Integrated Vehicle Health Management Market To Be Driven By Increasing Consumer Awareness And Requirement Of Safe Vehicles In The Forecast Period Of 2021-2026
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026):
Historical Market Size (2020): USD 12 Billion
Forecast CAGR (2021-2026): 13%
Forecast Market Size (2026): USD 25 Billion
Consumer demand for safer and smarter vehicles is expected to drive growth in the integrated vehicle health management market over the forecast period. Integrated automotive health management systems are being driven forward by technical advances in vehicle communication and diagnostic systems.
Furthermore, the growing demand for connected and IoT-enabled vehicles for greater consumer convenience is another key factor that is expected to drive substantial growth in the global integrated vehicle health management market in the coming years.
Industry Definition and Major Segments
Integrated system health management (ISHM) or Integrated vehicle health management (IVHM) is the ability of systems to determine the current or potential state of component framework health and participate in the picture of framework health within a system with realistic assets and operational demand. In terms of empowering processes, IVHM implementations have used both model-based and information-driven thinking.
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The market is divided based on health management into:
Based on type, the market is divided into:
The market is segmented based on vehicle type into:
Light Duty Vehicle
Heavy Duty Vehicle
The market is categorised based on channels into:
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
In the coming years, the integrated automotive health management market is expected to be fueled by a growing number of coupled vehicles and the raising of concerns regarding vehicle safety and health.
While entirely decided by end-users, IVHM aids in improving the affordability of provision and maintenance activities; IVHM is increasingly becoming a strategic opportunity for aftercare specialist organisations. An IVHM architecture would use a synergistic combination of reasoning strategies and sensor technology to provide constructive decision-making capability.
However, the demand for integrated vehicle health management will be constrained by that costs and unpredictability in crude content. The government has reduced demand for existing innovation and invested in trending innovation in order to increase market share in the coming years. During the forecast period, the European market is expected to expand at the fastest CAGR.
Consumer demand for advanced technology within vehicles has risen in Europe, which is home to technologically advanced countries such as Germany, the United Kingdom, and France. OEMs in the area are promoting and providing integrated vehicle health management systems as an optional feature in small and mid-sized vehicles. Eastern European countries, as members of the European Union, are catching up to technologically advanced countries like Germany and the United Kingdom.
Key Market Players
The major players in the market are Onstar, Vector Informatik, Delphi Technologies, Garrett Advancing Motion, Harman International, Visteon Corporation [NASDAQ: VC], Kpit Technologies, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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