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Automotive Prognostics Market: Introduction

  • Automotive prognostics is a set of technologies and methods that access the reliability of the different parts and equipment in their actual life cycle conditions in order to determine the reasons of failure and mitigate system risk.
  • Performing predictive diagnostics has become vital to avoid accidents and increase on-road time of vehicles. Predictive diagnostics includes determining the remaining life or the timespan of automotive components, thus increasing popularity of automotive prognostics.

Key Drivers of Automotive Prognostics Market

  • The number of road traffic accidents has been increasing for the last few years causing huge loss of life and money. According to the U.S. National Highway Traffic Safety Administration (NHTSA), 2% of the total car accidents in the country occur due to mechanical failures in the car. Automakers are installing failure predicting systems in their vehicle models to reduce these number of accidents and increase the safety ratings of vehicles. Furthermore, OEMs spend nearly 2% to 5%, of their annual earnings on warranty claims, which add to the losses of these companies. Hence, rising focus of automakers to enhance safety and reduce costs associated with warranty claims is propelling the global automotive prognostics market.
  • Vehicle electronics play a key role in overall automotive safety and comfort, which is increasing the number of advanced electronic systems being integrated in vehicles. Failure of any of these new systems can cause the vehicle to be un-operational for a long duration and also the local auto-repair service providers are not acquainted with these systems. Longer breakdown time is damaging for the reputation and revenues of the commercial fleet owners. Thus, the predictive maintenance of vehicles has becoming important with growing complexity of vehicle architectures and hence, the demand for automotive prognostics is rising globally.

Challenges in Automotive Prognostics Market

  • The high cost of automotive prognostics systems has hampered their application, which in turn is restraining the automotive prognostics market across the globe.

Impact of COVID-19 Pandemic on Automotive Prognostics Market

  • The COVID-19 pandemic disrupted automotive supply chains around the globe, thereby negatively impacting sales and production of vehicles. This decline in demand from OEMs hampered the global automotive prognostics market. However, automakers are witnessing a rise in sale of vehicles in post-COVID phase, which is estimated to boost the global automotive prognostics market in the near future.

North America and Europe to Hold Significant Share of Global Automotive Prognostics Market

  • High rate of adoption of technology, stringent vehicle safety regulations, and high per capita income of people in North America and Europe are driving the sale of vehicles equipped with automotive prognostics systems. Ongoing developments of connected and autonomous vehicles that provide enormous amounts of vehicle information for monitoring, analyzing, and optimizing vehicle performance are further propelling the global automotive prognostics market.

Key Players Operating in Automotive Prognostics Market

The global automotive prognostics market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the automotive prognostics market are:

  • Ansik Inc.
  • Cloudera Inc.
  • Covisnt
  • Garret Motion Inc.
  • HARMAN International
  • Hortonworks
  • IBM
  • Pivotal Software Inc.
  • Preteckt

Global Automotive Prognostics Market: Research Scope

Global Automotive Prognostics Market, by Application

  • Engine (Combustion control, Condition Monitoring)
  • Battery (Electric Power Generation , Traction Battery)
  • Power Steering System
  • Suspension System
  • On Board Monitoring & Diagnostics (OBMD)

Global Automotive Prognostics Market, by Vehicle Type

  • Passenger Vehicle
  • Hatchback
  • Sedan
  • Utility Vehicle
  • Light Commercial Vehicle
  • Trucks
  • Buses & Coaches

Global Automotive Prognostics Market, by End User

  • OEM (Automaker)
  • Aftermarket
  • Fleet Operators
  • Private Owners

Global Automotive Prognostics Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Nordic Region
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Automotive Prognostics Market