Vehicle Health Monitoring Market Report 2022| Regional Analysis & Growth Forecast to 2027

Vehicle Health Monitoring Market Report 2022| Regional Analysis & Growth Forecast to 2027

The Vehicle Health Monitoring Market is set to observe growth rate of over 9% till 2027. 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.

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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.

Burgeoning demand for automotive aftermarket diagnostics tools is expected to support vehicle health monitoring market 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.

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. 

The COVID-19 pandemic has severely impacted the vehicle health monitoring industry 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.

Rising penetration of high-speed internet across countries like India, Italy and the UAE may accelerate the adoption of vehicle health monitoring systems. The surging adoption of GPS systems in North America and Asia Pacific is also likely to support product traction.

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.

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Some Point from Table of Contents:

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

Chapter 8   Vehicle Health Monitoring Market, By Sales Channel

8.1    Key trends, by sales channel

8.2    OEM

8.2.1    Market estimates and forecast, 2018 – 2027

8.3    Aftermarket

8.3.1    Market estimates and forecast, 2018 – 2027

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