Vehicle Health Monitoring Market 2021-2027: Top Vendors Analysis, Growth Drivers and Geographical Analysis
The global vehicle health monitoring market from the software segment will exhibit a steady growth rate in the foreseeable future., This is attributable to the escalating need for ADAS systems and other robust software solutions to aid the deployment of the vehicle health monitoring solutions.
Using vehicle health monitoring systems, users can obtain both historic and real-time data that can significant help reduce the chances of on-road break-down by earlier diagnostics as well as help deliver warnings/alerts of possible failures. Monitoring of vehicle parameters can also increase operational hours and lower maintenance costs.
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The industry has been observing strong demand for electric vehicles worldwide. Rising number of OEMs, along with the shifting preferences of automobile manufacturers to new technologies, will assert positive affluence in the market expansion over the coming years.
Burgeoning demand for automotive aftermarket diagnostics tools is expected to support vehicle health monitoring industry expansion in the years to come. Consumers are steadily gravitating towards high-end luxury vehicles. They are taking preventive measure to avoid unexpected vehicle breakdowns by undertaking regular vehicle maintenance. As today’s vehicle comprise of a complex hardware and software components, their maintenance could be quiet challenging.
The COVID-19 pandemic has severely impacted the vehicle health monitoring market in the first and second quarter of 2020. Lockdowns and restrictions imposed by governments on domestic and international trade have affected the sales of automotive products heavily. However, the market is projected to grow slowly in the year 2021 and will showcase growth as things are getting back to normal.
The Europe vehicle health monitoring market may display high growth in the next six years. The growth in the regional market will be attributed to rising demand for commercial vehicles in the region. As per International Organization of Motor Vehicle Manufacturers, Germany recorded a rapid increase in the sales of commercial vehicles from 386.2 million units in 2018 to 409.8 million units in 2019. Vehicle diagnostics for commercial vehicles helps in reducing the maintenance cost and downtime of the vehicle. It also helps in improving the efficiency and reliability of various vehicle components, thereby contributing to escalating market growth.
The key players operating in the market such as iotaSmart Labs, Delphi Technologies, OnStar, Luxoft, Continental, Robert Bosch, KPIT, Harman International, Garrett Advancing Motion, Zubie, Octo Group S.p.A., Visteon Corporation, Vector Informatik, and Intangles Lab Private Limited. Businesses are focusing on expanding their service offerings to aftermarket service providers and OEMs. For instance, in June 2020, first predictive maintenance software was delivered by Garrett to its various commercial vehicle fleet executives. The company has developed EWS (Garrett Early Warning System) software with prominence on the integration of AI in this aftermarket tool.
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Some Point from Table of Contents:
Chapter 6 Vehicle Health Monitoring Market, By Health Management
6.1 Key trends, by health management
6.2 Prognostics
6.2.1 Market estimates and forecast, 2018 – 2027
6.3 Diagnostics
6.3.1 Market estimates and forecast, 2018 – 2027
Chapter 7 Vehicle Health Monitoring Market, By Vehicle Type
7.1 Key trends, by vehicle type
7.2 Passenger
7.2.1 Market estimates and forecast, 2018 – 2027
7.3 Commercial
7.3.1 Market estimates and forecast, 2018 – 2027
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