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Automotive On-Board Diagnostics Market Size to Grow by USD 34.83 billion | 36% of the growth to originate from APAC| TechnavioNEW 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%.
Technavio offers additional highlights related to the market growth. Download Sample Report Automotive On-board Diagnostics (OBD) Market: Driver 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. Looking for more factors impacting the growth of the market? Request Sample Report Automotive On-board Diagnostics (OBD) Market: Challenge 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. Find additional information about various other market drivers & trends mentioned in our latest sample report. Automotive On-board Diagnostics (OBD) Market: Segmentation Analysis 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. Do reach out to our analysts for more customized reports as per your requirements. Speak to our Analyst now! Related Reports: Truck Bedliners Market by Type and Geography - Forecast and Analysis 2022-2026
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
About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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 View original content to download multimedia:https://www.prnewswire.com/news-releases/automotive-on-board-diagnostics-market-size-to-grow-by-usd-34-83-billion--36-of-the-growth-to-originate-from-apac-technavio-301561842.html SOURCE Technavio |