The beneficial attributes of the predictive diagnostic solutions and other major driving factors is expected to favor the rise in the global automotive predictive diagnostics market
Reports and Insights has published a new report titled, “Automotive Predictive Diagnostics Market: Opportunity Analysis and Future Assessment 2020-2028”
Global Automotive Predictive Diagnostics Market, By Components (Hardware (ADAS component, OBD, Telematics), Software), By Solutions (Telediagnosis, Fuel Injection Components, Oil Pump, Engine Sensor, Exhaust Gas Component, Starter Battery, Mobile Hydraulics, Fuel Injection System, Exhaust Gas Systems, Transmission, Others), By Application (Proactive Alerts, Safety & Security, Service Assistance), By Vehicle Type (Passenger Cars (Compact, Mid-Sized, Luxury, SUVS), Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs)) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global automotive predictive diagnostics market in 2020 is estimated for more than US$ xx Bn and expected to reach a value of US$ xx Bn by 2028 with a significant CAGR of xx%.
Vehicle failures and breakdowns are expensive as well as annoying. In several cases, vehicle wrecks can be prevented with the help of preventive, vehicle-related diagnostic and maintenance solutions. The advanced groundbreaking predictive diagnostics software solution incessantly tracks, assesses and accounts system and component conditions in the vehicle. On the basis of data from cloud information and connected vehicles, errors and faults can be predicted and fixed in due course – in an individual, statist and meticulous manner.
The Internet of Things (IoT) has influenced a number of business processes during the last few years. The role of Internet of Things (IoT) in the predictive maintenance of vehicles has achieved enormous acceptance and popularity attributing to its capability to transfer and obtain vehicular diagnostics data within a fraction of seconds.
At the present time, it is not only the luxury cars that come rooted with IoT sensors, but approximately all cars being built have different types of inbuilt devices, sensors, and services that associate and work through the Internet. All these sensors and connections develop a shared network for data transmission and automotive diagnostics.
Predictive diagnostics expedite forecasts of the elements and system condition and optimize the preparation of maintenance tasks on the basis of data transmitted from the IoT sensors ingrained in the vehicles. This assists in avoiding unforeseen vehicle wrecks and breakdowns via predictive maintenance programming and detection of system breakdowns as well ahead of time. Attributing to all said factors, the global automotive predictive diagnostics market is projected to grow significantly over the future years.
Having said that, being an extremely technical product and heavy costs of automotive predictive diagnostic solutions is likely to slow down the market growth in the forthcoming years. Nevertheless, rise in demand for security in all kinds of vehicles for ameliorated vehicle functioning and performance, heavy acceptance and popularity of safety systems for convenient driving experience, and avoidance of breakdown time of vehicles are estimated to boost the automotive predictive diagnostics market over the coming years.
Reports and Insights Study identifies some of the key participating players in the automotive predictive diagnostics market globally are Bosch, Continental, Garrett Motion, Aptiv, Aisin Seiki, ZF, Valeo, NXP, Harman (Samsung), among others.
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