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