Vehicle Health Monitoring Market: Growth Drivers, Regional Trends and Forecasts to 2027
Global Vehicle Health Monitoring Market is anticipated to depict a CAGR of 9% through 2027, having recorded a valuation of USD 32 billion in 2020. By 2027, the market is expected to hit a remuneration of USD 55 billion.
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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Rapid rise in aftermarket automotive diagnostics tools demand is likely to create a significant impact on the global vehicle health monitoring industry trends over the estimated timeframe. These systems can identify defects and the performance of several vehicle components.
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.
In terms of segmentation by component, 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.
The industry, however, encountered huge challenges during the 1st half of 2020, due to the rapid spread of coronavirus across the globe. The imposition of strict restrictions on domestic as well as international trade by governments also has led to a considerable drop in vehicle sales. Despite these challenges, the vehicle health monitoring industry is anticipated to regain traction by 2021, owing to the economic revival and virus containment.
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 competitive landscape of the vehicle health monitoring market consists of companies such as Intangles Lab Private Limited, Garrett Advancing Motion, Vector Informatik, Harman International, OnStar, Luxoft, Octo Group S.p.A., iotaSmart Labs, Delphi Technologies, KPIT, Robert Bosch, Continental, Zubie, and Visteon Corporation, among others. These companies are focusing on new product launches, business expansions, and other strategies to increase their presence across the globe.
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Some Point from Table of Contents:
Chapter 5 Vehicle Health Monitoring Market, By Component
5.1 Key trends, by component
5.2 Hardware
5.2.1 Market estimates and forecast, 2018 – 2027
5.2.2 Sensors
5.2.2.1 Market estimates and forecast, 2018 – 2027
5.2.3 GPS systems
5.2.3.1 Market estimates and forecast, 2018 – 2027
5.2.4 OBD port
5.2.4.1 Market estimates and forecast, 2018 – 2027
5.3 Software
5.3.1 Market estimates and forecast, 2018 – 2027
5.4 Services
5.4.1 Market estimates and forecast, 2018 – 2027
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
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