Transparency Market Research
An automotive condition monitoring system (CMS) is an on-board defect detecting system incorporated in vehicles, which identifies faulty vehicle condition and instantly alerts the driver of critical circumstances. It monitors and provides information such as engine diagnostics, vehicle mechanical complication, water level, fuel status, and other major data. The automotive condition monitoring system consists of a control unit connected with sensors and a data acquiring module, which transmits data in the form of input to the control unit. The control unit projects the output information onto the display module. This, in turn, provides key information that is utilized by the vehicle’s driver to prevent accidents or severe damage. Most modern vehicles are incorporated with the automotive condition monitoring system owing to its benefit of providing safety assurance and vehicle diagnosis.
Increase in technological advancements in the field of active and passive safety system for vehicles is anticipated to be a key factor that is likely to drive the automotive condition monitoring system market during the forecast period. The automotive condition monitoring system offers a modern diagnostic approach for vehicle mechatronic systems, which ensure real-time vehicle safety from severe damages by alerting the driver of the vehicle situation. This is also anticipated to boost the automotive condition monitoring system market. The automotive condition monitoring system improves vehicle safety, security, reliability and flexibility with wire design. Considerable volume of information, which includes engine temperature, coolant level, fuel level, brake pressure, gearbox oil status, battery charge info, and direction indicators, is monitored and regulated by the automotive condition monitoring system. This is projected to propel the automotive condition monitoring system market during the forecast period. However, higher cost of the system coupled with a risk of sensor malfunction is estimated to hamper the automotive condition monitoring system market.
The global automotive condition monitoring system market can be segmented based on component, vehicle, sales channel, and region. Based on component, the automotive condition monitoring system market can be classified into control unit, sensors, display module, and others. The control unit segment accounts major share of the market. The control unit is responsible for the function and operation of the automotive condition monitoring system, as it receives input information and transmits it to the display module.
In terms of vehicle, the automotive condition monitoring system market can be segregated into passenger vehicles and commercial vehicles. The passenger vehicles segment dominated the market and is expected to maintain its dominance during the forecast period. Demand for advanced safety systems is rising due to reduction in vehicle damage and fatalities. Furthermore, it reduces vehicle breakdown and reduces vehicle maintenance cost. These benefits are a major factor driving the passenger vehicle segment and leading to its higher share of the market.
In terms of sales channel, the OEMs segment leads the automotive condition monitoring system market. This is due to the higher rate of adoption of the vehicle safety system in most modern cars, especially luxury and mid-segment cars. Rising concern about safety and security while driving is boosting the incorporation of automotive condition monitoring system in vehicles.
In terms of geography, the automotive condition monitoring system market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe held a prominent share of the global automotive condition monitoring system market. This is due to high rate of adoption of active safety systems and inclination toward ADAS in the region, especially in Germany, the U.K., France, Italy, Spain, and the Netherlands. Rapid technological progression, owing to increasing testing of modern advanced systems in the region, is also projected to propel the market owing to continuous upgrade in the system.
Prominent players operating in the global automotive condition monitoring system market include Continental AG, Robert Bosch GmbH, ZF Friedrichshafen AG, Denso Corporation, Magna International Inc., NXP Semiconductor, Delphi, and LORD.
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