- Automotive prognostics is a set of technologies and methods that access the reliability of the different parts and equipment in their actual life cycle conditions in order to determine the reasons of failure and mitigate system risk.
- Performing predictive diagnostics has become vital to avoid accidents and increase on-road time of vehicles. Predictive diagnostics includes determining the remaining life or the timespan of automotive components, thus increasing popularity of automotive prognostics.
Key Drivers of Automotive Prognostics Market
- The number of road traffic accidents has been increasing for the last few years causing huge loss of life and money. According to the U.S. National Highway Traffic Safety Administration (NHTSA), 2% of the total car accidents in the country occur due to mechanical failures in the car. Automakers are installing failure predicting systems in their vehicle models to reduce these number of accidents and increase the safety ratings of vehicles. Furthermore, OEMs spend nearly 2% to 5%, of their annual earnings on warranty claims, which add to the losses of these companies. Hence, rising focus of automakers to enhance safety and reduce costs associated with warranty claims is propelling the global automotive prognostics market.
- Vehicle electronics play a key role in overall automotive safety and comfort, which is increasing the number of advanced electronic systems being integrated in vehicles. Failure of any of these new systems can cause the vehicle to be un-operational for a long duration and also the local auto-repair service providers are not acquainted with these systems. Longer breakdown time is damaging for the reputation and revenues of the commercial fleet owners. Thus, the predictive maintenance of vehicles has becoming important with growing complexity of vehicle architectures and hence, the demand for automotive prognostics is rising globally.
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Challenges in Automotive Prognostics Market
- The high cost of automotive prognostics systems has hampered their application, which in turn is restraining the automotive prognostics market across the globe.
Impact of COVID-19 Pandemic on Automotive Prognostics Market
- The COVID-19 pandemic disrupted automotive supply chains around the globe, thereby negatively impacting sales and production of vehicles. This decline in demand from OEMs hampered the global automotive prognostics market. However, automakers are witnessing a rise in sale of vehicles in post-COVID phase, which is estimated to boost the global automotive prognostics market in the near future.
North America and Europe to Hold Significant Share of Global Automotive Prognostics Market
- High rate of adoption of technology, stringent vehicle safety regulations, and high per capita income of people in North America and Europe are driving the sale of vehicles equipped with automotive prognostics systems. Ongoing developments of connected and autonomous vehicles that provide enormous amounts of vehicle information for monitoring, analyzing, and optimizing vehicle performance are further propelling the global automotive prognostics market.
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Key Players Operating in Automotive Prognostics Market
The global automotive prognostics market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the automotive prognostics market are:
- Ansik Inc.
- Cloudera Inc.
- Covisnt
- Garret Motion Inc.
- HARMAN International
- Hortonworks
- IBM
- Pivotal Software Inc.
- Preteckt
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