On-Board Diagnostics Aftermarket to Hit $4 Bn by 2026; Global Market Insights,
SELBYVILLE, Del., Jan. 12, 2021 /PRNewswire/ —
Some of the major OBD aftermarket industry participants are Autel Intelligent Technology Corp, Automatic Labs, AVL Ditest, Azuga, Bosch Diagnostics, CalAmp, Continental AG, Danlaw, Inc., ERM Electronic Systems LTD, Geotab, Innova, Intel Corporation, Magneti Marelli, Metromile, Mojio, TomTom International, Vector Informatik, Verizon Communications and Xirgo Technologies.
Global Market Insights, Inc. has recently added a new report on the OBD aftermarket which estimates the industry valuation will cross US$ 4 billion by 2026. The need for OEM to remotely monitor vehicle efficiency and performance is expected to contribute significantly to market growth.
The growing demand to monitor the performance of the major engine components and reports the real-time status of the vehicle from vehicle owners is expected to support the market growth. OBD system comprises various sensors that collect data from the physical environment. It enables automotive technicians to map and monitor the operational performance of engine components enabling emission controls. The significant demand from automotive enterprises for OBD hardware devices is anticipated to contribute to the market growth.
Request for a sample of this research report at https://www.gminsights.com/request-sample/detail/2839
The OBD scanner segment is witnessing a steady growth in the on-board diagnostics market from 2020 to 2026. The automotive OEMs and technicians use OBD scanners to gain access to the vehicle-related data to identify any malfunction in its engine or sub-components. OBD scanners provide access to information about manufacturer specific codes and customizable access to recorded data and offer advanced troubleshooting information.
The heavy commercial vehicle segment in the on-board diagnostics market is expected to grow significantly over the forecast period. The heavy vehicle owners are required to ensure emission compliance. OBD systems help vehicle operators to ensure proper operation of the emission control equipment to ensure that vehicles meet specified emission limits. In addition, transport regulatory authorities across geographies are mandating the use of OBD systems for maintenance and inspection purposes.
The use of OBD systems for fleet management applications is projected to increase substantially from 2020 to 2026. The factors including operational efficiencies, growing environmental concerns, and decreasing hardware and connectivity costs of the vehicles are supporting the technology adoption. The advanced capabilities including real-time vehicle usage information, mileage, and remote diagnostics capabilities are driving fleet operators to adopt advanced OBD systems for their fleet operations.
North America is expected to hold above 45% share of the on-board diagnostics market by 2026. The widespread presence of enterprises such as Geotab Inc., Intel Corporation and Verizon Communications Inc. is supporting the market growth in the market. Additionally, the companies operating in the region are developing advanced solutions for fleet vehicles. For instance, in August 2020, Teletrac Navman launched an AI-powered telematics platform that leverages cloud ecosystem. The newly launched TN360 combines data collected from multiple portable devices and provides a predictive analysis over a centralized window. These launches are expected to fuel the demand for on-board diagnostics devices.