Vehicle Health Monitoring Market 2021, Growth, Trends, COVID-19 Analysis and Forecast By 2027

Vehicle health monitoring market- Rapid rise in aftermarket automotive diagnostics tools demand is likely to create a significant impact on the global 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.
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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.
As per Global Market Insights, Inc. estimates, the global vehicle health monitoring market size is projected to surpass $55 billion by 2027.
The industry has been observing strong demand for electric vehicles worldwide. Rising number of OEMs, along with the shifting preferences of automobile manufacturers to new technologies, will assert positive affluence in the market expansion over the coming years.
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 industry is anticipated to regain traction by 2021, owing to the economic revival and virus containment.
On the regional front, the 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 markets will also emerge as key revenue pockets due to the accelerating demand for GPS systems.
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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.
To illustrate, in June 2020, Ford Commercial Solutions launched a web-based software platform, Ford Telematics™, designed to help commercial vehicle customers obtain live vehicle health alerts to limit downtime, monitor their fleets with geofencing and GPS tracking, analyze drivers’ behavior, set reminders for the vehicle service, and manage fuel usage to lower costs.
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