Growing Demand for Predictive Maintenance Drives Adoption of Vehicle Health Monitoring Systems

Vehicle Health Monitoring System Market Size is expected to cross USD 13.22 Billion by 2030 at a CAGR of 26.29% during the forecast period 2022-2030

Vehicle Health Monitoring System is a novel system installed in certain variants of cars for monitoring the health of the drivers and its passengers. It uses the help of external devices for monitoring health metrics accurately and possesses the capability of calling healthcare authorities in case of an emergency. The global Vehicle Health Monitoring System market report by Market Research Future (MRFR) contains insights and latest trends on autonomous vehicles and latest in-built technologies for the period of 2022 to 2030 (forecast period). The COVID-19 pandemic and its effects on the industry are included in the report.

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Market Scope

The global automotive active health monitoring market size is expected to rise at a CAGR of 20% over the forecast period. Increasing demand for safety features in vehicles amid rising cases of accidents is the major driver of the market. This is facilitated by efforts by governments and automakers to include health monitoring in their systems. The Effective Automotive Health Monitoring Program is one such instance which prevents possible road deaths. Rise in chronic illnesses and instances of diabetes, obesity, and emphasis on public health by automotive manufacturers can drive the market demand in the coming years.

Increased sales of luxury vehicles in North America and Europe can bolster the demand for Vehicle Health Monitoring Systems. This is supported by investments in Brazil, Argentina, and the Middle East & Africa. Initiatives in driver health monitoring such as detection of inattentiveness and drowsiness can drive its sales and lead to its implementation in more car brands.

But lack of awareness and exorbitant costs of vehicles with safety features can limit the market growth.

Segmentation

On the basis of component, the market has been segmented into sensors and infotainment systems. On the basis of application, the market has been segmented into blood pressure, pulse rate, blood sugar level, others. On the basis of vehicle type, the market has been segmented into passenger vehicle and commercial vehicle. Passenger vehicles accounted for a high market share due to rate of adoption and focus on ride safety. On the basis of sales channel, the market has been segmented into OEM and after-market.

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Regional Analysis

Europe is estimated to hold the highest revenue market share throughout the forecast period owing to increased awareness regarding road safety, developed economies, and infrastructure availability for such systems. Moreover, high spending power of consumers enables them to invest in feature-rich vehicles, particularly luxury cars, which is a major driving factor in this region.

North America can capture a significant market share of the global Vehicle Health Monitoring System market due to consumers in the U.S. and Canada facing major health issues. The latent potential of connected and autonomous cars can lead to its implementation by various automakers. On the other hand, Asia Pacific can capture a large market share owing to abundance of economically available workforce and large consumer base for technologically advanced cars. China and Japan are the biggest contributors of the regional market.

Competitive Outlook