Automotive Condition Monitoring System Market report by Stratview Research, provides market segmentation in the most-detailed pattern. A high-level market analysis of major segments has been performed in the report and opportunities are identified. This report focuses on the market dynamics, current and emerging trends, competitive landscape, and regional analysis of the market. The study also includes an elaborated detail on the industry forecast and potential of this market.
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Covid Impact on the market
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 by 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 up to an extent. Such impacts also affected the demand for condition monitoring systems in the year 2021.
Research suggests that a shift from gasoline to electric vehicles will create new revenue pockets for the market stakeholders. According to Stratview Research, 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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Stratview Research has segmented the Automotive Condition Monitoring System Market by the following types –
Based on the vehicle type, 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 including condition monitoring systems.
Based on the monitoring technique type, 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.
Based on the product type, 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 is expected to remain the largest market?
Asia-Pacific is expected to remain the largest market for automotive condition monitoring systems 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 for automobiles in Asia.
Who are the major key players in the market?
Automotive remains one of the key industries that all the key condition monitoring system suppliers are targeting today. The following are some of the key players in the automotive condition monitoring system market:
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