Automotive Prognostics Market Overview:

Automotive Prognostics is a system that monitors a vehicle's performance and alerts the owner or repair service companies based on the data received to take the necessary action to prevent failure or diagnose component replacement requirements. The system compares data from various sensors attached to vehicle components to standard operating parameters pre-set by the manufacturer to provide real-time insights on failure probabilities and the need for preventive maintenance.

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Automotive Prognostics Market Dynamics:

The growing demand for predictive diagnostics on the road, as well as the need for real-time data analytics in accident situations, are the key factors driving demand for the system around the world. Furthermore, rising private automotive manufacturer investment in data-driven vehicle monitoring is driving demand for the product in the automotive prognostics market.

Furthermore, changing consumer preferences toward maintenance prediction systems and automakers' increased focus on consumer safety are factors thought to drive demand for the product. According to the USA NHTSA, mechanical failure in the vehicle causes more than 5% of accidents. Furthermore, automakers' provision of overall safety and integrated comfort to consumers is boosting the product's market growth. Vehicle prognostics has emerged as a key engineering concern, as high operational life and failure prevention are regarded as key market demand drivers.

Automotive Prognostics Market Segment:

The Automotive Prognostics market is segmented into passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). With a market share of approximately 34% in 2021, the passenger vehicle segment dominates the vehicle type segment. According to OICA, China leads the world in passenger car manufacturing, and APAC leads the vehicle electronics segment as semiconductor and ABS production expands across the region.

The passenger vehicle segment has a high vehicle ownership rate, owing to financial companies' affordability and rising disposable income of middle-class families, both of which are expected to contribute to the segment's dominance.

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Automotive Prognostics Market Key players:

Garret Motion Inc.
Preteckt
Cloudera Inc.
Ansik Inc.
Pivotal Software Inc.
Robert Bosch GmbH
IBM
Covisnt
Hortonworks
Regional Analysis:

The five primary geographical regions of the Automotive Prognostics market are North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Research methodology:

Top-down and bottom-up methods are used to estimate and validate the size of the worldwide Automotive Prognostics market. Participants diligently adhere to the many classification requirements set forth by the firm to compile a comprehensive list of notable and active players. The businesses that are most relevant to the market under consideration are chosen after a thorough validation procedure.
Preference lists are arranged using commercial databases like Factiva, Bloomberg, and others in accordance with the revenue generated in the most recent quarter.
In addition, the questionnaire was created expressly to meet all requirements for appointment-only primary data collection based on the key target categories. This facilitates our ability to gather data on a variety of topics, including player earnings, operating costs, profit margins, and the expansion of various commodities and services. The World Bank, associations, business websites, SEC filings, OTC BB, USPTO, EPO, annual reports, press releases, and other sources are used to verify about 70-80% of the data before usage.
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