The global commercial vehicle prognostic systems market is expected to grow at a CAGR of 30.15% during the period 2017-2021.
The report, Global Commercial Vehicle Prognostic Systems Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
The latest trend gaining momentum in the market is the growing usage of advanced analytics on telematics data to reduce risk severity. Advanced analytics are increasingly being used in telematics data and this is leading to personalized solutions for customers. This solution has enabled restricting data breach and risk severity. Telematics enables control and understanding of recall issues, which potentially cost billions of dollars to the OEMs. OEMs are partnering with telecom service providers to increase profits.
According to the report, one of the major drivers for this market is the rising cost pressure on fleet operators pushing 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. 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. The remote diagnostics service can also help in monitoring the driver's driving style, and hence data associated with this can help in training the drivers better.