NEW YORK, June 7, 2022 /PRNewswire/ -- The Automotive On-Board Diagnostics (OBD) Market size is expected to increase by USD 34.83 billion. The growth momentum of the market will accelerate at a CAGR of 18.77%.
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The adoption of UBI using OBD as a measurement parameter is driving the growth of the automotive on-board diagnostics (OBD) market. The automotive insurance industry is expected to grow with the rise in vehicle production globally. With the increase in complexity of vehicles, automotive insurance providers are exploring options to achieve accuracy in insurance claims.
UBI is popular in Europe and the US, and insurers are making profits from this concept. The integration of telematics, along with OBD, supports in procuring adequate information. This helps in obtaining accurate data based on the usage. This also helps insurers with market pricing and the users with saving their insurance premiums. These factors are expected to drive market growth.
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The increase in cost for integration of telematics will challenge the automotive on-board diagnostics (OBD) market during the forecast period. The growth of the global automotive OBD market can be largely attributed to the market dynamics of telematics applications and services. OBD services are a part of bundled offerings of connected car services.
The market for OBD centers on the low costs (incurred by the customer and OEMs per vehicle) because such applications use the same TCU and hardware components of other connected car offerings. Therefore, a subscription pricing strategy will play a crucial role in the expansion of OBD services. However, the reluctance of the customers to pay for such a service poses a significant challenge for the market growth. Such customer attitudes prevail in the mass market segment.
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By product, the market has been segmented into allied services and OBD ports. The allied services segment will have significant market share growth during the forecast period.
By geography, the market has been segmented into North America, Europe, APAC, South America, and MEA. North America will have the highest market share growth during the forecast period. The US is the key country for the automotive on-board diagnostics (OBD) market in North America. However, market growth in this region will be slower than the growth of the market in South America, MEA, and APAC.
The feature upgrades and newer business models aimed at developing additional revenue streams for the OEMs will drive the automotive on-board diagnostics (OBD) market growth in North America during the forecast period.
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Automotive On-board Diagnostics (OBD) Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 18.77% |
Market growth 2020-2024 |
$ 34.83 billion |
Market structure |
Fragmented |
YoY growth (%) |
16.71 |
Regional analysis |
North America, Europe, APAC, South America, and MEA |
Performing market contribution |
APAC at 36% |
Key consumer countries |
US, Germany, China, and Japan |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Autel Intelligent Technology Co., Continental AG, Daimler Trucks North America LLC (Detroit Diesel Corp.), DENSO Corp., Innova Electronics Corp., Intel Corp., Robert Bosch GmbH, TomTom International BV, Vector Informatik GmbH, and Verizon Communications Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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SOURCE Technavio
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