For more insights on the Heavy-duty Trucks On-board diagnostics system market-Download Free Sample Report
Heavy-duty Trucks On-board Diagnostics System Market: Driver & Challenge
Need to reduce total cost of ownership (TCO) of vehicles for fleet operators to drive growth
The key factor driving growth in the heavy-duty trucks on-board diagnostics system market is the need to reduce the total cost of ownership (TCO) of vehicles for fleet operators. Rising cost pressure due to fluctuations in fuel prices and inefficient fleet operations has become crucial challenges for fleet operators to tackle. For efficient cost management, fleet operators are adopting cost optimization strategies that allow them to reduce the TCO to an extent. Innovations and improvements to the vehicle engine can help optimize fuel consumption and enhance fleet management efficiency. As OBD helps monitor vehicle components, the data generated by each component is a valuable source of information to improve the component's design parameters.
High cost of vehicle telematics services to impede market
The high cost of vehicle telematics services will be a major challenge for the heavy-duty trucks on-board diagnostics system market during the forecast period. Initial costs of setting up telematics include license, setup and installation fee, and payment for customization and integration with current systems. OBD systems are used by vehicle owners to keep emissions under check and for preventive maintenance. The system is also used by technicians from repair and service stations. Due to expensive material costs and new innovative technologies, the cost of manufacturing an OBD system has increased considerably. The high cost of automobile-embedded telematics makes it difficult for manufacturers to keep their product prices low.
To know more about the drivers, challenges & trends -Request Free Sample Report
Heavy-duty Trucks On-board Diagnostics System Market: Segmentation Analysis
This market research report segments the heavy-duty trucks on-board diagnostics system market by Gross vehicle weight rating (Class 8 and Class 7) and Geography (North America, APAC, Europe, South America, and MEA).
57% of the market's growth will originate from North America during the forecast period. The US is the key market for heavy-duty truck on-board diagnostics systems in North America. Market growth in North America will be faster than the growth of the market in other regions. The growing need for fuel efficiency will facilitate the heavy-duty trucks on-board diagnostics system market growth in North America over the forecast period.
For more insights on the market share of various regions - Request a free sample report
Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Get lifetime access to our Technavio Insights. Subscribe now to our most popular "Lite Plan" billed annually at USD 3000. View 3 reports monthly and Download 3 Reports Annually!
Related Reports:
Heavy-duty Trucks Steering System Market -The heavy-duty trucks steering system market size has the potential to grow by 474.96 thousand units during 2021-2025. However, the market's growth momentum will decelerate at a CAGR of 5.55%. Download a free sample now!
Heavy-duty Truck Suspension System Market -The heavy-duty truck suspension system market has the potential to grow by USD 4.47 billion during 2021-2025, and the market's growth momentum will decelerate at a CAGR of 1.66%. Download a free sample now!
Heavy-duty Trucks On-board Diagnostics System Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.09% |
Market growth 2021-2025 |
USD 73.50 million |
Market structure |
Concentrated |
YoY growth (%) |
2.75 |
Regional analysis |
North America, APAC, Europe, South America, and MEA |
Performing market contribution |
North America at 57% |
Key consumer countries |
US, Germany, China, Japan, and UK |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
ACTIA Group, AVL DiTEST GmbH, Continental AG, Daimler AG, Moj.io Inc., Robert Bosch GmbH, Vector Informatik GmbH, Vidiwave Ltd., ZF Friedrichshafen AG, and Zubie Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the 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. |
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
Share this article