In terms of revenue, the Global Integrated Vehicle Health Management Market is expected to reach USD 30.84 billion by 2028, growing at a CAGR of 11.50% from 2022 to 2028. Integrated Vehicle Health Management (IVHM) is currently an essential module adapted by automotive manufacturers for better service, quality, and reliability towards customers. Along with timely management, automotive companies are able to track and detect problems with less time and cost. These are some of the factors that are driving the Integrated Vehicle Health Management Market.
- Under the product type segment, the diagnostic sub-segment is anticipated to dominate the segment for Integrated Vehicle Health Management Market and grow at a significant CAGR. This is attributed due to the high demand in the diagnostic sector of data analytics.
- Software sub-segment held a substantial market share in 2021. This is the fastest segment growing in IVHM as it is necessary for analyzing data and the performance of vehicles. Most companies use software for monitoring the health of vehicles.
- Asia Pacific is the fastest regional segment. This is owing to the increase in demand for passenger cars in the region.
Some of the key players in the Integrated Vehicle Health Management Market include, Robert Bosch (Germany), Continental (Germany), Garrett Motion (Switzerland), Delphi Technologies (UK), KPIT (India), and OnStar (US)..
The most crucial advantage of Integrated Vehicle Health Management is it can be used to check the overall performance, data, functioning of vehicles. These systems are interconnected with internal as well as external data of the vehicles and monitor the vehicle's performance and help customers generate accurate data. There are various different modules in Integrated Vehicle Health Management software and hardware some of them are engine data, diagnostic code, and battery status, and car performance data. Integrated vehicle health management (IVHM) practices for commercial and military aircraft, and for unmanned systems, in general, must rely, at least, on accurate and robust detection of incipient faults and failures occurring in critical components or sub-systems of the overall system and on accurate estimation of the Remaining Useful Life (RUL) of such failing components or sub-systems
The Asia Pacific is expected to emerge as a potential market for Integrated Vehicle Health Management Market. As changing demographics in highly populous countries such as China and India, data analytics for vehicles is of crucial importance and the use of IVHM helps analyzing the data and performance of automotive and aircraft. Europe and North America have already achieved high R&D in this field hence in coming years will show slower development.