New York, July 08, 2021 (GLOBE NEWSWIRE) — Automotive Active Health Monitoring System Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Active Health Monitoring System Market Research Report, Component, Application, Vehicle Type, sales channel and Region – Forecast till 2027” the market is projected to be worth USD 12.1 Billion by 2027, registering a CAGR of 33.04% during the forecast period (2021 – 2027), The market was valued at USD 2.51 billion in 2020.
COVID-19 Analysis on the Automotive Active Health Monitoring System Market
The COVID-19 crisis has majorly impacted the production of automobiles worldwide. With the production of automobiles projected to decline in the next few months, the demand for automotive active health monitoring systems is predicted to stay sluggish too. Besides, the assembly lines in various fast-moving production industries including the automotive sector are being affected while the companies operating in the market is expected to target those which have incorporated agile manufacturing processes and supply chains for mitigating losses. As the supply chain ramps up, the OEM will gradually increase volumes. The shutdown of the OEM assembly plants has had a pronounced ripple effect on the rest of the industry with several sub-suppliers and suppliers being directly impacted. All these are likely to affect the market growth.
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Key Players
Eminent players profiled in the global automotive active health monitoring system industry report include-
- TATA Elxsi (India)
- Acellent Technologies (U.S.)
- Qualcomm Technologies Inc (U.S.)
- Questex LLC (U.S.)
- Hoana Medical (U.S.)
- Kritikal Solutions Pvt. Ltd (India)
- LORD MicroStrain Sensing Systems (U.S.)
- Faurecia (France) and Plessey Semiconductors (UK)
Key players have incorporated several strategies to stay at the forefront such as mergers and acquisitions, partnerships, new product launches, and others.
Browse In-depth Market Research Report (125 pages) on Automotive Active Health Monitoring System Market
https://www.marketresearchfuture.com/reports/automotive-active-health-monitoring-system-market-7258
Enhancing Features that Boost Market Growth
As per the latest MRFR report, numerous factors are propelling the global automotive active health monitoring system market value.
Drivers
Increasing Integration of Advanced Technologies to Boost Market Growth
The automotive sector has been upended due to increasing integration of advanced technologies like internet of things (IoT), vehicle automation, and artificial intelligence (AI). An array of institutions which comprise public agencies and universities and key players are working in tandem for exploring potential benefits of these technologies in the automobile industry.
Opportunities
Rise in Chronic Illness to Offer Robust Opportunities
The rise in chronic illness is likely to offer robust opportunities for the market in the forecast period. The need for automotive active health monitoring systems is undergoing a powerful expansion owing to the population of diabetes and obese patients. This monitoring system has an integrated biometric feedback sensor with electrodes placed adjacent the driver’s seat, or steering wheel for the health assessment. Besides, chronic disease is a common variable in road deaths with several drivers getting diagnosed with renal diseases, cardiac, and diabetes resulting in road accidents due to confusion and exhaustion.
Restraints
Lack of Infrastructure to act as Market Restraint
The lack of infrastructure for supporting these systems in upcoming regions like Latin America and Asia Pacific may impact the automotive active health monitoring system market share over the forecast period.
Challenges
Lack of Awareness to act as a Market Challenge
The lack of awareness coupled with the rising cost of vehicles especially in price-sensitive countries like India may impact the market growth. Besides, the lack of infrastructural facilities and data protection and privacy concerns may also impact market growth.
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Market Segmentation
- By Component
By component, the global automotive active health monitoring system market is segmented into infotainment system and sensors.
- By Application
By application, the pulse rate segment will lead the market over the forecast period. Increase in pulse of the driver may cause accidents. It can be avoided through the integration of the automotive active health monitoring system that monitors the heart rate of a driver and can right away raise an alarm when the pulse of the driver goes haywire. This in turn will add to the growth of the market.
- By Vehicle Type
By vehicle type, the passenger vehicle segment will dominate the market over the forecast period at a high CAGR. The demand for an automotive active health monitoring system for commercial vehicles is low over passenger vehicles. Besides, the majority of leading automotive manufacturers are incorporating them which are generally manufacturers of only passenger cars.
- By Sales Channel
By sales channel, the aftermarket segment will spearhead the market over the forecast period for increasing awareness of this technology and increasing health issues among individuals.
Regional Analysis
Europe to Spearhead Automotive Active Health Monitoring System Market
Europe will spearhead the market in the forecast period. Increased awareness regarding road safety, infrastructure availability of such systems, developed economies, high spending power of consumers that allows them to invest in feature-rich vehicles especially luxury cars, well developed and technologically advanced infrastructure, extensive R&D activities, increased awareness about road safety, growing government norms for in-vehicle safety equipment in Italy, France, and the UK, rapid development of advanced technologies, availability of infrastructural facilities, demand for premium cars, and the presence of several automotive giants that are extensively focusing on R&D to improve the in-vehicle health monitoring system are adding to the global automotive active health monitoring system market growth in the region.
Segmentation of Market covered in the research:
Information by Component (Sensors, Infotainment Systems), Application (Pulse Rate, Blood Sugar Level, Blood Pressure, Others), Vehicle Type (Passenger Vehicle, Commercial Vehicle), sales channel (OEM, After-Market). And Region (North America, Europe, Asia-Pacific, and Rest of the World)
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