Automotive On-board Diagnostics Market to Present Vast Canvas for OEMs and Providers to Capitalize on Telematics-Based Insurance, Valuation projected to touch US$ 22 Bn by 2031 - TMR
- Expanding portfolio of hardware and software of on-board diagnostics (OBD), innovation in sensor help in improving the monitoring capabilities
- Cloud diagnostics gathers steam among vehicle owners, over-the-air update gaining preference especially in the driverless cars segment
ALBANY, N.Y., May 13, 2021 /PRNewswire/ --
Overview of Automotive On-board Diagnostics Market
Automotive on-board diagnostics (OBD) market has made continuous strides to meet a wide range of vehicle monitoring and maintenance applications, and remote diagnostic solutions. Most extensively, vehicle owners and OEMs have leveraged the sensor and software technologies encompassed by on-board diagnostics for emission monitoring and the overall health of the vehicles. OBD typically includes black box event data recorders, vehicle tracking control units, and other electric control units. Over the years, the revenue potential has grown remarkably, circumscribing a wide range of stakeholders in the ecosystem. For instance, OEMs, software developers, and insurance providers have been able to see new revenue streams in the telematics. The value chain of the automotive on-board diagnostics market is fast expanding, with on-board diagnostics becoming a part of the driverless cars and electric vehicles. Two prominently lucrative areas are usage-based insurance and commercial vehicle telematics.
Fueled by vast possibilities, the global automotive on-board diagnostics market is projected to reach worth of US$ 22 Bn by 2031, clocking CAGR of ~5% from 2021 to 2031.
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Key Findings of Automotive On-board Diagnostics Market Study
Prospect of Real-time Insurance Spurs Telematics
Telematics have increasingly been deployed in commercial fleets for their remote monitoring and maintenance, particularly with respect to their emissions. Over the past few years, consumers telematics are gaining traction. Of note, telematics are becoming a driver as well as accelerant for demand for real-time insurance policies, where high customer satisfaction is a key winning imperative. The transportation industry has also harnessed the benefits of OBD for monitoring driver's behavior, especially in the commercial sector. Interested stakeholders are capitalizing on telematics-based insurance policies, and are harping on the benefits of real-time insurance or usage-based to attract OEMs and vehicle owners in the automotive industry.
Explore 449 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Automotive On-board Diagnostics Market (Diagnostic Device: Handheld, PC/Laptop Based, Mobile Device, and Others; Vehicle Propulsion: IC Engine and Electric Vehicle; Vehicle Type: Two Wheeler Vehicles, Pssenger Vehicles, Light Commercial Vehicles, Trucks, and Buses & Coaches; Application: Driver Behavior Monitoring, Emission Testing, Supplementary Instrumentation, Consumer Telematics, Usage Based Insurance, Fleet Management, Car Sharing, and Others; and Diagnostic Type: Remote Diagnostic and Cloud Diagnostic) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031 at https://www.transparencymarketresearch.com/automotive-on-board-diagnostics-market.html
Cloud Diagnostic Managers Muscling Their Way into Market
The market has evolved rapidly over the years. Over-the-air (OTA) software updates opens new avenues for market players. A case in point is the need for such updates in driverless vehicles. 5G integration and growing prospects of connected technologies in electric vehicles expand avenue. Cloud diagnostic managers in coming years are expected to benefit from the benefits of OTA, especially for driverless cars. This surely will attract lodes of investments in near future.
Analyze global automotive on-board diagnostics market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Uptake of On-board Diagnostics Bolsters Innovations in Sensor Technology
The on-board diagnostics market is making strides on the back of markedly expanding array of technologically advanced hardware and software offerings by different companies. For instance, semiconductor devices manufacturers and sensor developers eye vast avenue in the market. Advancements in electronic control units and incorporation of novel sensors enable transportation industry to leverage the benefits of automotive on-board diagnostics
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Automotive On-board Diagnostics Market: Key Driving Factors and Avenues
Automotive On-board Diagnostics Market: Key Participants
A growing number of players are keen on reprogramming the OBD devices to prevent or rectify malfunctions. The ecosystem of players in the automotive on-board diagnostics market is fairly wide. Some of the well-entrenched players are:
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