Selbyville, Delaware, March 30, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the vehicle health monitoring market which estimates the market valuation for vehicle health monitoring will cross US$ 55 billion by 2027. The market is anticipated to witness a high growth rate owing to the increasing demand for aftermarket automotive diagnostics tools. Diagnostics tools assist in identifying defects and performance of various components in the vehicles, contributing to the surging market demand.
The vehicle health monitoring industry faced various challenges owing to the rapid spread of COVID-19 pandemic worldwide during the first half of 2020. Restrictions imposed by various governments on international and domestic trade have led to a significant decline in the sales of vehicles. However, the market statistics are anticipated to witness slow growth by 2021 contingent on the economic revival and containment of virus.
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Vehicle health monitoring in Europe is likely to witness a high growth through 2027 driven by the increasing demand for commercial vehicles in the region. According the report published by International Organization of Motor Vehicle Manufacturers, Germany witnessed a rapid increase in the sales of commercial vehicles from 386.2 million units in 2018 to 409.8 million units in 2019. Vehicle diagnostics for commercial vehicles helps in reducing the downtime and maintenance cost of the vehicle. It also helps in improving the reliability and efficiency of various vehicle components, thereby contributing to the escalating market outlook.
Players active in the vehicle health monitoring market are Visteon Corporation, Zubie, Continental, Robert Bosch, KPIT, Delphi Technologies, iotaSmart Labs, Octo Group S.p.A., Luxoft, OnStar, Harman International, Vector Informatik, Garrett Advancing Motion, and Intangles Lab Private Limited.
These players are emphasizing on expanding their service offerings to OEMs and aftermarket service providers. For instance, in June 2020, Garrett delivered its first predictive maintenance software to various commercial vehicle fleet executives. The company has developed Garrett Early Warning System (EWS) software with an emphasis on the integration of Artificial Intelligence (AI) in this aftermarket tool.
Some major findings in the vehicle health monitoring market report include:
- Growing emphasis on the demand for high-end luxury vehicles is augmenting the market size for vehicle health monitoring systems. Preventive maintenance of vehicles to avoid unexpected breakdowns will support the market share.
- Increasing internet penetration in various countries including the UAE, India, and Italy will drive the demand for vehicle health monitoring systems.
- The software segment will witness a steady growth rate due to rapid increase in the adoption of ADAS systems. The demand for robust software solutions to facilitate the deployment of vehicle monitoring solutions will accelerate the demand.
- The increasing focus on the adoption of electric vehicles across the globe will generate a positive outlook for the industry.
- The growing presence of various OEMs in the vehicle health monitoring market coupled with the shifting focus of automobile manufacturers toward new technologies will propel the industry share.
- The increasing adoption of GPS systems is augmenting the vehicle health monitoring market share in North America and Asia Pacific.
- Key players operating in the automotive speaker market include Visteon Corporation, Zubie, Robert Bosch, KPIT, Continental, Delphi Technologies, and Octo Group S.p.A.
- Major strategies adopted by the market players include new product launches and strategic partnerships with other industry players to enhance their market share.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Vehicle health monitoring industry 360° synopsis, 2018 – 2027
2.1.1 Business trends
2.1.2 Component trends
2.1.3 Health management trends
2.1.4 Vehicle type trends
2.1.5 Sales channel trends
2.1.6 Regional trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on vehicle health monitoring industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.3 System integrators
3.3.4 End use landscape
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 MEA
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Shifting trends towards adoption of electric vehicles across the globe
3.6.1.2 Increase in the demand for commercial vehicles in North America and Europe
3.6.1.3 Growing internet penetration and smart phone connectivity in Asia Pacific
3.6.1.4 High demand for passenger cars in Latin America
3.6.1.5 Rising adoption of connected cars in MEA
3.6.2 Industry pitfalls & challenges
3.6.2.1 Cyber security threats related to vehicle health monitoring systems
3.6.2.2 Lack of connected infrastructure
3.7 Growth potential analysis
3.8 Porter's analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.