Dec 9, 2022   SOURCE: BusinessWire

The Worldwide Vehicle Diagnostic Analytics Industry Is Projected to Reach $4.4 Billion by 2031 - Increasing Focus on Predictive Maintenance for Cost-Savings and Enhanced Safety Is Driving Growth - ResearchAndMarkets.com

The "Vehicle Diagnostic Analytics Market - A Global and Regional Analysis: Focus on Vehicle Diagnostic Analytics, Product, Application, Value Chain, and Country Analysis - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.

The vehicle diagnostic analytics market is projected to reach $4,425.6 million by 2031 from $1,827.4 million in 2021, growing at a CAGR of 9.22% during the forecast period 2022-2031.

The growth in the vehicle diagnostic analytics market is expected to be driven by the growing demand for vehicle diagnostic analytics in fleet management, rapid adoption of connected, autonomous, shared, and electric (CASE) strategies by original equipment manufacturers (OEMs) in the automotive industry, increasing focus on predictive maintenance for cost-savings and enhanced safety, and growing application of vehicle diagnostic by OEMs/automotive dealers in warranty analytics.

Market Lifecycle Stage

Globally, connected vehicles are moving the automotive industry into a new era. Vehicles are being deployed with extensive sensor platforms that generate vast amounts of data from different systems, such as telematics control units and on-board diagnostic (OBD) interfaces. At the same time, the advent of 5G and high bandwidth V2X technology have led to enhanced connectivity levels in the connected vehicles, providing the much-needed boost to the growth of the vehicle diagnostic analytics market.

The vehicle diagnostic analytics market is in the growth phase. The implementation of automotive diagnostics solutions is increasing in connected vehicles, internal combustion engine (ICE), as well as electric vehicles (EVs). As a result, the market is expected to flourish during the forecast period.

Impact

  • The vehicle diagnostic analytics market is driven by several factors, such as growing demand for vehicle diagnostic analytics in fleet management, rapid adoption of connected, autonomous, shared, and electric (CASE) strategies by OEMs in the automotive industry, increasing focus on predictive maintenance for cost-savings and enhanced safety, and growing application of vehicle diagnostic analytics by OEMs/automotive dealers in warranty analytics.
  • Vehicle diagnostic solution providers are working toward the development of advanced vehicle diagnostic analytics solutions to address the growing consumer needs of transforming the automotive industry. With automotive OEMs developing the next generation of connected and autonomous vehicles, the demand for such solutions is likely to increase multi-fold over the coming years.

Companies Mentioned

  • Bosch Mobility Solutions
  • Continental Mobility Services
  • Harman International
  • Microsoft
  • Teletrac Navman US Ltd
  • SAP
  • WEX Inc.
  • IBM
  • Kinetica DB Inc.
  • Silver Power Systems
  • OCTO Group S.p.A
  • KPIT Technologies Limited
  • Tata Consultancy Services Limited
  • Noregon
  • Akkurate Oy
  • Acerta Analytics Solutions, Inc.
  • AutoDAP B.V.
  • Sibros Technologies Inc.
  • Mojio
  • Poseidon Systems, LLC

Market Segmentation

Segmentation 1: by Application Type

  • Predictive Maintenance
  • Warranty Analytics
  • Residual Value Estimation
  • Vehicle Safety and Security Management

Segmentation 2: by Vehicle Propulsion Type

  • Internal Combustion Engine (ICE) Vehicles
  • Electric Vehicles (EVs)

Segmentation 3: by Vehicle Type

  • Passenger Vehicles
  • Commercial Vehicles

Segmentation 4: by Diagnostic Solution Type

  • Onboard Diagnostics
  • Remote Diagnostics

Segmentation 5: by End User

  • Fleet Owners
  • Automotive Dealers and Service Providers
  • OEMs
  • Insurance Companies

Segmentation 6: by Deployment Model

  • On-Premises
  • On-Demand

Segmentation 7: by Region

  • North America
  • Europe
  • U.K.
  • China
  • Asia-Pacific and Japan
  • Rest-of-the-World

Recent Developments in the Vehicle Diagnostic Analytics Market

  • In February 2022, OCTO Telematics announced a new agreement in its partnership with Ford Motor Company to extend its data streaming into Europe. By leveraging Ford's connected vehicle data, OCTO would enhance its market-proven telematics services in insurance and analytical services in the U.K., Italy, Germany, France, and Spain.
  • In January 2022, Continental came up with a new 4G dongle, thereby boosting the performance of its remote vehicle data platform for vehicle data of numerous makes and models.
  • In February 2021, Harman International acquired all the assets of Savari, Inc. for developing vehicle-to-everything communications technology in 5G edge and automotive devices.
  • In August 2020, Teletrac Navman US Ltd. announced the next-generation solution, TN360, powered by artificial intelligence that delivers telematics functionality, providing fleet management with smart, predictive, and actionable insights.
  • In September 2019, Bosch enhanced its vehicle diagnostic analysis for FSA 720 and FSA 740 and adapted it to the use of 48-volt on-board systems in passenger cars.

Demand - Drivers and Limitations

Following are the demand drivers for the vehicle diagnostic analytics market:

  • Growing Demand for Vehicle Diagnostic Analytics in Fleet Management
  • Rapid Adoption of Connected, Autonomous, Shared, and Electric (CASE) Strategies by OEMs in the Automotive Industry
  • Increasing Focus on Predictive Maintenance for Cost-Savings and Enhanced Safety
  • Growing Application of vehicle diagnostics by OEMs/Automotive Dealers in Warranty Analytics

Following are the limitations for the vehicle diagnostic analytics market:

  • Data Security
  • Network Coverage Limitations
  • Challenges Associated with Integration and Upgradation of Analytics Software with Existing Diagnostic Solutions

For more information about this report visit https://www.researchandmarkets.com/r/khnl6n