Vehicle Health Monitoring Market 2022 By Top Trends & Growth Forecast To 2027

The vehicle health monitoring market is expected to witness strong growth due to increasing internet penetration, consolidating presence of various manufactures across the globe, rising adoption of GBD systems in commercial and passenger cars, and increasing adoption of electric vehicles across the globe.
Vehicle health monitoring uses the sensor data on the vehicle, mine the data as well as predicts the health of the car. It further provides an idea as to when the vehicle would need maintenance. The model could also warn about when driver dozes off or in the event of drunken driving. Overall, it enables predictive maintenance, reveals opportunities for design improvement, and decreases downtime. Data collection and remote sensing saves in time, labor as well as enhances safety.
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The vehicle health monitoring market is bifurcated into several segments in terms of component, health management, vehicle type, sales channel, and regional landscape.
In terms of component, the overall market for vehicle health monitoring is categorized services, software and hardware. The hardware segment is further classified into OBD port, GPS systems, and sensors. Among these, the GBD systems is expected to witness around 7.5% CAGR through the analysis time period. The anticipated growth is majorly ascribed to its adoption in the passenger and commercial vehicles.
With respect to health management, the vehicle health monitoring market is divided into prognostics and diagnostics. Among these, the diagnostics segment held a market share of more than 78% in 2020 and is expected to exhibit a promising growth rate over the study time period. The fault-finding abilities to reduce vehicle downtime will accelerate the growth of this segment.
Diagnostic car tests could easily reveal issues in a car's engine, brakes, exhaust system, transmission, as well as other major components, along with identifying problems related to performance with the fuel injector, throttle, ignition coils, and air flow & coolant.
Based on vehicle type, the market is classified into commercial and passenger. The passenger segment is slated to grow at a CAGR of more than 8% over the projected time period. The growth is ascribed to the increasing adoption of electric vehicles across the globe.
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With respect to sales channel, the market is classified into OEM and aftermarket. Among these, in 2020, the OEM segment held the maximum market share and is expected to register similar growth patterns in the times to come. The segmental growth is attributed to the presence of various manufactures across the globe.
From a regional frame of reference, increase in internet penetration in Latin America region will augment the demand for vehicle health monitoring systems.
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Vehicle Health Monitoring Market to hit $55 Bn by 2027; Global Market Insights Inc.