Predictive Maintenance in Automotive Market - Perspective on Upcoming Impacts and Forecast Analysis (2024-2030) by Application, Hardware Type, Vehicle Type, Deployment Type, and Region

Predictive Maintenance in Automotive Market Overview:

Predictive Maintenance is a set of procedures for detecting abnormalities and flaws in the state of in-service equipment and determining when maintenance should be carried out. It is a cost-cutting method since it allows you to correct a problem before it becomes a failure. Predictive maintenance use statistical process control principles to examine equipment and forecast when maintenance operations should be performed. Predictive maintenance in the automotive sector works by first monitoring and analyzing the entire operation. It then collects and saves the information before making a significant prediction. Overall, the procedure goes without a hitch and without major snags. Predictive Maintenance in Automotive market is expected to register CAGR of 21% during the forecast period.

 

 

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Predictive Maintenance in Automotive Market Dynamics:

If there is scheduled or unscheduled downtime in an automotive production setting, the costs associated with it might cause a major setback. It is feasible to continuously monitor the condition of industrial equipment in real time and estimate the likelihood of problems using predictive maintenance. This increases operational efficiency while lowering equipment maintenance costs.

 

Emergence of Digital Twin (DT) Technology:

 

On the manufacturing floor, the use of sensors and Industrial IoT has allowed companies to diagnose the health of each piece of gear in great detail. We will discuss Digital Twin technology in this context, which can be used to gain useful insights on industrial equipment.

 

The use of simulation techniques to create a "digital twin" - an elaborate physical and functional description of a physical system with all of its operating data — is part of Digital Twin technology. In other terms, a digital twin is a digital model of a physical asset that correctly represents the capabilities, operating state, and health of its physical counterpart.

 

PDM and Vehicle Servicing:

 

When technical developments like as Over the Air (OTA) updates are connected with automobiles, car owners no longer need to take their vehicles to a service shop for routine maintenance. They should only go to the service centres for critical or emergency maintenance. Predictive maintenance has shown to be quite effective in providing these benefits to vehicle owners. The data acquired by the sensors, for example, could suggest gradual overheating or friction in car components. This can lead to the vehicle or individual part completely breaking down over time. The integrated machine learning algorithm monitors breakdown events in real time and analyses how frequently they occur. The system then forecasts when the next breakdown will occur based on this information.

 

 

Vehicle Recalls and Predictive Maintenance:

 

Vehicle owners benefit greatly from predictive maintenance. However, it should be noted that following the sale of automobiles, automotive OEMs and technology businesses benefit from the use of this technology. As connected car in-vehicle diagnostic systems get more sophisticated, the vehicle will be able to send signals when components or maintenance are required. As a result, there are fewer unforeseen failures and vehicle recalls. Another benefit of PDM is that it only sends out alerts when a servicing action is truly required. It lowers the cost of over-maintenance and no-fault-found occurrences for the owner.

 

Predictive Maintenance in Automotive Market Segmentation:

By Application: The predictive vehicle technology market is likely to be dominated by the safety and security sector:

 

Automakers throughout the world are likely to integrate safety and security as an ADAS function in the next years. These features are primarily designed to aid the driver by providing predictive cues. In developed countries, car occupants are expecting similar capabilities in their automobiles. In developing regions, on the other hand, OEMs are including these features in their automobiles. Government mandates are supporting the expansion of the safety & security segment, as traffic congestion is a major concern in every region, propelling the category's growth.

 

 

 

By Vehicle Type: During the forecast period, the commercial vehicle segment is expected to grow at the quickest rate:

 

During the projected period, the commercial vehicle sector is expected to lead the predictive vehicle technology market. Telematics is becoming more common in commercial vehicles as it contributes to fleet safety. Satellite navigation, GPS location monitoring, and infotainment are the key features. The ability to track a vehicle's location in real time is essential for alerting drivers about impending traffic, car accidents, weather problems, and congested routes. Government rules in developed nations encourage and frequently require the integration of commercial telematics into new vehicles, which benefits the global commercial telematics market. These reasons have propelled the commercial vehicle market's quickest growth.

 

Predictive Maintenance in Automotive Market Regional Insights:

Asia-Pacific segment is expected to grow at a significant rate:

 

By 2030, the Asia Pacific region is expected to be the largest market. China and India, two of the world's fastest growing economies, are part of the region. In addition, the Asia Pacific area is the largest market for automobiles, thanks to rising consumer purchasing power, which has fueled demand for automobiles in the region. In addition, the industry is growing due to rising sales of commercial vehicles and passenger cars in the region. The region's countries are encouraging the integration of commercial telematics into new vehicles, which will benefit the worldwide commercial telematics industry. To meet the demand for modern telematics systems in the subcontinent, many European and North American OEMs are entering the market.

 

The European automotive predictive maintenance market was valued at US$ 76 million in 2020, and is predicted to grow at a value CAGR of 29% over the forecast period. This is due to the region's rapid adoption of pollution control measures, which has influenced how car exhaust systems are maintained. The use of automotive predictive maintenance in exhaust systems is seen as a crucial reason in Europe's emergence as a profitable regional market in the global landscape.

 

 

The objective of the report is to present a comprehensive analysis of the Predictive Maintenance in Automotive Market to the stakeholders in the industry. The report provides trends that are most dominant in the Predictive Maintenance in Automotive Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Predictive Maintenance in Automotive Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Predictive Maintenance in Automotive Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Predictive Maintenance in Automotive Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Predictive Maintenance in Automotive Market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Market. The report also analyses if the Predictive Maintenance in Automotive Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Predictive Maintenance in Automotive Market is aided by legal factors.

 

Predictive Maintenance in Automotive Market Scope:

Predictive Maintenance in Automotive Market
Market Size in 2023	USD 34.43 Bn.
Market Size in 2030	USD 130.77 Bn.
CAGR (2024-2030)	21 %
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Vehicle Type   Passenger Car Commercial Vehicle
	By Hardware ADAS Telematics OBD
	By Deployment Type  Passenger Vehicle Hatchback Sedan SUV Commercial Vehicle
	By Application Pro-active Alerts Safety & Security
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Predictive Maintenance in Automotive Market Players:

• Bosch (Germany)
• Continental (Germany)
• Valeo (France)
• Garrett Motion (Switzerland)
• Aisin Seiki (Japan)
• Aptiv (UK)
• ZF (Germany)
• NXP (Netherlands)
• Delphi Technologies (UK)
• Siemens AG (Germany)
• IBM Corporation (USA)
• Microsoft Corporation (USA)
• Robert Bosch GmbH (Germany)
• SAP SE (Germany)
• Teletrac Navman. (USA)