Automotive Condition Monitoring System Market Analysis (2022-2027)

Market Highlights

"The global automotive condition monitoring system market is estimated to grow at a decent CAGR of 5.1% during the forecast period to reach a value of US$ 310 Million in 2027."

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An automotive condition monitoring system is an onboard defect detection system, which is built into vehicles and detects defective vehicle conditions, and notifies the driver of potentially dangerous situations. It keeps track and reports on engine diagnostics, vehicle mechanical issues, water level, and fuel status, among other important data.

Market Dynamics

Market Drivers

The automotive industry had been under immense pressure in the wake of weak economic growth, the US-China war, and matured local demand. The outbreak of the pandemic shook the industry to the core. As a result, the industry recorded a massive decline in the production of vehicles across regions. The impact of this has been recorded across its supply chain including the demand for condition monitoring systems, which plummeted over 15% in the year 2020.

• The year 2021 was hoped to be a glorious year with some recovery, generated from the decline in the past couple of years, is anticipated to be filled.
• However, 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.
• However, the long-term market outlook still seems propitious with ample growth opportunities across regions.
• Also, a shift from gasoline to electric vehicles will create new revenue pockets for the market stakeholders.

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Segment Analysis

Vehicle Trends

"The passenger cars segment accounted for the largest market share."

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.

Monitoring Technique Trends

"The vibration segment accounted for the largest market share."

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. It is also anticipated that the vibration segment will remain the most preferred technique type in the market in the foreseeable future.  

Product Trends

"The sensor-based system segment accounted for the largest market share."

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.

Regional Analysis

"Asia-Pacific accounted for the largest market share."

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. 

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Key Players

The following are some of the key players in the market:

• SKF
• Siemens
• Baker Hughes Company
• Emerson Electric Co.
• PARKER HANNIFIN CORP

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s automotive condition monitoring system market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way & the structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

The market is segmented into the following categories:

By Vehicle Type

• Passenger Cars
• Light Commercial Vehicle (LCV)
• Medium & Heavy Commercial Vehicle (MHCV)

By Monitoring Technique Type

• Vibration
• Thermography
• Oil Analysis
• Others

By Product Type

• Router-based System
• Portable System
• Sensor-based System

By Deployment Type

• Cloud
• On-Premises

By Region

• North America (Country: The USA, Canada, and Mexico)
• Europe (Country: Germany, France, The UK, Russia, Italy, and the Rest of Europe)
• Asia-Pacific (Country: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country: Brazil, Argentina, and Others)

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Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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