LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive prognostics market to grow at a CAGR of more than 88% during the period 2018-2022, according to their latest report.
This market research report segments the global automotive prognostics market into the following applications (CVs and pass), end-users (aftermarket and OEMs), and key regions (North America, Europe, and ROW).
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In this report, Technavio analysts highlight the rising cost pressure on fleet operators pushing adoption of cost optimization strategies as a key factor contributing to the growth of the global automotive prognostics market:
Rising cost pressure on fleet operators pushing adoption of cost optimization strategies
The price fluctuation of fuels and inefficiency of fleet operations have become crucial challenges for fleet operators. To manage the cost efficiently, fleet operators are adopting various cost optimization strategies. Fleet managers prefer innovations and improvements to the vehicle engine to optimize and keep a check on the vehicle fuel consumption. Innovations can also be in the areas of reducing cylinder numbers and using turbochargers. The use of improved transmission design and technology helps in achieving better mileage and fuel efficiency.
According to a senior analyst at Technavio for automotive electronics, “Remote diagnostics help in remote monitoring of the vehicle components and the data generated by each component serves as a valuable source of information to improve the components' design parameters. It can also assist in monitoring the driver's driving pattern and the data derived can help in the better training of the drivers.”
Advanced diagnostic technologies such as prognostics solutions are gaining popularity among fleet operators due to their ability to predict component RUL that reduces unexpected downtime and unexpected cost. Many trucks are made to run for a longer period than their correct economic life. This often deteriorates their fuel efficiency.
Prognostic systems estimate the most optimum time for the replacement of parts by monitoring real-time data. The replacement of those parts before its actual economic life or periodic maintenance checks can be avoided through prognostic systems. This can result in substantial reduction in maintenance costs. The data from the system can also be used for assessing the best time for resale, so that fleet managers do not face significant losses because of the depreciation of the asset when it is maintained properly.
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Global automotive prognostics market segmentation
Of the two major applications, the CVs segment held the largest market share in 2017, accounting for nearly 77% of the market. It was followed by the passenger cars segment that contributed to the second largest share in the market.
North America was the leading region for the global automotive prognostics market in 2017, accounting for a market share of close to 54%. Europe held the second largest share in the market. It was followed by the ROW segment.
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