Global Automotive Prognostics Market 2019-2023 | Implementation of 5G Technology to Boost Demand | Technavio
LONDON--(BUSINESS WIRE)--Oct 30, 2019--
The automotive prognostics market size is expected to post a CAGR of close to 67% during the period 2019-2023, according to the latest market research report by Technavio. However, the market’s momentum will decelerate in the coming years because of the decrease in the year-over-year growth.
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Technavio has announced its latest market research report titled global automotive prognostics market 2019-2023. (Graphic: Business Wire)
The growing popularity of electric vehicles is creating significant demand for prognostics solutions. The adoption of electric vehicles (EV) has significantly increased with the aim to reduce air pollution caused by an internal combustion engine (ICE)-based vehicles. Moreover, various incentives and rewards are provided by regulatory bodies that have become crucial in the adoption of EVs. EVs adopt advanced telematics services as standard fitment to track important components such as the battery. Thus, growing adoption by EVs will lead to the growth of the automotive prognostics market.
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As per Technavio, the implementation of 5G technology to enhance prognostics efficiency will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Automotive Prognostics Market: Implementation of 5G Technology to Enhance Prognostics Efficiency
The developments in semi-autonomous and fully autonomous technology are driving the demand for faster data transfer capability. This is resulting in the development of 5G technology that could provide 33 times faster data than 4G LTE with latency expected to drop to about one-tenth of the current speed. In the prognostics system application, this technology will improve data transmission through the dashboard and the real-time data required by maintenance service providers. Furthermore, the 5G technology will allow a massive volume of sensor data to be collected quickly and in a more reliable manner. Such benefits of 5G technology will increase its adoption, which will benefit the automotive prognostics market during the forecast period.
“Apart from the implementation of 5G technology to enhance prognostics efficiency, other factors such as the development of autonomous vehicles, and an increase in the number of suppliers entering the automotive telematics market will have a significant impact on the growth of the automotive prognostics market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Prognostics Market: Segmentation Analysis
This market research report segments the automotive prognostics market by application (commercial vehicles, and passenger cars), end-user (aftermarket, and OEMs) and geographic regions (North America, Europe, APAC, South America, and MEA).
The North American region led the automotive prognostics market in 2018, followed by Europe, APAC, South America, and MEA respectively. The growth of the automotive prognostics market share in North America can be attributed to several factors such as the high adoption of advanced telematics systems in passenger cars and commercial vehicles, increasing demand for freight transportation, and the development of advanced technologies.
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Some of the key topics covered in the report include:
Five Forces Analysis
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SOURCE: Technavio Research
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PUB: 10/30/2019 09:00 AM/DISC: 10/30/2019 09:00 AM