Integrated Vehicle Health Management Market Outlook
According to a new report by Expert Market Research titled, “Integrated Vehicle Health Management Market Size, Share, Analysis, Report and Forecast 2024-2032″, the global integrated vehicle health management market reached a value of USD 15.32 billion in 2023. Aided by the advancements in vehicle technology, increasing focus on preventive vehicle maintenance, and growing adoption of connected cars, the market is projected to further grow at a CAGR of 13% between 2024 and 2032 to reach a value of USD 31.92 billion by 2032.
Integrated Vehicle Health Management (IVHM) is a comprehensive solution that combines diagnostics, prognostics, and advanced maintenance strategies to monitor and analyse the health and condition of a vehicle. It is aimed at identifying potential problems before they become severe, thus enhancing vehicle reliability, safety, and reducing overall maintenance costs.
The rise of connected and smart vehicles, which are capable of self-diagnosis and communicating data to the owner or service centre, is a significant contributor to the integrated vehicle health management market growth. These vehicles require advanced systems for continuous health checks, wherein IVHM plays a critical role. Preventive vehicle maintenance has been gaining attention as a means to avoid costly repairs and vehicle downtime. IVHM systems enable real-time monitoring of vehicle components, thereby enabling timely maintenance and reducing unexpected repair costs.
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In aviation and defence sectors, vehicle health management is of paramount importance. IVHM systems in these sectors are sophisticated and capable of predicting component life and system failures, which is vital for mission success and personnel safety.
Meanwhile, for fleet operators, vehicle downtime translates to lost revenues. IVHM systems in commercial vehicles allow for real-time health monitoring, ensuring that fleet operators can perform timely maintenance, thereby reducing unscheduled downtime and operational costs.
Artificial Intelligence (AI) and Machine Learning (ML) are set to play a pivotal role in increasing the integrated vehicle health management market demand. These technologies can significantly enhance the predictive accuracy of IVHM systems. Additionally, as the Internet of Things (IoT) continues to gain traction in the automotive sector, vehicles will increasingly become part of a connected ecosystem, offering significant opportunities for the expansion of IVHM.
The North American region accounts for a significant portion of the integrated vehicle health management market share, attributed to early adoption of advanced vehicle technologies and stringent vehicle safety regulations. Europe and the Asia Pacific regions are also significant players, with increasing adoption of connected vehicles and growing emphasis on preventive maintenance.
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Integrated Vehicle Health Management Market Segmentation
The market can be divided based on health management, type, vehicle type, channel, and region.
Market Breakup by Health Management
- Diagnostics
- Prognostics
Market Breakup by Type
- Software
- Hardware
Market Breakup by Vehicle Type
- Light Duty Vehicle
- Heavy Duty Vehicle
Market Breakup by Channel
- OEM
- Service Centre
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global integrated vehicle health management market. Some of the major players explored in the report by Expert Market Research are as follows:
- Visteon Corporation
- KPIT Technologies Limited
- Harman International Industries
- Garrett Motion Inc.
- OnStar Corporation
- Vector Informatik
- Delphi Technologies
- Others
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