According to the research report titled ‘Vehicle Health Monitoring Market Size By Component (Hardware [Sensors, GPS Systems, OBD Ports], Software, Services), By Health Management (Diagnostics, Prognostics), By Vehicle Type(Passenger, Commercial), By Sales Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027‘, available with Market Study Report, global vehicle health monitoring market is slated to record significant growth over 2021-2027.
 

Rising adoption of electric vehicles, increasing internet penetration, along with consolidating presence of numerous manufactures all over the world are catalyzing the global vehicle health monitoring market growth.
 

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For the unversed, vehicle health monitoring enables predictive maintenance, unveils opportunities for design improvement, and lower downtime. This helps in saving time and labor, and enhances vehicle safety as well.
 

Elaborating on the market restraints, dearth of connected infrastructure and increasing cyber security threats are likely to hamper the growth of the businesses over the projected timeframe.
 

Speaking of component, the industry sphere is bifurcated into services, software and hardware (including OBD port, GPS systems, and sensors). The GPS segment is slated to grow with a CAGR of 7.5% through 2027, creditable to its widespread adoption in commercial and passenger vehicles.
 

In terms of health management, the worldwide vehicle health monitoring market is classified into prognostics and diagnostics. The diagnostics segment accounted for 78% industry share in 2020 and is anticipated to grow momentously through 2027, ascribed to its fault-finding abilities to lower vehicle downtime.
 

With respect to vehicle type, the market scenario is split into commercial and passenger, among which, the latter segment is slated to grow at over 8% CAGR through 2027.
 

Based on sales channel, the industry vertical is divided into OEM and aftermarket, of which, the former dominated the market in 2020 and is anticipated to follow the same trend in the ensuing years.
 

From a regional frame of reference, Latin America industry is expected to flourish over the analysis timeframe owing to proliferating demand for passenger cars.
 

Parallelly, rising demand of commercial vehicles in Europe and North America, surging adoption of connected cars in Middle East & Africa, and increasing smart phone connectivity in Asia Pacific are anticipated propel the market growth in the respective regions.
 

Leading companies in global vehicle health monitoring market sphere are Delphi Technologies, Harman International Industries Inc., Intellicar Telematics, Robert Bosch GmbH, OnStar Corporation, KPIT Technologies Ltd., Vector Informatik, Continental AG, Octo Group S.p.A, Garrett Motion Inc., No NDA Inc., Luxoft, and Intangles Lab Pvt. Ltd. among others.