The integrated vehicle health management market is projected to grow at a CAGR of 12.0% during the forecast period. It is estimated to be USD 11.3 billion in 2019 and is projected to reach USD 28.0 billion by 2027. Factors such as the increasing number of connected vehicles, growing on-road transportation, and the emergence of regional companies offering vehicle health solutions are driving the integrated vehicle health management market.
With the innovation and development of diagnostics and prognostics features, vehicles generate a huge amount of vehicle health data in real time. This data is used to create different combinations of cases with the help of data analytics. According to industry experts, data is the new money in the automotive industry. Many startups have entered the market with modern data analysis capabilities. The eco-system created around integrated vehicle health management has enabled the emergence of new business models. For instance, several emerging companies in developing and developed countries provide predictive maintenance and fleet management services for passenger vehicles and commercial vehicles. Moreover, the expanding eco-system has made it easy for non-automotive players to enter the automotive industry. These players have strategically collaborated with established players to grab new revenue opportunities.
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Modern vehicles are considered a computer on wheels. They generate a huge volume of data every minute. However, there are different opinions on the ownership of vehicle data in the automotive industry. The European Association of Automobile Manufacturers claims that the ownership of vehicle data should remain with OEMs. Many OEMs have made an effort to take ownership of vehicle data and launched their own data management and analytics services. General Motors’ OnStar, Audi Connect, Hyundai Blue Link, Mercedes Benz Mbrace are some examples of services offered by OEMs to customers on a subscription basis. Data generated from these services is stored and analyzed in the OEM back-end data centers. The data is then transferred to OEM service centers or service center of the vehicle owner’s choice. In the near future, OEMs can generate new revenue from evolving services and business models in emerging countries.
Leading automobile manufacturers have announced plans to launch autonomous vehicles. For instance, General Motors plans to commercialize its autonomous vehicles in metro cities in 2019, whereas the tentative year for Ford is 2021. Although several developments have been made, integrated vehicle health management has certain limitations in the autonomous space. Autonomous vehicles are equipped with advanced technologies such as self-steering powered by steer-by-wire technology and a fully digital cockpit. These technologies help enhance user experience. Moreover, autonomous vehicles use a higher rate of real-time vehicle health data. Companies investing in machine learning will now emerge as leaders. Therefore, integrated vehicle health management can create revenue generation opportunities in semi-autonomous and autonomous car technologies.
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
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