Global Automotive Predictive Maintenance Market Report and Forecast 2024-2032

Global Automotive Predictive Maintenance Market Outlook

The global automotive predictive maintenance market size is projected to grow at a CAGR of 13.2% between 2024 and 2032. The market is being aided by the emergence of digital twins and the rising need for more efficient and safer transportation modes.

Key Trends in the Market

Predictive maintenance refers to the maintenance strategy that uses machine learning algorithms to interpret data from sensors, and equipment logs to predict when the vehicle is likely to fail. Predictive maintenance allows for remote diagnosis of potential problems associated with vehicles before they give rise to major breakdowns.

• The emergence of digital twins is transforming the automotive predictive maintenance market growth. Digital twins offer a real-time view of the performance and health of specific components in the vehicle. Through analysing data obtained from sensors integrated into vehicles, manufacturers can predict potential issues and take proactive measures to minimise downtime, thereby avoiding costly repairs.

• The rising need for safer and more efficient transportation, in addition to advancements in technology, is catering to the demand for autonomous vehicles. The surge in the demand for autonomous vehicles is also anticipated to support the growth of the automotive predictive maintenance market demand in the coming years.

• The incorporation of predictive maintenance technology in automobiles enables constant monitoring for abnormal vibrations, temperature variations, and fluid leaks, further ensuring that potential issues compromising vehicle safety and security are detected on time. Thus, predictive maintenance ensures the security of both the vehicle and its occupants.

Automotive Predictive Maintenance Market Analysis

By component, the market bifurcation includes solution and services. Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. On the basis of application, the market can be segregated into engine performance, exhaust system, transmission function, and structural stability.

On the basis of end use, the market is segmented into personal use and commercial use. The major regional markets for automotive predictive maintenance are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global automotive predictive maintenance market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Siemens Aktiengesellschaft

• IBM Corporation

• Continental AG

• ZF Friedrichshafen AG

• Robert Bosch GmbH

• Hitachi, Ltd.

• Samsung Electronics Co. Ltd. (Harman International)

• SAP SE

• Aptiv PLC

• Garrett Motion Inc.

• Others

Market Share by Application

As per the automotive predictive maintenance market analysis, the data sciences used in the technology act as essential tools for failure prediction to identify potential errors, prevent failures from occurring, and lower maintenance costs of engines.

The proactive approach of predictive maintenance results in cost savings, as it identifies and corrects potential engine issues before they lead to downtime and significant financial losses for vehicle owners, fleet operators, and manufacturers.

Proactive alerts and early warnings increase the lifespan of the vehicles. Manufacturers benefit as it enables proactive communication with automobile owners, reducing breakdowns and thereby improving customer satisfaction.

Market Share by Region

Europe holds a significant portion of the global automotive predictive maintenance market share. The market is driven by the dynamic automotive sector in Europe. Technological advancements in the automotive sector, along with favourable government initiatives promoting the safety of vehicles and emission reduction, are contributing to the growth of the market in the region.

Competitive Landscape

Siemens Aktiengesellschaft, founded in 1847, is a technology company focused on sectors like infrastructure, transport, and healthcare. The company combines industrial artificial intelligence and connectivity with expert services for predictive services for drive systems.

Continental AG is a German multinational automotive parts manufacturing company.  The company provides its products and solutions to sectors such as passenger cars, trucks and buses, two-wheelers, agriculture, construction and mining, continental automotive, material handling, and railway.

ZF Friedrichshafen AG, based in Germany, is a global technology company engaged in providing mobility systems for passenger cars, commercial vehicles, and industrial technology. The company provides fleet management solutions for maximising vehicle safety.

Other players operating in the global automotive predictive maintenance market include IBM Corporation, Robert Bosch GmbH, Hitachi, Ltd., Samsung Electronics Co. Ltd. (Harman International), SAP SE, Aptiv PLC, and Garrett Motion Inc., among others.

Key Highlights of the Report