Wilmington, Delaware, United States, March 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive predictive maintenance market stood at US$ 1.8 Bn in 2022 and is anticipated to be valued at US$ 7.4 Bn by 2031, expanding at a CAGR of 17% between 2023 and 2031. Increase in utilization of connected vehicles and IoT devices is anticipated to drive the global automotive predictive maintenance market in next few years. Automotive suppliers and manufacturers are investing considerably in predictive maintenance solutions to boost operational effectiveness and customer satisfaction, which is expected to drive industry growth.
Increase in adoption of autonomous vehicles and electric vehicles (EVs) is likely to accelerate market development. Leading companies are investing significantly so as to develop cutting-edge predictive fleet maintenance technologies, including artificial intelligence (AI) and machine learning (ML), to increase precision and effectiveness of their offerings.
Automobile predictive maintenance entails utilization of data analysis as well as machine learning (ML) algorithms to anticipate and avert possible equipment breakdown. It makes use of condition-monitoring technologies to assess a component's performance using IoT systems. Data that has been gathered with time is analyzed and monitored, and then models are developed in order to assist in avoiding failures. Predictive maintenance for automobiles reduces the possibility of unforeseen vehicle failure. ML and artificial intelligence are used to comprehend driving trends and habits of owners of vehicles. These latest technologies are included in routine maintenance to improve dependability and safety of vehicles.
In order to meet client expectations, manufacturers are offering all-encompassing predictive maintenance solutions, which include services, software, and hardware. Companies could offer one-stop solution for clients, which helps them gain automotive predictive maintenance market share.
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Key Findings of Market Report
- Vehicle-to-everything communication, or V2X, describes a vehicle's capability to communicate directly with road infrastructure, other automobiles, and communication gadgets.. V2X, allows for sharing of data about a vehicle's direction, speed, and position. Rise in adoption of connected automobiles is a result of development in V2X. This factor is anticipated to accelerate expansion of the global automotive predictive maintenance market in the next few years.
- Based on the most recent market forecast, the solutions segment is anticipated to account for the largest market share during the forecast period. ML algorithms are used in predictive maintenance of vehicles to suggest routine maintenance. It forecasts the likelihood of a breakdown based on the recurrence of similar incidents in the past. Real-time breakdown event logs are maintained by AI and ML algorithms. These investigate how frequently these incidents occur, which is anticipated to increase demand in next few years.
- Over-the-air (OTA) updates are wireless methods for updating a device's firmware or software without having to physically access it. This technology makes it possible for devices to automatically obtain upgrades and updates that do not necessitate human participation. Owners of vehicles no longer need to do routine auto maintenance tasks at a gas station due to OTA. They only need to go to a service facility for urgent and necessary servicing tasks.
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Global Automotive Predictive Maintenance Market: Growth Drivers
- Predictive maintenance for connected vehicles assist in cutting costs by lowering demand for unforeseen downtime and maintenance. Usage of data and machine learning algorithms could help predict when a device is most likely to malfunction or break down, and maintenance can be carried out only as needed. In such a case, there is no need to carry out maintenance on a regular basis. This strategy decreases demand for spare parts and avoids unplanned downtime. Operational loss mitigation strategies for commercial vehicle fleets are gradually becoming more dependent on predictive maintenance.
- Demand for commercial fleets is increasing in developing countries such as Brazil, China, and India. Predictive maintenance is used by commercial fleet owners to lower the number of unexpected vehicle breakdowns. Fleet owners can forecast when repair is necessary by using predictive maintenance to proactively keep track of their vehicles' condition. This lessens the possibility of expensive malfunctions and inadvertent downtime. Therefore, rise in commercial vehicle sales is likely to accelerate the growth of the global automotive predictive maintenance market in the next few years.
Global Automotive Predictive Maintenance Market: Regional Landscape
- Europe is anticipated to account for the largest share of the global automotive predictive maintenance market between 2023 and 2031. The market in the region is driven by increase in utilization of pollution control measures. Utilization of predictive maintenance in the automobile industry could increase equipment efficiency and decrease emissions by lowering the incidence of equipment failures and downtime.
- The market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. Vehicle production and consumption are notably high in India and China. Growth of the predictive maintenance market in Asia Pacific is driven by higher awareness about its advantages.
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Global Automotive Predictive Maintenance Market: Key Players
Some of the key market players in the global automotive predictive maintenance market
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Delphi Technologies
- Siemens AG
- NXP Semiconductors N.V.
- Garrett Motion Inc.
Global Automotive Predictive Maintenance Market: Segmentation
Component
- Solutions
- Services
Technology
- IoT
- Big Data & Data Analytics
- Business Intelligence (BI)
- Cloud Computing
- 5G
Application
- Oil Change
- Transmission Checkup
- Belt Change
- Brake and Tire Inspection
- Coolant Replacement
- Engine Air Filter
- Cabin Filter
- Others
End-user
- Individuals
- Manufacturers
- Insurance Providers
- Dealers and Service Partners
- Fleet Owners
Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses and Coaches
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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