Summary

Global Automotive Predictive Maintenance Market is expected to grow at a significant rate of around 22% 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, the insurers segment to hold a significant share in the market in 2021”
On the basis of end users, 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.

“Asia-Pacific (APAC) is anticipated to grow at the highest CAGR during the forecast period.”
The Asia-Pacific (APAC) is anticipated to grow at the highest CAGR during the forecast period 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, favorable 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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