. Additionally, the prognostic system market is at a nascent stage. However, growing demand for the prognostic system owing to its benefit of higher reliability and cost saving in developed regions like North America and Europe is allowing software and data analytics companies to enter the market.
Technavio’s analysts forecast the global commercial vehicle prognostic systems market to grow at a CAGR of 30.15% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global commercial vehicle prognostic systems market for 2017-2021. To calculate the market size, the report considers the volume of commercial vehicles having prognostic application.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Commercial Vehicle Prognostic Systems Market 2017-2021
Technavio recognizes the following companies as the key players in the global commercial vehicle prognostic systems market: Open Text, National Instruments, OnStar, Pivotal Software, and Hortonworks.
Other Prominent Vendors in the market are: DataRPM, iJet Technologies, Lochbridge, Omnitracs, Ridgetop Group, Telogis, Teletrac Navman, and Trimble.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing usage of advanced analytics on telematics data to reduce risk severity. Advanced analytics are increasingly being used in telematics data and this is leading to personalized solutions for customers. This solution has enabled restricting data breach and risk severity. Telematics enables control and understanding of recall issues, which potentially cost billions of dollars to the OEMs. OEMs are partnering with telecom service providers to increase profits.”
According to the report, one of the major drivers for this market is Rising cost pressure on fleet operators pushing adoption of cost optimization strategies. Fleet operators are faced with continuous cost pressure from the operation owing to price fluctuation of fuels and inefficiency of fleet operation. To efficiently manage cost, fleet operators are adopting cost optimization strategies that allow them to reduce cost. For instance, as the focus of fleet managers is on optimizing fuel consumption and enhancing fleet management efficiency, the fleet managers often cite that innovations and improvements in the vehicle engine can keep a good check on the vehicle's fuel consumption. Innovations can also be in the areas of reducing cylinder numbers and using turbochargers. The use of improved transmission design and technology adds to the ways of achieving better mileage and fuel efficiency. As remote diagnostics helps in remote monitoring of vehicle components, the data generated by each of the components will be a valuable source of information to improve the components design parameters. The remote diagnostics service can also help in monitoring the driver's driving style, and hence data associated with this can help in training the drivers better.
Further, the report states that one of the major factors hindering the growth of this market is Fleet tracking has become a costly affair, putting pressure on prognostic system adoption. Initial costs when setting up telematics include license, setup and installation fee, and payment for customization and integration with current systems. The license need periodic renewals which is expensive. For instance, TRACKER (UK’s stolen vehicle recovery company) has a base rate of $381 for its TRACKER Fleet offering, with a monthly fee of $18.69 for a one-year subscription.
Open Text, National Instruments, OnStar, Pivotal Software, Hortonworks, DataRPM, iJet Technologies, Lochbridge, Omnitracs, Ridgetop Group, Telogis, Teletrac Navman, and Trimble.