Automotive Condition Monitoring System Market Report

Market Highlights

The 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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What is automotive condition monitoring system?

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.

Key Players

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

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

Market Dynamics

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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.

Segment Analysis

Vehicle Trends

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 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 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 Trends

In terms of regions, 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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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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Research Methodology

• This report offers high-quality insights and is the outcome of 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 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the 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. The following are the key features of the report:

• Overview, industry life cycle & supply chain analysis.
• Environment analysis: Growth drivers and constraints, Porter’s five forces & SWOT analysis.
• Trend and forecast analysis.
• Segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

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

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com