Automotive Predictive Maintenance Market Scope, Trends, Future Demand 2027
According to a new market report pertaining to the global automotive predictive maintenance market published by Transparency Market Research, the global automotive predictive maintenance market is projected to reach a value of ~US$ 2.7 Bn by 2027. The automotive predictive maintenance market is projected to expand at a CAGR of ~28% from 2019 to 2027. Growth of the market can be attributed to increased focus on optimizing vehicle operational cost from the point of view of both, the user as well as the manufacturer.
Over the forecast period, Asia Pacific is anticipated to grow rapidly in the automotive predictive maintenance market, at a CAGR of ~30%. In terms of share, the market is dominated by North America, followed by Europe. In the automotive predictive maintenance market, the software segment was valued at ~US$ 167 Mn in 2017 and is expected to reach ~US$ 2.1 Bn by 2027, expanding at a CAGR of ~28% during the forecast period.
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- Increase in Demand for Embedded Computer Systems or IoT Devices to Avoid Unplanned Maintenance Downtime – Automotive predictive maintenance systems can help individual consumers and companies avoid downtime. Furthermore, predictive maintenance provides other important insights regarding vehicle or automotive part and usage patterns. Automotive predictive maintenance has the potential to provide cost-saving solutions to reduce expenses on maintenance. IoT systems or embedded computer systems help reduce repairs and improve vehicle safety outcomes, so that vehicles or fleets can reliably operate.
- Increase in Demand for Smart Cars and Connected Cars – Car manufacturers are now using data science to improve driving experience and car performance. If a vehicle is equipped with smart sensors, the customer or mechanic can identify potential issues before they become problems. A smart vehicle can provide data regarding its performance, fuel consumption and emission, status of transmission system, speed, and driving behavior. Moreover, insurance companies use vehicle maintenance data to pass insurance claims by customers. All types of sensors store real-time data on the cloud platform to provide easy access to customers.