Fort Collins, Colorado, May 08, 2024 (GLOBE NEWSWIRE) --
High demand for integrated vehicle health management has encouraged industry growth.
The demand for integrated vehicle health management (IVHM) solutions has soared due to the increasing complexity of vehicle systems and the necessity for proactive maintenance. IVHM systems facilitate real-time monitoring, analysis, and vehicle health reporting, enabling predictive maintenance to minimize downtime. A U.S. Department of Energy report states that predictive maintenance can slash maintenance costs by 25-30% and enhance equipment uptime by 10-20%. Furthermore, integrating IoT and AI technologies in IVHM systems has bolstered the precision and effectiveness of predictive maintenance, propelling the IVHM market's growth.
Safety and reliability concerns in the transportation sector have emerged as pivotal drivers for the integrated vehicle health management market. IVHM systems play a vital role in ensuring vehicle safety by continuously monitoring critical components and systems, detecting potential failures, and issuing timely alerts. The Federal Aviation Administration (FAA) has noted that implementing IVHM systems in aircraft can halve accidents stemming from mechanical failures. Moreover, stringent government regulations about vehicle safety and emissions have prompted manufacturers to invest in advanced IVHM solutions to ensure compliance and sustain a competitive advantage in the market.
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Segmentation Overview:
The integrated vehicle health management market has been segmented into type, component, vehicle type, channel, and region.
OEM is the leading channel
- Based on the market segmentation by channel, the OEM segment accounted for the largest market share in the integrated vehicle health management market in 2023. Original equipment manufacturers (OEMs) have been at the forefront of adopting IVHM solutions, seeking to differentiate their products and provide value-added services to their customers.
The diagnostics segment registered a massive growth in 2023.
- Based on the market segmentation by type, the diagnostics segment held the largest market share in the integrated vehicle health management market. Diagnostic systems are crucial in identifying and localizing faults in vehicle components and systems, enabling timely maintenance and repair.
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Integrated Vehicle Health Management Market Report Highlights:
- The integrated vehicle health management market growth is anticipated at a CAGR of 12.3% by 2032.
- The growing demand for predictive maintenance encourages industry developments in the long-term.
- The Asia-Pacific region will witness the fastest integrated vehicle health management market growth shortly.
- Some prominent players in the integrated vehicle health management market report include Visteon Corporation, Continental AG, Robert Bosch GmbH, Delphi Technologies, OnStar, Denso Corporation, Garrett Motion, ZF Friedrichshafen AG, Vector Informatik, HARMAN International, and KPIT Technologies.
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