Latest News:- Automotive Prognostics Market: Passenger cars is expected to lead the Application segment during 2024-2028

Automotive Prognostics Market to grow at a CAGR of 29.12% during 2024-2028

The Automotive Prognostics Market is expected to grow at a CAGR of 29.12% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9925.4 million. Traditional automotive suppliers are expanding their business scope in the automotive telematics market, capitalizing on the increasing demand for connected vehicle technologies and predictive maintenance solutions. Companies like Bosch and Continental, renowned for their automotive components and systems manufacturing, are now offering advanced diagnostics and prognostics capabilities through their Connected Mobility Solutions and Remote Vehicle Data platforms, respectively. This strategic shift signifies a significant move towards providing value-added services, leveraging their extensive automotive expertise. 

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The Passenger cars subsegment is expected to dominate the Application segment during the forecast period 

Technavio analysts predict that the Passenger cars subsegment will lead the Application segment during 2024 and 2028 The Automotive Prognostics Market refers to the industry segment dedicated to predictive maintenance solutions for vehicles. These solutions utilize advanced analytics and sensor data to identify potential issues before they escalate, reducing downtime, enhancing fleet efficiency, and ensuring vehicle safety. By implementing prognostic technologies, automotive manufacturers and fleet operators can optimize maintenance schedules, minimize repair costs, and improve overall performance.

Here are the various ways based on which the market is segmented: 

• Application
  • Passenger cars
  • Commercial vehicles
• End-user
  • Aftermarket
  • OEMs
• Geography
  • North America
  • Europe
  • APAC
  • South America
  • Middle East and Africa

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• Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
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There are several factors that are causing the market to flourish maintenance cost-saving benefits of automotive prognostics system

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Automotive Prognostics Market is experiencing significant growth due to increasing vehicle ownership rates and the integration of advanced technologies such as ABS production, telematics services, and electrification in automotive systems. With the rising concern for air pollution, there is a growing demand for prognostics solutions that can predict failure probabilities in internal combustion engines and other vehicle components, enabling preventive maintenance and reducing downtime for both private owners and fleet operators. Automotive OEMs are integrating predictive diagnostics into hatchbacks and passenger vehicles, while commercial vehicles and fleet operators are leveraging real-time insights from sensors to optimize systems operation and minimize component replacement. Repair service companies are also adopting prognostics solutions to provide more effective and efficient repair services. The market for automotive prognostics is expected to grow rapidly in the coming years, driven by the need for longer lifespan, reliable operation, and cost savings. Prognostics solutions enable failure prevention and predictive maintenance, reducing the need for costly repairs and downtime. The aftermarket is also expected to benefit from the increasing adoption of prognostics solutions, as they enable more effective and efficient maintenance and repair services.

Market Research Overview

The IT software market encompasses businesses specializing in the creation and distribution of application and system software. This sector includes enterprises developing software for industry-specific applications, encompassing both enterprise and technical software, as well as cloud-based solutions. Notably, it excludes entities involved in interactive home entertainment software and those producing database management software classified under systems software. According to Technavio's analysis, the IT software market size is determined by the consolidated revenue generated by these entities offering various types of IT software, including cloud-based applications.

The Automotive Prognostics Market is experiencing significant growth, fueled by the maintenance cost-saving benefits of automotive prognostics system. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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