WASHINGTON, Jan. 13, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Integrated Vehicle Health Management Market finds that increasing consumer demand for vehicle safety is expediting market growth. Primarily driven by growth in vehicle sales, the total Global Integrated Vehicle Health Management Market is estimated to reach USD 30.84 Billion by 2028, up from USD 12.83 Billion in 2021, at a compound annual growth rate (CAGR) of 11.8%.
Furthermore, the increasing technological advancements is also anticipated to augment the growth of the Global Integrated Vehicle Health Management Market, states Vantage Market Research, in a report, titled: “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)”.
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Growth in Vehicle Sales to Fuel Global Integrated Vehicle Health Management Market
The increasing vehicle sales and production is anticipated to augment the growth of the Integrated Vehicle Health Management Market during the forecast period. This is attributable to the rising disposable income of the consumers, rapid urbanization, regulations associated to environment and fuel efficiency, and improvement in dynamics. Furthermore, increase in global sales of automobiles has also caused a major inclination towards the adoption of personal vehicles which is in turn expected to support the growth of the Integrated Vehicle Health Management Market in the forecast period. Additionally, the rising sale of electric vehicles is also anticipated to augment the Global Integrated Vehicle Health Management Market in the years to come. This is attributable to the government subsidies and purchase shares on non-electric vehicles in enormous cities. The presence of major companies in electric vehicle industry, such as Nissan, Tesla, Chevrolet and Toyota, among others mainly in the United States, Germany, United Kingdom, and China is further anticipated to support the growth of the market over the forecast period.
Increasing Demand for Vehicle Safety to Stimulate the Market Growth
The increasing demand for safer automotive systems by consumers along with government initiatives is anticipated to augment the growth of the Integrated Vehicle Health Management Market during the forecast period. This is owing to the increasing rate of the road accidents taking place across the world. As stated by World Health Organization (WHO), about 1.3 million people die in road traffic crashes each year on an average across the world, between 20 and 50 million more people suffer non-fatal injuries, with many suffering a disability due to their injury. Furthermore, 80% of cars sold in the world are not compliant with the main safety standards. Only 40 countries have adopted the full set of the seven most important regulations for car safety. The significant increase in the number of accidents has encouraged consumers to adopt for better safety systems in their vehicles. Several automobile manufacturers are incorporating new technologies like deployment of ADAS systems, which involves constant monitoring of various vehicle statistics and help in providing better safety.
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- On basis of health management type segment, the market is bifurcated into the diagnostics, and prognostics. The prognostics projected to grow at a significant CAGR in 2021. This is attributable to the development of vehicle health management from traditional to diagnostics and prognostics systems.
- On the basis of component segment, the market is bifurcated into software, and hardware. The software segment is anticipated to grow at substantial CAGR during the forecast period. This is owing to the expansion of ECU’s and integration of other systems in the vehicles.
- On the basis of sales channel, the market is bifurcated into OEM, and personal care. The OEM segment of integrated vehicle health management market is projected to dominate the global market owing to the pre-installation of vehicle health monitoring systems in the automobiles.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the automotive industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Integrated Vehicle Health Management Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Integrated Vehicle Health Management Market?
- How will the Integrated Vehicle Health Management Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Integrated Vehicle Health Management Market?
- What are the Integrated Vehicle Health Management market drivers and restrictions?
- What will be the CAGR and size of the Integrated Vehicle Health Management Market throughout the forecast period?
North America Dominates the Global Integrated Vehicle Health Management Market
North America has dominated the Global Integrated Vehicle Health Management market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increasing automotive sales across the region. Furthermore, growing urbanization and rising disposable income of consumers is also expected to support the regional growth of the market.
Europe is likely to witness substantial growth in the Integrated Vehicle Health Management Market during the forecast period. This is attributable to the high demand from economies like the Germany, UK and France in the region. Additionally, the increasing advanced technology and awareness among consumers about the vehicle safety are also expected to support the growth of the Integrated Vehicle Health Management Market in near future.
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List of Prominent Players in the Integrated Vehicle Health Management Market:
- Robert Bosch (Germany)
- Continental (Germany)
- Garrett Motion (Switzerland)
- Delphi Technologies (UK)
- KPIT (India)
- OnStar (US)
This market titled “Integrated Vehicle Health Management Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size in 2021||USD 12.83 Billion|
|Projected Market Size in 2028||USD 30.84 Billion|
|CAGR Growth Rate||CAGR of 11.8% from 2021–2028|
|Historic Years||2016 – 2020|
|Forecast Years||2022 – 2028|
|Segments Covered||Health Management Type: – Diagnostics, Prognostics
Component: – Software, Hardware
Channel: – OEM, Service Centre
|Quantitative Data – Units||Revenue in USD Million/Billion and CAGR from 2022 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
Browse market data Tables and Figures spread through Pages and in-depth TOC on “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)”. View detailed Table of Content here – https://www.vantagemarketresearch.com/press-release/integrated-vehicle-health-management-market-040503
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