Europe vehicle health monitoring market is slated to witness a major upsurge, as a result of high consumers’ preference for commercial vehicles in the region. As per the International Organization of Motor Vehicle Manufacturers, Germany witnessed a rapid surge in commercial vehicle sales from 386.2 million units to 409.8 million units, in 2018 and 2019 respectively. Other advantages of vehicle diagnostics for these commercial vehicles include the reduction of maintenance costs and downtime as well as the improvement of efficiency and reliability of the components.On the other hand, the Asia Pacific and North America vehicle health monitoring industry will also emerge as key revenue pockets due to the accelerating demand for GPS systems.
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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 market is anticipated to regain traction by 2021, owing to the economic revival and virus containment.
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.
For example, an on-board diagnostic system can monitor and report the vehicle status as well as provide access to various parameters such as vehicle speed, engine data, and emission data to help solve issues. This system has been designed to curb emission levels by monitoring the performance of the engine components.
Global manufacturers are placing high emphasis on the delivery of high-end luxury vehicles, thereby leading to a considerable increase in the adoption of vehicle health monitoring devices. Furthermore, preventive maintenance of vehicles against potential major auto repairs, alongside the growing penetration of the internet in countries like Italy, India, and the UAE, will boost market expansion in years to come. The global vehicle health monitoring market size is projected to surpass $55 billion by 2027.
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 6 Vehicle Health Monitoring Market, By Health Management
6.1 Key trends, by health management
6.2.1 Market estimates and forecast, 2018 – 2027
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
7.2.1 Market estimates and forecast, 2018 – 2027
7.3.1 Market estimates and forecast, 2018 – 2027
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