Vehicle Health Tracking and Monitoring Market : Current Analysis and Forecast (2022-2028)
Emphasis on 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
Global vehicle health tracking and monitoring market is expected to grow at a significant rate of around 9% during the forecast period. Vehicle health tracking and monitoring can be defined as observation of critical driving symptoms 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.
Tata Elxsi, Acellent Technologies, Inc., Qualcomm Technologies, Inc., Parker Hannifin Corp, AUDI AG., Questex., Mercedes-Benz Group AG., BMW AG, Faurecia, and Plessey are some of the key players in the market. Several M&A’s along with product launches have been undertaken by these players to facilitate customers with innovative products.
Insights Presented in the Report
“Amongst component, infotainment systems category to witness higher CAGR during the forecast period”
Based on component, the market is segmented into infotainment systems and sensors. Among these, the infotainment systems segment is anticipated to witness higher growth during the forecast period owing to the rise in demand for technology enabled passenger cars and commercial vehicles coupled with smart devices connectivity to capture real-time data of drivers health. For instance, the digital health monitoring applications, keeps track of the stress, fatigue and sleep levels of the driver which ultimately leads to prevention of accidents.
“Amongst health management, diagnostics segment to witness higher CAGR during the forecast period”
Based on health management, the market is categorized into diagnostics and prognostics. Among these, the diagnostics segment is expected to hold a significant share during forecast period. Owing to the presence of advance and improved tracking system installed in the vehicles that helps identify the possible problems in the functionality. To prevent life-threating situation, the integration of automotive active health monitoring systems in vehicles is essential which can monitor the performance of the passenger cars and commercial vehicles.
“Amongst vehicle type, passenger cars category to witness higher CAGR during the forecast period”
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.
“Amongst sales channel, original equipment manufacturer (OEM) category to witness higher CAGR during the forecast period”
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.
“Europe to hold a significant share in the market”
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 R&D 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.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
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Table of Contents
Research Methodology for the Vehicle Health Tracking and Monitoring Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global vehicle health tracking and monitoring market were the three major steps undertaken to create and analyze the adoption of vehicle health tracking and monitoring in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global vehicle health tracking and monitoring market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the vehicle health tracking and monitoring market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the vehicle health tracking and monitoring market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, health management, vehicle type and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the vehicle health tracking and monitoring market. Further, we conducted factor analysis using dependent and independent variables such as various component, health management, vehicle type and sales channel of vehicle health tracking and monitoring. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the vehicle health tracking and monitoring market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global vehicle health tracking and monitoring market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the vehicle health tracking and monitoring market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global vehicle health tracking and monitoring market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global vehicle health tracking and monitoring. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of mixer type, application, and end-users in the global vehicle health tracking and monitoring market.
The main objective of the global vehicle health tracking and monitoring market Study
The current & future market trends of the global vehicle health tracking and monitoring market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the vehicle health tracking and monitoring market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of component, health management, vehicle type and sales channel.
- Define and analysis of the regulatory framework for the vehicle health tracking and monitoring industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the vehicle health tracking and monitoring market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the vehicle health tracking and monitoring market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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