1. A method comprising following steps executed by a computer processor: assigning a failure class label to each data point, from a set of multiple data points derived from measurements associated with a vehicular component across a fleet of multiple vehicles, that (a) is associated with (i) a scheduled vehicular component replacement or (ii) a failure-caused vehicular component replacement, and (b) is within a pre-specified number of runtime hours of (i) the scheduled vehicular component replacement or (ii) the failure-caused vehicular component replacement; assigning a non-failure class label to each data point, from the set of the multiple data points, that (a) is associated with (i) a scheduled vehicular component replacement or (ii) a failure-caused vehicular component replacement, and (b) is not within the pre-specified number of runtime hours of (i) the scheduled vehicular component replacement or (ii) the failure-caused vehicular component replacement; assigning a non-failure class label to each data point, from the set of the multiple data points, that is associated with an actively running instance of the vehicular component as yet to be replaced; estimating a failure probability for the vehicular component at each of the multiple data points over a pre-specified future runtime of the vehicular component based on the class label assigned to each of the multiple data points; determining a cumulative hazard function for the vehicular component based on the failure probability, wherein said cumulative hazard function assesses the amount of accumulated risk that the vehicular component faced from a given start time until the present time; and generating a cumulative wear-based indicator for the vehicular component by executing a regression function at a given time based on (i) the cumulative hazard function, (ii) one or more selected parameters, and (iii) a determination as to whether the vehicular component (a) was previously replaced due to a failure, (b) was previously replaced due to a non-failure scheduled replacement, or (c) is actively running as yet to be replaced; wherein at least one of the steps is carried out by a computing device.