An increasing number of connected vehicles and growing awareness about vehicle health and safety are expected to drive this market.
Northbrook, IL -- (SBWIRE) -- 06/13/2019 -- According to the new market research "Integrated Vehicle Health Management Market by Type, Health Management Type, Channel, Vehicle Type (LDV & HDV), Repair Solution, Electric Vehicle Health Management Type, and Region (Asia Pacific, Europe, North America, & RoW) - Global Forecast to 2027", published by MarketsandMarkets™, The Integrated Vehicle Health Management Market is projected to grow at a CAGR of 12.0% during the forecast period, to reach USD 28.0 billion by 2027 from an estimated USD 11.3 billion in 2019.
The Integrated Vehicle Health Management Market is dominated by globally established players such as Continental (Germany), Robert Bosch (Germany), Garrett Motion (Switzerland), Delphi Technologies (UK), and KPIT (India).
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Diagnostics segment, by health management type, is estimated to hold the largest market share during the forecast period.
The diagnostics segment of the Integrated Vehicle Health Management Market is estimated to be the largest market during the forecast period. Automotive diagnostics is used in most of the light duty vehicles in developed and developing countries. In the past few years, the use of diagnostics solution has increased in C, D, and E vehicle segments. These diagnostics solutions are fitted by OEMs in their vehicles.
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Light duty vehicle segment of the Integrated Vehicle Health Management Market is estimated to be the fastest growing segment, by vehicle type, from 2019 to 2027
The light duty vehicle is estimated to be the fastest growing segment of the Integrated Vehicle Health Management Market. The adoption of diagnostics and prognostics solutions has increased, especially in luxury and mid-sized vehicles, in North America and Europe. Increasing passenger car production in developing countries is expected to contribute to the growth of the Integrated Vehicle Health Management Market in this vehicle segment.
The Asia Pacific to be the largest market for integrated vehicle health management in 2027
The Asia Pacific is projected to be the largest market for integrated vehicle health management in 2027. Increasing sales of mid-size and luxury vehicles and a favorable environment for emerging companies have led to the dominance of the Asia Pacific region in the global market. In addition, the boom in on-road supply chain and logistics sector has also contributed to the growth of the Asia Pacific market.
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