Automotive Prognostics Market Worth 57.8 Million Units, at 67% CAGR During 2019-2023 | Technavio
LONDON--(BUSINESS WIRE)--Jun 27, 2019--
According to Technavio Research Report, " Automotive Prognostics Marketby application (commercial vehicles, and passenger cars), end-user (aftermarket, and OEMs), and geographic regions (North America, Europe, APAC, South America, and MEA) is witnessed to grow 57.8 million units, at a CAGR of 67% from 2019 to 2023.”
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Technavio has published a new market research report on the global automotive prognostics market from 2019-2023. (Graphic: Business Wire)
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Global Automotive Prognostics Market: Implementation of 5G technology to enhance prognostics efficiency
The developments in semi-autonomous technology and fully autonomous technology is driving the demand for faster data transfer capability. This is resulting in the development of 5G technology that could provide 33 times faster data than 4G LTE with latency expected to drop to about one-tenth of current speed. In the prognostics system application, this technology will improve data transmission through the dashboard and the real-time data required by maintenance service providers. Furthermore, 5G technology will allow a massive volume of sensor data to be collected reliably and quickly. Such benefits of 5G technology will increase its adoption, which will impact the growth of the automotive prognostics market during the forecast period.
“Factors such as the development of autonomous vehicles, and the growing number of automotive suppliers entering the telematics market will have a significant impact on the growth of the automotive prognostics market size during the forecast period,” says a senior analyst at Technavio.
Global Automotive Prognostics Market: Segmentation analysis
This market research report segments the global automotive prognostics market by application (commercial vehicles, and passenger cars), end-user (aftermarket, and OEMs), and geographic regions (North America, Europe, APAC, South America, and MEA).
The North American region led the automotive prognostics market in 2018, followed by Europe, APAC, South America, and MEA respectively. The growth of the automotive prognostics market in North America can be attributed to several factors such as the high adoption of advanced telematics systems in passenger cars and commercial vehicles, increasing demand for freight transportation, and the development of advanced technologies.
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Global Automotive Prognostics Market: Growing popularity of electric vehicles
The adoption of electric vehicles (EV) has significantly increased to reduce air pollution caused by an internal combustion engine (ICE)-based vehicle. Electric vehicles do not emit harmful pollutants, such as particulates, carbon monoxide, hydrocarbons, and volatile organic compounds. Moreover, various incentives and rewards are being provided by regulatory bodies that are encouraging the adoption of EVs. EVs adopt advanced telematics services as standard fitment to track important components such as a battery. This is increasing the demand for prognostics system, which is useful for monitoring the health of the vehicle battery.
Few Major Vendors in the Automotive Prognostics Market are:
- Ansik Inc.
- Cloudera Inc.
- General Motors Co.
- Open Text Corp.
- Pivotal Software Inc.
- Robert Bosch GmbH
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