Market Overview
The market size of the worldwide automotive prognostics was approximately USD 9,481.3 million in 2024, and it is projected to attain USD 22,642.4 million by the end of 2030, growing at a CAGR of 15.6% during the projection period. With technical improvements, the complexity of vehicle design is surging, and therefore, the demand for dependable and effective prognostic solutions is increasing.
The surge in the count of enhanced electronic systems in vehicles has made the overall vehicle extremely complex. The acceptance of AI and ML in automobile prognostics has significantly advanced the predictive abilities of prognostics systems.
The enhanced algorithms can spot faults more exactly and send maintenance alarms. By using a prognostics system, vehicle makers can design maintenance schedules, as it gives knowledge regarding the wear and tear of different parts and the interval after which they require to be replaced.
There has been a relatively increasing incidence of road traffic accidents in recent years which has resulted in killing and embezzlement of money. According to the National Highway Traffic Safety Administration of the United States, 42,795 human beings died in the United States in 2022 due to road traffic crashes. To minimize the chance of accidents arising from a failure of in-vehicle equipment, manufacturers of automobiles are fitting failure prediction systems.
Key Insights
- Battery is the largest category with a 35% share in 2024.
- Expected to grow at a 16.0% CAGR during 2024–2030.
- Growth was driven by increasing electric components and sales of electric vehicles.
- Need for predictive maintenance systems due to battery failures and explosions.
- Passenger vehicles hold a 45% share in 2024.
- Growth due to post-COVID-19 sales increase, technological advancements, and higher purchasing power.
- Prognostics solutions minimize unplanned downtime, enhancing ownership experience and brand trust.
- Light commercial vehicles are the fastest-growing category with a 16.1% CAGR during 2024–2030.
- Long, rough usage makes them prone to equipment and mechanical failure.
- Fleet operators focus on fleet management and scheduled maintenance.
- OEMs dominate the market with a 40% share in 2024.
- Prognostics software is used to pre-analyze equipment strength, ensure vehicle durability, and set warranty durations.
- Fleet operators to witness the highest CAGR of 16.3% during the forecast period.
- Growing demand for vehicle management and maintenance scheduling for smooth operations.
- North America holds the largest share with 50% in 2024.
- Presence of key automotive manufacturers, strict road safety rules, and advanced infrastructure.
- Asia-Pacific is expected to experience the highest CAGR of 16.5% during 2024–2030.
- Expanding automotive industry, adoption of connected vehicles, rising road safety awareness, and increasing purchasing power.
- Europe holds the second-largest share.
- Development of autonomous and connected vehicles driving needs for monitoring and optimizing vehicle performance.
Source: P&S Intelligence
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