Latest News- Automotive Prognostics Market: Passenger cars is expected to lead the Application segment during 2025-2029

The Automotive Prognostics Market is being driven by Maintenance cost-saving benefits of automotive prognostics system

The Automotive Prognostics Market is expected to grow at a CAGR of 33.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 15206.8 million. The automotive prognostics market is witnessing a significant trend with traditional automotive suppliers venturing into the telematics sector. Companies such as Bosch and Continental, renowned for manufacturing automotive parts and systems, are expanding their portfolios to include telematics solutions. By doing so, they aim to capitalize on the burgeoning demand for connected vehicle technologies and predictive maintenance services. Bosch's Connected Mobility Solutions division and Continental's Remote Vehicle Data platform are prime examples of this strategic shift, offering advanced diagnostics and prognostics capabilities to provide real-time monitoring and predictive analysis. This move signifies a clear intention to offer value-added services, leveraging their extensive expertise in automotive systems and components. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Passenger cars
  • Commercial vehicles
• End-user
  • Aftermarket
  • OEMs
• Component
  • Hardware
  • Software
  • Services
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Maintenance cost-saving benefits of automotive prognostics system
• Increased focus of prominent automotive OEMs for improving vehicle diagnostics services
• Growing popularity of electric vehicles creating demand for prognostics solutions

However, the market also witnesses some limitations, which are as follows:

• High costs associated with telematics services exert pressure on adoption of prognostics system
• Development of in-house telematics solutions-Challenge for automotive OEMs owing to the presence of multiple stakeholders
• Need for efficient regulations to cater to information privacy and security issues posed by telematics solutions

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Market Scope in Automotive Prognostics Market Research Report

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Research Analysis Overview

The Automotive Prognostics Market encompasses advanced technologies such as prognostic model accuracy, sensor calibration, fault tree analysis, bayesian networks, hidden markov models, support vector machines, neural networks, and ensemble methods for predicting vehicle health. Time series analysis and signal processing are used for vibration analysis, acoustic emission, oil analysis, wear debris analysis, engine health, transmission health, brake system health, tire health, battery health, driver behavior analysis, and driving style. Predictive and prescriptive analytics facilitate maintenance scheduling, spare parts management, fleet optimization, autonomous vehicles, connected vehicles, electric vehicles, hybrid vehicles, advanced driver-assistance systems, and ADAS integration. Data monetization is a key trend in this market.

Market Research Overview

The Automotive Prognostics Market encompasses businesses specializing in vehicle health monitoring solutions, anomaly detection, fault diagnosis, and prognostic algorithms. These companies leverage advanced technologies such as wearable sensors and IoT connectivity to develop predictive maintenance systems. The market's size is determined by the consolidated revenue of these organizations, which offer software solutions designed to enhance vehicle performance, optimize fleet management, and reduce downtime. Technavio's market analysis includes businesses engaged in producing application software for the automotive industry, excluding those focused on interactive home entertainment or systems software.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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