Integrated Vehicle Health Management Market is Projected to Bloom Globally
The Worldwide Integrated Vehicle Health Management Market was valued at USD USD 12.83 Billion billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 11.8%% between 2022 and 2028. Integrated Vehicle Health Management Systems are used to monitor, identify, and analyze various vehicle systems to predict the conditions in order to avoid any sudden failures. It is the unified capability of systems to assess the current or future state of the member and integrate that picture of system health within a framework of available resources and operational demand.
The Integrated Vehicle Health Management Market is driven by the need for safe and smart cars, technological advances in-vehicle communication, and diagnostic programs. The growing need for IoT-enabled, connected vehicles to facilitate consumers is another important factor that is expected to further the growth of an Integrated Vehicle Health Management Market in the forecast period. In addition to half of the luxury cars, OEMs now offer integrated vehicle health management features and mid-range vehicles. Increased production of luxury and medium-sized vehicles is likely to encourage the integrated health management market of this vehicle segment. Vehicle diagnostics is used in many light vehicles in developed and developing countries.
Although the biggest obstacle to the growth of the Integrated Automotive Health Management Market is that according to World Bank figures, global GDP has fallen by about 3.5% in 2020. By the year 2021, economic activity in many countries has begun to improve and has partially adapted to the epidemic limits. The high costs associated with these types of programs add to the cost of automotive manufacturing and the total cost of the vehicle hindering the growth of the Integrated Vehicle Health Management Market.
The Global Integrated Vehicle Health Management Market is segmented based on the type into diagnostic and prognostic. This segment is dominated by prognostic type. While on the basis of components, the market is segmented as software and hardware. On the basis of channel, the market is divided into OEM and service centers. And on the basis of region, the market is segmented into North America, Asia Pacific, Europe, and the rest of the world. Many manufacturers of EV assets invest heavily in R&D to make HEVs cheaper. Opportunities for growth also exist in the developing parts of the world, namely regions such as the Asia Pacific where countries like Thailand, Malaysia, Indonesia, and India are struggling to achieve significant shortages in the near future. North America is growing to be the largest market for Integrated Vehicle Health Management. Increased sales of mid-range and luxury cars and the favorable environment for emerging companies have led to dominant the North America region in the global market. In addition, the growth of the on-road supply chain and logistics sector has also contributed to the growth of the Asia Pacific market. The European region is increasingly in need of real-time solutions that can monitor, detect, and analyze vehicle problems.
Some of the major players operating within the globally integrated vehicle health management market are - Robert Bosch (Germany), Continental (Germany), Garrett Motion (Switzerland), Delphi Technologies (UK), KPIT (India), and OnStar (US)..
Browse the full Report - Integrated Vehicle Health Management Market by Health Management Type (Diagnostics, Prognostics), by Component (Software, Hardware), by Channel (OEM, Service Center), by Regions (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)