Automotive Prognostics Global Market Report 2024

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 observed during the historic period can be attributed to several factors, including the increasing complexity of vehicles, regulatory compliance requirements, a growing focus on fleet management, adoption by manufacturers and the aftermarket, and 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 projected growth in the forecast period can be attributed to advancements in AI and machine learning, the increasing connectivity in vehicles, a focus on electric and hybrid vehicles, the implementation of customized predictive maintenance strategies, and regulatory emphasis on predictive maintenance. Major trends anticipated in the forecast period include collaboration with data analytics providers, cybersecurity considerations, advancements in sensor technologies, connected car technologies, and condition-based monitoring.

The increase in road accidents is expected to drive the growth of the automotive prognostics market in the foreseeable future. Road accidents refer to incidents where vehicles on the road collide with each other, pedestrians, or stationary objects such as barriers, trees, or utility poles. Automotive prognostics, or predictive diagnosis, aims to facilitate successful and efficient maintenance planning, leading to reduced downtime, lower costs, increased safety, and enhanced value for roadways, thereby decreasing fatalities from road accidents. For example, according to the National Highway Traffic Safety Administration's statistical projection of accident fatalities for 2021, an estimated 42,915 individuals lost their lives in motor vehicle traffic collisions across the United States. This represents a 10.5 percent increase from the 38,824 deaths reported in 2020. Consequently, the growing demand for predictive diagnosis on the road is propelling the automotive prognostics market.

Key players in the automotive prognostic market are emphasizing the use of model-based predictive control (MPC) technology software to drive market revenues. MPC technology software is a type of software that predicts the future behavior of a system using a mathematical model and then calculates the optimal control actions to achieve desired performance. For instance, in June 2021, Garrett Motion Inc., a Switzerland-based company providing automotive prognostic tools and services, introduced Model-Based Predictive Control (MPC) technology software. This technology can forecast and optimize system operation in real-world conditions, enhancing performance, efficiency, and reliability. The company enables rapid and easy installation and deployment of the technology, facilitating efficient implementation on existing and future vehicle platforms.

In June 2021, Solera Holdings Inc., a US-based company operating in automotive prognostics and vehicle lifecycle management, acquired Omnitracs LLC and DealerSocket Inc. for an undisclosed sum. Through this acquisition, Solera expands its portfolio with fully integrated, intelligent technology platforms that benefit customers by reducing complexity and friction at all touchpoints in the vehicle lifecycle. Omnitracs LLC is a US-based company offering automotive prognostics solutions, while DealerSocket Inc. provides streamlined solutions to franchise and independent car dealers.

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.

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. The countries covered in the automotive prognostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The automotive prognostics market consists of revenues earned by entities by providing services such as bi-directional information exchanges, real-time performance assessments, and predictive failure analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. The automotive prognostics market also includes sales of software, tools, fault modeling tools, and health indicators. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Automotive prognostics, also referred to as vehicle prognostics, is an engineering discipline focused on predicting the functioning and condition of a vehicle's systems and components in the future. It involves monitoring and assessing various metrics and data to determine deviations or deterioration from expected normal operating conditions.

The primary components of automotive prognostics include hardware, software, and services. Hardware is utilized to gather data on different parameters and execute algorithms for analysis. Various vehicle types, such as passenger vehicles, hatchbacks, sedans, utility vehicles, light commercial vehicles, trucks, buses, and coaches, are involved in applications such as engine (combustion control, condition monitoring), battery (electric power generation, traction battery), power steering system, suspension system, onboard monitoring & diagnostics (OBMD), and are utilized by end-users including original equipment manufacturers (OEMs), aftermarket, fleet operators, and private owners.

The automotive prognostic market research report is one of a series of new reports that provides automotive prognostic market statistics, including automotive prognostic industry global market size, regional shares, competitors with an automotive prognostic market share, detailed automotive prognostic market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive prognostic industry. This automotive prognostic market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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