Technavio analysts forecast the global commercial vehicle prognostic systems marketto grow at a CAGR of more than 30% during the forecast period, according to their latest report.
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Technavio has published a new report on the global commercial vehicle prognostic systems market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global commercial vehicle prognostic systemsmarketfor 2017-2021. The market is segmented based onservice providers (aftermarket and OEMs) and geography (the North America, Europe, and RoW).
The global commercial vehicle prognostic system market is concentrated with top firms accounting for the maximum portion, particularly focused on the aftermarket. Additionally, the prognostic system market is at a nascent stage. However, growing demand for the prognostic system owing to its benefit of higher reliability and cost saving in developed regions like North America and Europe is allowing software and data analytics companies to enter the market. In 2016, prominent tire manufacturer, Goodyear, entered into commercial vehicle telematics system that has a prognostic system as an offering.
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Technavio automotive research analysts highlight the following three factors that are contributing to the growth of the global commercial vehicle prognostic systems market:
- Rising cost pressure on fleet operators pushing adoption of cost optimization strategies
- Vehicle prognostics can predict and inform future component deviation
- Growing electronic application in commercial vehicles
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Rising cost pressure on fleet operators and adoption of cost optimization strategies
Fleet operators are faced with continuous cost pressure from the operation owing to price fluctuation of fuels and inefficiency of fleet operation. To efficiently manage cost, fleet operators are adopting cost optimization strategies that allow them to reduce cost. For instance, as the focus of fleet managers is on optimizing fuel consumption and enhancing fleet management efficiency, the fleet managers often cite that innovations and improvements in the vehicle engine can keep a good check on the vehicle's fuel consumption.
Siddharth Jaiswal, a lead automotive electronics research analyst at Technavio, says, "Innovations can also be in the areas of reducing cylinder numbers and using turbochargers. The use of improved transmission design and technology adds to the ways of achieving better mileage and fuel efficiency. As remote diagnostics helps in remote monitoring of vehicle components, the data generated by each of the components will be a valuable source of information to improve the components design parameters."
Vehicle prognostics can predict and inform future component deviation
Traditional telematics applications have been used to track the vehicle by using GPS, but advancements in cloud technology and data analytics have enabled tracking of every component of the vehicle, which includes fuel saving, fleet management, monitoring driving behavior, and prognostics.
"Prognostic is the latest development in the commercial vehicles, which is giving fleet operators the advantage of avoiding unexpected breakdown of their fleets, which helps them in improving their profit margins. Additionally, the availability of in-built sensors for many components due to electrification and adoption of active safety systems has removed the hurdle in designing and implementing the prognostic system in wider segments of commercial vehicle," adds Siddharth.
Growing electronic application in commercial vehicles
In the past decade, the passenger car segment witnessed high adoption of electronics solutions owing to electrification of mechanical components, and a similar trend is being witnessed in commercial vehicles. This electrification paved the way for adoption of advanced assistance system in the global commercial vehicles prognostic systems market.
Demand for navigation, safety, comfort, and content is pushing adoption of electrical distribution systems in commercial vehicles. Hence, electronic manufacturers have seen a boost in demand for high-speed wiring, connectors, and other electronic technologies to enable telematics and infotainment system in commercial vehicles.
Top vendors:
- Open Text
- National Instruments
- OnStar
- Pivotal Software
- Hortonworks
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