|Prognostics and Its Implication in NA and EU Commercial Vehicle Telematics, Forecast to 2025|
|The Total Prognostics Market in NA and EU Put Together is Expected to Experience a Compound Annual Growth Rate (CAGR) of 130.5% from 2018 to 2025|
The Internet of Things (IoT) and Industry 4.0 are mega-trends that are rapidly changing the global trucking industry, with North America and Europe being at the helm of it. From curtailing road safety issues to improving diagnostics capabilities of fleets, these trends are making trucking a more effective business. By applying diagnostic and prognostic techniques to vehicle data, companies can reveal how vehicles and their systems are currently performing (diagnostics) and how they will perform in the future – will they be able to produce when they need to be (prognostics). Prognostics and Health Management/Monitoring (PHM) are methods to assess the health condition and reliability of systems for the purpose of maximising operational reliability and safety. In the commercial vehicle segment, PHM systems are useful for predictive maintenance, product improvement, warranty claim optimization, Over-the-air (OTA) updates, dealer optimization and so on. The usage of PHM systems will have an impact on trucks OEMs, Tier-1 Suppliers and fleet operators in terms of reducing unnecessary expenses and improving efficiency.