Vehicle Health Tracking and Monitoring Current Analysis and Forecast (2022-2028)

Vehicle Health Tracking and Monitoring Current Analysis and Forecast (2022-2028)

Vehicle health monitoring refers to monitor crucial driver signs including fatigue, drowsiness, and distraction. Automotive active health monitoring includes health technology that, inside a vehicle, leads to safety improvements. Tracking vital signs of human body inside a vehicle may lead to changes in safety as well as health and wellness aspects. Most of the accidents and injuries are often caused by mental disturbance, exhaustion, irritation or other medical conditions. Constant monitoring help drivers to remain aware of their health conditions and prevent road accidents.

The vehicle health tracking and monitoring market is expected to grow at a steady rate of around 9% owing to the increased technological advancements and innovations and rising consumer concern for health measures and road safety are the key factors that drive the growth of the market. One of the major reason for expansion of this market is the increase in the population suffering from chronic illnesses such as obesity, diabetes, cardiac diseases, etc. Furthermore, growing internet penetration and smart phone connectivity coupled with shift in trend for electric vehicles, artificial intelligence(AI), connected and automated vehicles(CAV) also contributes towards the rise of the vehicle health tracking and monitoring market. The need for efficient real-time monitoring solutions for precise data collection of driver’s health has grown as a result of the automobile industry's tremendous expansion. Similarly, ever increasing number of passenger and commercial vehicles users across the globe also induce growth in the vehicle health tracking and monitoring market value. Major companies are making plans such as launch of new product offerings, mergers, and acquisitions to gain competitive edge in the vehicle health tracking and monitoring market and enhance their customer base. For instance, in 2019, Tata Motors collaborated with Tata Elxsi to adopt and adapt the TETHER Connected Vehicle Platform (CVP) towards a common standard technology stack to provide scalability, differentiated features, high performance and expandable to Industry 4.0 to transform their internal operations. Tata Motors implemented the TETHER CVP under the brands of Fleet Edge for CV, iRA for PV & Zconnect for EV, which offer features such as track and trace, geo-fencing and alerts, driver behavior monitoring, and fuel efficiency monitoring. Furthermore, they enable secure and selective access to the platform and relevant data with its wider partner ecosystem, including dealers, and suppliers, to enhance customer experience.

• Based on component, the market is segmented into infotainment systems and sensors. The infotainment systems category is expected to offer lucrative opportunities for the growth and expansion of vehicle health tracking and monitoring market during the forecast period owing to the surge in usage of digital health applications and monitoring systems in various types of passenger cars and commercial vehicles such as luxury cars, app-based rental vehicles, etc. The quick and accurate real-time data collection of vital health conditions with advanced mechanism installed to maintain road safety contributes towards the growth and adoption of infotainment systems in automobiles.
• Based on health management, the vehicle health tracking and monitoring market has been classified into diagnostics and prognostics category. Among them, the diagnostics segment holds the major share in market and is anticipated to grow further during the forecast period. Owing to the abilities of diagnostics systems to reduce the vehicle downtime will drive the growth of this segment. Furthermore, this type of systems could easily track and reveal the possible issues in a vehicle’s engine, transmission, brakes, as well as other crucial components related to performance of the car.
• Based on vehicle type, the market has been categorized into passenger cars and commercial vehicles. The passenger cars category is estimated to witness the highest CAGR during the forecast period owing to rising OEMs focus on passenger cars as compared to commercial vehicles. In addition, most of the prominent automotive manufacturers are incorporating active health monitoring systems that are usually makers of only passenger vehicles. All these factors lead to drive the growth of this segment.
• Based on sales channel, the market is segmented into original equipment manufacturer (OEM) and aftermarket. Among them, the original equipment manufacturer held the greatest share in the market due to increased technological advancement and consumer concern for health and safety. Furthermore, another reason for the growth of this segment is rising demand for passenger and commercial vehicles. The need for original equipment manufacturing parts has become important in passenger vehicles as there is an upsurge in usage of these vehicles globally. Similarly, the OEM components are less complex for replacement and generally has a better quality and durability than the components purchased in aftermarket.
• For a better understanding of the market adoption of the vehicle health tracking and monitoring Industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Mexico, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Russia, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific), Rest of World. Europe holds the major market share in vehicle health tracking and monitoring market and is anticipated to grow at a substantial CAGR during the forecast period owing to the rapid development of modern technologies and rising consumer awareness regarding road safety. In addition, the availability of infrastructural facilities required for functioning of this system also propels the growth of the market. Similarly, increased consumer spending on technology based premium cars coupled with greater R&D capacities by automobile manufacturers will boost the market growth. Moreover, the integration of automotive active health monitoring systems in vehicles is another reason for expansion of this market in this region. Asia-Pacific also displayed a steady growth in the market during the period of forecast.
• Some of the major players operating in the market include Tata Elxsi, Acellent Technologies, Inc., Qualcomm Technologies, Inc., Parker Hannifin Coro, AUDI AG., Questex., Mercedes-Benz Group AG., BMW AG, Faurecia, and Plessey.