According to a new report published by UnivDatos Markets Insights, the Vehicle Health Tracking and Monitoring Market is expected to grow at a CAGR of around 9% from 2022-2028. The analysis has been segmented into Component (infotainment systems and sensors); Health Management (diagnostics and prognostics) Vehicle Type (passenger cars and commercial vehicles); Sales Channel (original equipment manufacturer (OEM) and aftermarket); and Region/Country.
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The vehicle health tracking and monitoring market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Vehicle health tracking and monitoring market. The vehicle health tracking and monitoring market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the vehicle health tracking and monitoring market at the global and regional levels.
Market Overview
Vehicle health tracking and monitoring can be defined as observation of critical driving symptoms or behaviors like sleepiness, distraction, and weariness. Automotive active health monitoring incorporates medical technology that enhances safety within the car. This type of technology inside a car could alter safety and health and wellbeing parameters by monitoring vital signs of the driver. In poor psychological state, injuries are often caused by fatigue, irritability, or other medical issues. Controlling, documenting, and monitoring the driver's most vital parameters are necessary for managing human factors.
The demand for vehicle health tracking and monitoring has risen dramatically due to the growing emphasis on the need for integrated active health monitoring vehicles is boosting the size of the market. The extensive use of smart devices for connectivity and internet is driving the demand for vehicle health tracking and monitoring market. In addition, rising acceptance of electric vehicles across the globe will propel the positive growth for the market. Growing presence of several original equipment manufacturers (OEMs) in the vehicle health monitoring market along with the shifting focus of automobile manufacturers toward modern technologies will propel the market share. Similarly, ever increasing awareness amongst consumers due to its preventive and tracking benefits also contributes towards driving the growth of the global vehicle health tracking and monitoring market. Furthermore, increasing adoption of GPS systems in passenger cars and commercial vehicles is augmenting the vehicle health monitoring market. Rising disposable income of consumers is also driving the market growth. Likewise, the major technological innovations and strategies adopted by key players for new product launches will enhance the market share during the forecast period.
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Some of the major players operating in the market include Tata Elxsi, Acellent Technologies, Inc., Qualcomm Technologies, Inc., Parker Hannifin Corp, AUDI AG., Questex., Mercedes-Benz Group AG., BMW AG, Faurecia, and Plessey.
COVID-19 Impact
The vehicle health tracking and monitoring market was impacted adversely owing to the rise of COVID-19 outbreak. Restrictions were imposed by several governments on trade which ultimately led to great decline in the sales of the vehicles. Factors such as disruption in supply chain and shortage of labor resulted in various problems in the design and production of new vehicles. During Covid-19, the demand for automotive active health monitoring systems is remained flat. As the restrictions were revoked, there will be a slow resuming of operations. The safety and security measures need to be improved after the lockdown, which may benefit the vehicle health monitoring market due to the prevalence of virus. The most immediate and visible effect of COVID-19 in the automotive sector is the standstill of production by various original equipment manufacturer (OEM) which has affected the market. With the continuation of supply chain the manufacturers will gradually increase volumes.
The Global Vehicle Health Tracking and Monitoring Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on vehicle type, the market is classified into passenger cars and commercial vehicles. Among these, the passenger car category is projected to dominate the global vehicle health tracking and monitoring market during the forecast period due to rising emphasis of automotive manufacturer on passenger cars especially among urban population across the world. Consumers are also more inclined towards these vehicles to cater to their safety and health concerns by using monitoring features. The market of passenger car is also developing due to surge in electric vehicles adoption.
- Based on sales channel, the market is divided into original equipment manufacturer (OEM) and aftermarket. Among them, the original equipment accounted for largest market share owing to the technological innovation in the product offerings and increased production and sales of automobiles. Furthermore, increase in demand for hybrid and luxury cars in developing economies is also anticipated to boost the market growth. Similarly, there is a surge in innovation and research in this category which ultimately lead to better and advance product introduction in the market. Rising consumer concern regarding safety coupled with increased disposable income are the key factors which is propelling growth of the market.
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Vehicle health tracking and monitoring Market Geographical Segmentation Includes:
- North America (United States, Canada, Mexico and Rest of North America)
- Europe (Germany, United Kingdom, Spain, Italy, Russia, France, and the Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia and the Rest of Asia-Pacific)
- Rest of the World
The global vehicle health tracking and monitoring market in Europe account for the significant share and is anticipated to maintain its position over the forecast period. Owing to the increased focus of automotive players on driver assisted safety systems linked with consumer inclination towards health and road safety. The market growth in this region is driven by extensive RD activities to ensure safety of the vehicle user is to act as a major reason for the development of this region. Besides this, government norms for in-vehicle safety systems is also one of the growth factor. In addition, with presence of great competition among market players, which ultimately results in better vehicle health tracking and monitoring offerings and helps in attaining maximum customer base through services is the reason for market growth in this region. Consumers’ willingness to invest in active health monitoring vehicles especially luxury or high-end cars is creating rewarding opportunities for the market in the region.
The major players targeting the market include
- Tata Elxsi
- Acellent Technologies, Inc.
- Qualcomm Technologies, Inc.
- Parker Hannifin Corp
- AUDI AG.
- Questex.
- Mercedes-Benz Group AG.
- BMW AG
- Faurecia
- Plessey
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the vehicle health tracking and monitoring market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the vehicle health tracking and monitoring market?
- Which factors are influencing the vehicle health tracking and monitoring market over the forecast period?
- What are the global challenges, threats, and risks in the vehicle health tracking and monitoring market?
- Which factors are propelling and restraining the vehicle health tracking and monitoring market?
- What are the demanding global regions of the vehicle health tracking and monitoring market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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