Global Automotive Prognostics Market 2020-2024 | Growing Popularity of Electric Vehicles to Boost Market Growth | Technavio

LONDON--(BUSINESS WIRE)--Mar 17, 2020--

The global automotive prognostics market is expected to grow by USD 8.75 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report

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Technavio has published the latest market research report titled Global Automotive Prognostics Market 2020-2024 (Graphic: Business Wire)

EVs require advanced telematics services as standard fitment to track vital components such as drivetrain and batteries. This is increasing the adoption of prognostics systems as they are crucial in monitoring the health of such components. Furthermore, the growing concerns over environmental pollution caused by internal combustion engine vehicles are compelling governments across the world to take various initiatives to promote the adoption of EVs. Therefore, the rising popularity of EVs will be crucial in driving the growth of the global automotive prognostics market during the forecast period.

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As per Technavio, the increased focus of prominent automotive OEMs for improving vehicle diagnostics services will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Automotive Prognostics Market: Increased Focus of Prominent Automotive OEMs for Improving Vehicle Diagnostics Services

Automotive OEMs are making significant investments in improving telematics applications and services owing to growing consumer demands and increasing competition in the market. This is expected to result in the introduction of prognostics solutions as a standard feature in connected vehicles. Several automobile manufacturers have already announced their plans to include prognostics as a standard offering in their telematics services. For instance, in 2018, Volvo announced that it was developing sophisticated predictive systems for its electric vehicles. Such developments in the automotive industry will have a positive influence on the growth of the global prognostics market over the forecast period.

“Development of autonomous vehicle technology and implementation of 5G technologies will further boost automotive prognostics market growth during the forecast period,” says a senior analyst at Technavio.

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Automotive Prognostics Market: Segmentation Analysis

This market research report segments the automotive prognostics market by application (commercial vehicles and passenger cars), end-user (aftermarket and OEMs), and geography (APAC, Europe, MEA, North America, and South America).

The North America region led the automotive prognostics market in 2019, followed by Europe, APAC, South America and MEA. North America is expected to register the highest incremental growth due to the high adoption of advanced telematics systems in passenger cars and commercial vehicles in the region.

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Some of the key topics covered in the report include:

Application Segmentation

  • Commercial vehicles
  • Passenger cars

End-User Segmentation

  • Aftermarket
  • OEMs

Geographic Segmentation

  • APAC
  • Europe
  • MEA
  • North America
  • South America

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200317005590/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email:[email protected]

Website:www.technavio.com/

KEYWORD:

INDUSTRY KEYWORD: ENERGY AUTOMOTIVE ALTERNATIVE VEHICLES/FUELS

SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 03/17/2020 06:00 PM/DISC: 03/17/2020 06:00 PM

http://www.businesswire.com/news/home/20200317005590/en

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