Artificial Intelligence
Automotive Condition Monitoring System Market is Projected to Reach US$ 310 Million in 2027
Raipur, Nov. 18, 2022 (GLOBE NEWSWIRE) — Stratview Research, a leading market research firm has launched a report on the Automotive Condition Monitoring System Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the Automotive Condition Monitoring System Market is driven by a host of factors, some of which are noted below:
- The shortage of semiconductors dented its recovery trajectory to an extent.
- Such impacts also affected the demand for condition monitoring systems in the year 2021.
- The long-term market outlook still seems propitious with ample growth opportunities across regions.
- Shift from gasoline to electric vehicles will create new revenue pockets for the market stakeholders
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Automotive Condition Monitoring System Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfil the market data needs of multiple stakeholders across the industry value chain.
- By Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium & Heavy-Duty Commercial Vehicle),
- By Monitoring Technique Type (Vibration, Thermography, Oil Analysis, and Others),
- By Product Type (Router-based System, Portable System, and Sensor-based System),
- By Deployment Type (Cloud and On-premises),
- By Region (North America, Europe, Asia-Pacific, and Rest of the World)
Automotive Condition Monitoring System Market Insights
Market Trends by Vehicle Type
The market is bifurcated into passenger cars, light commercial vehicles, and medium- & heavy-duty commercial vehicles. Seemingly correct, passenger cars remain the biggest demand generator for condition monitoring systems in the foreseen future. The key factors driving the passenger cars’ segment dominance are the largest vehicle production category paired with increased acceptance of electronic products. Furthermore, a paradigm shift from gasoline to electric vehicles assures a gargantuan demand for condition-monitoring systems in the years to come.
Market Trends by Monitoring Technique Type
The market is segmented into vibration, thermography, oil analysis, and others. Vibration analysis remains at the nucleus for all the leading market stakeholders serving the automotive industry. An automobile consists of several parts whose health needs to be regularly monitored. This system is mostly used in this industry to analyze the vibration of rotating parts.
Market Trends by Product Type
The market is segmented as a router-based system, portable system, and sensor-based system. Among these product types, the sensor-based system dominates the market. Sensors are used to provide continuous status monitoring by collecting data through machine learning or artificial intelligence (AI), which are increasingly preferred in the automotive industry.
Which region offers the best opportunity and growth?
Asia-Pacific is expected to remain the largest market over the forecast period. In addition to that, the region is likely to witness healthy market growth in the coming years. China, Japan, India, South Korea, and Thailand are the preferred manufacturing destinations of automobiles in Asia. Increasing disposable income paired with the increasing motorization rate of the key developing Asian economies assures a high production of automobiles in the region, which, in turn, is likely to generate substantial demand for the systems in the region.
COVID-19 Impact on the Automotive Condition Monitoring System Market
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
To know more about the covid-19 impact, get a free sample report, here:
Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed company profiles of the below-given players –
- SKF
- Siemens
- Baker Hughes Company
- Emerson Electric Co.
- PARKER HANNIFIN CORP
What deliverables will you get in this report?
- In-depth analysis of the automotive condition monitoring system market
- Detailed market segmentation.
- Competitive-landscape analysis.
- Historical, present, and future market size analysis.
- Industry trends, technologies, and advancements.
- Growth and operation strategies adopted by key players.
- Potential segments/regions offering promising growth.
- Geographical presence of the key players.
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