Integrated Vehicle Health Management Market: By Health Management, Component, Channel, Electric Vehicle Health Management, and Region
Global Integrated Vehicle Health Management market is valued at USD 12.83 Billion in 2021 and is expected to reach USD 30.84 billion by 2028 at CAGR of 11.8% during the forecast period, 2021–2028. Integrated Vehicle Health Management (IVHM) is a concept that can be defined as an integrated set of capabilities for monitoring, understanding, predicting and analyzing health events on transport systems. The IVHM approach allows stakeholders – which include passengers, operators, regulators or manufacturers – to monitor the operational state of the vehicle along with factors affecting it. This information can be used by stakeholders throughout the life cycle of a vehicle in order to enable preventive maintenance measures and enhance operational safety. At present there exists no single standardized approach in the domain of IVHM, but various initiatives have been taken at European level in order to address this challenge.
Integrated Vehicle Health Management Market is segmented on the basis of, health management, component, channel, electric vehicle health management, and region. On the basis of health management, market is split into, diagnostics, and prognostics. On the basis of component, market is split into, software, and hardware. On the basis of channel, market is split into, OEM, service center. On the basis of electric vehicle health management, market is split into, diagnostics, and prognostics.
Growth of IVHM Solutions Will be Driven by Government Regulations, Safety Concerns, Pressure on Fuel Costs, Advances in Technology, and Optimal Maintenance Practices
The demand for improved vehicle health management solutions will arise mostly due to the pressure exerted by government regulations in order to improve safety measures in transportation systems. Improved efficiency in healthcare practices will also lead to increased demand for IVHM technologies. Another factor that may boost the growth of IVHM technologies is their ability to help optimize preventive maintenance practices so as to maximize uptime and reduce operation costs.
The major factors that are expected to inhibit the growth of the IVHM solution space include law enforcement concerns regarding use of EDRs and privacy issues, as well as a lack of standardization in the industry.
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Demand for Integrated Vehicle Health Management to Remain High in Light Duty Vehicle
Light duty vehicles across the globe are subject to strict regulation controlling fuel consumption and CO2 emissions in order to reduce greenhouse gas (GHG) emissions. This regulation is focused mainly on reducing tailpipe emissions by making vehicle manufacturers implement technologies able to clean exhaust gases after combustion within an engine. However, since 1990s there has been increasing concern due to so-called “off-cycle” emissions of hydrocarbons (HC), carbon monoxide (CO), nitrogen oxide (NOx) and particulate matter (PM). Off cycle emissions are all emissions of toxic compounds during engine operation that occur outside of the traditional engine cylinder and spark event.
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Some of the key players in the global Integrated Vehicle Health Management market are Robert Bosch (Germany), Continental (Germany), Garrett Motion (Switzerland), Delphi Technologies (UK), KPIT (India), and OnStar (US).
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