Automotive Predictive Maintenance Market: Current Analysis and Forecast (2022-2028)

Report Description

Global Automotive Predictive Maintenance Market is expected to grow at a significant rate of around 5% during the forecast period. The automotive predictive maintenance market is a rapidly growing industry that leverages advanced technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT) to monitor the performance and condition of vehicles in real-time. The primary aim of predictive maintenance is to prevent breakdowns and reduce downtime by detecting potential issues before they occur. This approach provides several benefits, including increased operational efficiency, reduced maintenance costs, and improved customer satisfaction. The automotive predictive maintenance market is driven by several factors, including the increasing demand for connected cars, the growing need for predictive maintenance solutions to improve the reliability and performance of vehicles, and the rapid advancement of technology in the automotive industry. The market is also expected to benefit from the increasing demand for electric vehicles, which require predictive maintenance solutions to ensure their efficient and safe operation. The global automotive predictive maintenance market is highly competitive, with several key players vying for market share. Major players in the market include IBM, GE Digital, PTC, and SAP. These companies offer a wide range of predictive maintenance solutions that cater to the specific needs of various segments of the automotive industry, including original equipment manufacturers (OEMs), fleet operators, and aftermarket service providers. Overall, the global automotive predictive maintenance market is expected to grow significantly in the coming years, driven by the increasing demand for connected cars, the growing need for predictive maintenance solutions to improve the reliability and performance of vehicles, and the rapid advancement of technology in the automotive industry.

Insights Presented in the Report

“Amongst vehicle type, Commercial vehicle category to have a significant share in forecast period”

Based on vehicle type, the market is segmented into passenger vehicle and commercial vehicle. There are several factors that contribute to the significant share of the commercial vehicle segment in the automotive predictive maintenance market such as high utilization rate, maintenance cost savings and increasing demand for fleet management. Commercial vehicles, such as trucks and buses, are typically driven for longer hours and have a higher utilization rate than passenger vehicles, making predictive maintenance more critical for these vehicles. Additionally, Predictive maintenance can help optimize maintenance schedules and reduce downtime, leading to cost savings for commercial vehicle operators.

“Amongst end users type, the insurers to hold a significant share in the market in 2021”

On the basis of drive type, the market is categorized into fleet owners, insurers, and others. Among these, the insurers will hold a significant market share in 2021. There are several factors that contribute to the significant share of the insurance segment such as government regulations often mandate the purchase of certain types of insurance, such as health insurance and car insurance. Additionally, the growth of digital distribution channels, such as online portals and mobile apps, is making it easier for consumers to purchase insurance products, which is helping to drive demand. Moreover, As people become more prosperous, they are more likely to purchase insurance products to protect their assets and financial well-being. Overall, these factors are contributing to the growth of the insurance segment and its significant share in the financial services industry.

Automotive Predictive Maintenance Market Report Coverage

“Asia-Pacific (APAC) to hold a significant share in the market.”

The Asia-Pacific (APAC) region has a significant share in the automotive predictive maintenance market due to factors such as increasing demand for vehicles, rapid industrialization, and growth in the manufacturing sector. The region is also home to several large automobile manufacturers and suppliers, who are actively investing in new technologies, such as predictive maintenance, to improve their production processes and efficiency. Additionally, favourable government initiatives and policies aimed at promoting the adoption of advanced technologies in the automotive industry are further driving the growth of the predictive maintenance market in the APAC region. Moreover, The APAC region has a large and rapidly growing consumer market, which creates opportunities for predictive maintenance solutions to be adopted in various industries.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global automotive predictive maintenance market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Automotive Predictive Maintenance Market Analysis (2023-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global automotive predictive maintenance market were the three major steps undertaken to create and analyze the adoption of automotive predictive maintenance in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global automotive predictive maintenance market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the automotive predictive maintenance market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the automotive predictive maintenance market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as vehicle type, hardware type, and end users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automotive predictive maintenance market. Further, we conducted factor analysis using dependent and independent variables such as various vehicle type, hardware type, and end users of automotive predictive maintenance. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automotive predictive maintenance market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automotive predictive maintenance market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the automotive predictive maintenance market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global automotive predictive maintenance market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automotive predictive maintenance market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of vehicle type, hardware type, and end users in the global automotive predictive maintenance market.

The main objective of the Global Automotive Predictive Maintenance Market Study

The current & future market trends of the global automotive predictive maintenance market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the automotive predictive maintenance market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of vehicle type, hardware type, and end users.
• Define and analysis of the regulatory framework for the automotive predictive maintenance
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the automotive predictive maintenance market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the automotive predictive maintenance market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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