Automotive Active Health Monitoring System Market Size Worth US$ 7 Bn by 2026
LOS ANGELES, Dec. 3, 2019 /PRNewswire/ -- The global automotive active health monitoring system market is expected to reach the market value of around US$ 7 billion by 2026 and is anticipated to grow at a CAGR of around 26% in terms of revenue during the forecast period 2019 to 2026. Automotive active health monitoring system is categorized as security-related, opt-in technologies that improve driving experience. The primary objective is to ensure the safety of the driver and fellow passengers, it is important that the built-in security is a decision based on many considerations based on derivative technology consciousness.
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Drivers and Restraints
Due to improved roads, factors such as rising number of accidents, road rage and high vehicle speeds are creates a demand for effective vehicle health monitoring consequently increase the market growth. Government incentives to improve vehicle safety features also played a key role in enhancing active automotive health monitoring system global market. Nonetheless, lack of awareness and increasing costs for vehicles curbs the market growth mainly in the price sensitive country like India.
Europe held principle market share in 2018 whereas North America grabs the second largest share
Europe governs the global market for AAHM system in 2018. The region is projected to remain a major market for AAHM system due to the presence of several key players from the region, concentrating more on driver-assisted safety systems. In addition, high consumer spending power allows them to spend on feature-rich vehicles, particularly luxury cars, which is a major driving force. Improving R&D to ensure the safety of the vehicle user is a key reason for introducing health monitoring systems such as the AAHM system. Germany is a leading market in the automotive industry for effective health monitoring systems.
Due to the increasing inclusion of the AAHM system in vehicles by major American manufacturers such as GM & Ford, North America is projected to be a major market for automotive active health monitoring systems through the projected time frame.
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Asia Pacific demand for AAHM systems is likely to fluctuate at a slower growth rate over the forecast period due to the high system costs, rendering them affordable in most Asia Pacific economies where small, bare-bones cars are still the norm.
The lack of infrastructure in potential regions such as Latin America to sustain such systems poses a challenge to the sector. However, growing investments in emerging economies like Brazil, Argentina, and the MEA region, which are under the Rest of the World, provide the market with an attractive opportunity to grow.
Automotive active health monitoring refers to monitor vital driver signs including fatigue, drowsiness, and distraction. Automotive active health monitoring involves health technology that, inside a vehicle, leads to safety improvements. Through tracking vital signs, medical technology inside a vehicle may lead to changes in safety as well as health and wellness aspects. In poor state of mind, injuries are often caused by exhaustion, irritation, or other medical conditions. Managing human factors requires controlling, recording and monitoring the driver's most critical vital parameters.
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Key Players & Strategies
Major players include in the global automotive active health monitoring system market are Kritikal Solutions Pvt. Ltd., Qualcomm Technologies Inc., Plessey Semiconductors, Faurecia, LORD MicroStrain Sensing Systems, Hoana Medical, Questex LLC, Acellent Technologies, and Others.
The global market for automotive active health monitoring system is highly fragmented, with major players using various strategies such as new product releases, extensions, alliances, joint ventures, collaborations, acquisitions, and others to expand their footprints in this market.
There are numerous prominent manufacturers of automobiles who have already started their market research and development. Manufacturers of cars like Mercedes-Benz and Ford Motor Company have already worked with the system and are now integrating it with the vehicles. Faurecia, is yet another company that has developed smart vehicle seats that collect driver biological and behavioral data. Other promising players who are actively developing opportunities are Volkswagen AG and Bayerische Motoren Werke AG in AAHM system in Automobile.
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