Automotive Predictive Maintenance Market
Automotive Predictive Maintenance Market (Component: Software [Standalone and Web-based], Services [Professional and Managed]; Application: Engine Performance, Exhaust Systems, Transmission Function, Structural Stability [Acoustic and Vibration]; End User: Individuals, Manufacturers [OEMs], Insurance Providers, Dealers & Service Partners, Fleet Owners) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Automotive Predictive Maintenance Market: Extensive Application in Engine Performance to Drive Market Growth
Predictive maintenance has significant application in Industry 4.0, which places a premium on proactive maintenance to ensure uninterrupted processes. Predictive maintenance cannot exist without continuous monitoring of machines in normal conditions to ensure their optimal use. It has also impacted the automotive industry, where automotive predictive maintenance finds application in engine performance, exhaust systems, transmission function, and structural stability. The use of automotive predictive maintenance is particularly significant to optimize engine performance, as it monitors and predicts ambient conditions, fuel consumption, and other factors for ideal performance.
Engine performance, as an application, accounts for the most significant share of the overall automotive predictive maintenance market ~US$ 136 Mn by revenue in 2018. It is expected to expand 10X over the forecast period to hit the ~US $ 1.3 Bn mark in 2027, making it the fastest-growing segment in the global automotive predictive maintenance market.
Also growing rapidly is the application of automotive predictive maintenance in transmission function, which is anticipated to reach ~US$ 670 Mn by the end of 2027.
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Integration of Big Data and IoT in Automotive Predictive Maintenance to Manage Downtime
The benefits of automotive predictive maintenance include ideal maintenance time and improvement of machine performance, and as a process, can be made more efficient by networking and connecting vehicles. Automotive predictive maintenance depends on large amounts of data that is collected by sensors placed in vehicles, which has to be analyzed and processed using intelligent algorithms, for the system to work. Players in this market are incorporating big data environments to increase the reliability of the results, and Internet of Things (IoT) for the resultant diagnostic data to be transmitted to service centers and manufacturers, improving the efficiency of the product.
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It goes one step further in vehicles, where automotive predictive maintenance opens up avenues into preventive maintenance as well.
Large Fleet Companies to Benefit from Innovation in Automotive Predictive Maintenance
Fleet companies that generally depend upon vehicles for daily operations rely heavily on smooth operations without unscheduled downtime that can impact their bottom line. Players in the automotive predictive maintenance market are focusing on catering to these end-users to build technology that keeps fleets running smoothly. Automotive predictive maintenance offers fleet companies the benefit of more control over the operations of their fleets, scheduling, and inventory, thereby lowering overall costs. As a technology to improve efficiency, fleet owners are increasingly incorporating Big Data and IoT-based solutions to maintain operational efficiency. The fleet owners segment, which accounted for ~10% of the total market share by revenue in 2018, is expected to expand at a value CAGR of ~29% during the forecast period.
Regional Markets of Europe and APAC Expanding at a Rapid Pace
The automotive predictive maintenance market in Europe was estimated at ~US$ 76 Mn in 2018, and is expected to expand at an impressive ~29% value CAGR over the forecast period. This can be attributed to the region being a quick adopter of pollution control measures, which has impacted the way exhaust systems in vehicles are maintained. The application of automotive predictive maintenance in exhaust systems is considered a key factor in the emergence of Europe as a lucrative regional market in the global landscape.
However, growing at a whopping value CAGR of ~30%, APAC is quickly emerging with a plethora of opportunity offerings for players in the automotive predictive maintenance market. This impressive growth can be attributed to the presence of many manufacturers from the automotive industry. To cater to them, there has been a rise in research & development activities by automotive predictive maintenance market players to provide complete solutions for automotive predictive maintenance. In 2018, APAC accounted for less than one-fifth of the total market share by revenue, and is expected to hold ~25% of the share by 2027.
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According to analysts at Transparency Market Research, the global automotive predictive maintenance market is set to expand at a striking CAGR of ~28% over the forecast period from 2019 to 2027. This impressive growth can be attributed to the increasing demand for embedded computer systems and technology as a cost-saving solution for better fleet-operational reliability, globally. Players in the automotive predictive maintenance market focusing on solutions that not just improve existing predictive maintenance systems but also pave the path for preventive maintenance are likely to maximize profits during the forecast period.
With the pervasive influence of technology also reaching the automotive predictive maintenance market, stakeholders incorporating Big Data and IoT for data-driven solutions are set to benefit the most in the foreseeable future.
Automotive Predictive Maintenance Market in Brief
- The automotive predictive maintenance market is expected to register a CAGR of ~28% from 2019 and 2027. The market is projected to be driven by the increasing demand for automotive vehicles across the globe.
- The global automotive predictive maintenance market is expected to reach ~US$ 2.7 Bn by 2027, from ~US$ 390 Mn in 2019. Increased focus on reducing unplanned maintenance downtime for vehicles is boosting the automotive predictive maintenance market.
- The automotive predictive maintenance market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, followed by Europe.
- North America remains the dominant leader in the global automotive predictive maintenance market, with revenues in 2019 estimated at ~US$ 120 Mn. Increased focus on improving the operational efficiency of vehicles at optimum cost is expected to exponentially drive the automotive predictive maintenance market in the region.
- Europe is projected to experience significant growth in the global automotive predictive maintenance market during the forecast period. The demand for automotive predictive maintenance is high due to the high number of automotive manufacturing companies in the region. OEMs and dealers are extensively adopting automotive predictive maintenance solutions to optimize their per-unit cost.
Automotive Predictive Maintenance Market Definition
- The automotive predictive maintenance market report provides analysis of the market for the period 2017–2027, wherein, 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- In this report, we analyze the growth drivers that increase the value of the automotive predictive maintenance market, and how this software can enhance the operational functions as well as reduce the CAPEX within an organization. Moreover, increased penetration of autonomous cars is driving the growth of the market, as automotive predictive maintenance safeguards the vehicle as well as the traveller during an emergency.
- Most insurance companies use automotive predictive maintenance to remain competitive in the market. The insurance provider of an automotive company analyzes the condition and the life of the vehicle through automotive predictive maintenance solutions. Automotive predictive maintenance helps insurance providers minimize the premium amount, which helps them stay competitive in the insurance market.
Asia Pacific Automotive Predictive Maintenance Market– Snapshot
- Asia Pacific is one of the fastest-growing regions in the world.
- The market in Asia Pacific is expected to witness the highest CAGR among all-region during the forecast period, due to significant investments in the automotive industry as well as the use of innovative solutions to optimize maintenance cost.
- This is expected to positively influence the growth of the automotive predictive maintenance market in Asia Pacific.
Key Challenges Faced by Automotive Predictive Maintenance Market Players
- Maintenance becomes easy by increasing the adoption of smart sensors in cars and commercial vehicles. However, lack of skilled workforce for maintenance work creates major issues in the automobile sector, which is expected to hinder market growth during the forecast period.
- All types of vehicle maintenance data is stored on the cloud platform, which can lead to the threat of data security and privacy of organizations. If the data of vehicles is stolen, it can be used against an organization, which impacts them financially.
Automotive Predictive Maintenance Market: Key Developments
- In May 2019, BMW AG, a multinational manufacturer of automobiles, integrated the IBM Watson cloud platform into its vehicles through the creation of apps with predictive maintenance or advanced analytics based on vehicle tear and wear.
- In December 2018, SAP SE launched a new software, SAP Intelligent Asset Management (IAM), which can provide predictive maintenance and asset intelligence for asset operation and maintenance.
Automotive Predictive Maintenance Market - Company Profile Snapshot
- Harman International Industries, Inc.: Established in 1953, Harman International Industries, Inc. is a leading electronics company offering design and engineering products and solutions for consumers, automakers, and enterprises across the world. The company also offers connected car systems, audio and visual products, infotainment, enterprise automation solutions, and connected services. In 2017, Samsung Electronics acquired Harman International Industries, Inc.
- IMS - Part of Trak Global Group: Founded in 1999, IMS, a connected car solutions provider, offers services and analytics to insurers, governments, and enterprises. The company develops products for vehicle safety and intelligence. It has evolved beyond vehicle component applications to include connected vehicle solutions by leveraging IoT with advanced analytics to provide intelligent services that significantly enhance driver behavior, improve productivity, and make it safer for drivers to acquire and manage critical information efficiently.
- Rockwell Automation, Inc.: Established in 1903, Rockwell Automation, Inc. is a global provider of industrial automation and information solutions. The company operates uncer two major segments: architecture & software, and control products & solutions. The company offers services in configuration and visualization software, which are used to operate and process control software, supervise control platforms, and manufacture execution systems.
Other major players operating in the global automotive predictive maintenance market and profiled in the report include
- Delphi Technologies
- Siemens AG
- IBM Corporation
- Microsoft Corporation
- Robert Bosch GmbH
- SAP SE
- Teletrac Navman.
Companies are adopting analytics as well as automation to minimize their operational cost. This is helping them gain a competitive advantage in the automotive predictive maintenance market, apart from maintaining their position in the market.
Automotive Predictive Maintenance Market: Scope of the Report
A new study on the global automotive predictive maintenance market published by Transparency Market Research (TMR) presents a wealth of information on key market dynamics, including the drivers, market trends, and challenges, as well as the structure of the automotive predictive maintenance market. TMR’s study offers valuable information about the automotive predictive maintenance market, to illustrate how growth will discern during the forecast period of 2019–2027.
Key indicators of market growth, which include value chain as well as supply chain analysis, and Compound Annual Growth Rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the automotive predictive maintenance market for the forecast period.
An extensive analysis of the business strategies of leading market players is featured in TMR’s study on the automotive predictive maintenance market. This can help readers understand principal factors to foresee growth in the automotive predictive maintenance market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the automotive predictive maintenance market, which will guide market players in making apt business decisions in the future.
Key Questions Answered in TMR’s Automotive Predictive Maintenance Market Study
- What is the scope of growth of automotive predictive maintenance companies in offline business sales?
- What will be the Y-o-Y growth of the automotive predictive maintenance market from 2019 and 2027?
- What is the influence of the changing trends in technologies on the automotive predictive maintenance market?
- Will North America continue to dominate the market for automotive predictive maintenance?
- Which factors will impede the growth of the automotive predictive maintenance market during the forecast period?
- Which are the leading companies in the global automotive predictive maintenance market?
A unique research methodology is utilized by TMR to conduct comprehensive research on the growth of the automotive predictive maintenance market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the production of the automotive predictive maintenance market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the automotive predictive maintenance market as a primary resource.
These primary and secondary resources provided exclusive information during the interviews, which serves as a validation from automotive predictive maintenance industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the automotive predictive maintenance market with accuracy. The study also uses a top-down approach to assess the numbers for each segment, and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the automotive predictive maintenance market more reliable and accurate.
Segmentation of Automotive Predictive Maintenance Market
TMR’s study on the automotive predictive maintenance market includes information bifurcated into four sections - by component, by application, by end user, and by region. Changing industry trends and other crucial market dynamics associated with these sections of the automotive predictive maintenance market are discussed in detail.
Dealers & Service Partners
Middle East & Africa