Selbyville, Delaware, Jan. 12, 2021 (GLOBE NEWSWIRE) --
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 from 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.
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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 on-bord 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 purpose.
The use of OBD systems for fleet management application 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.
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The companies engaged in advanced technologies and operating in the market are focusing on development of advanced solution for processing vehicle data. For instance, in October 2019, Fujitsu Limited launched a data processing platform for service providers. The launched platform is based on Dracena, Fujitsu’s data processing technology and helps to process data from multiple vehicles. This facilitates enterprises to predict the real-time hazards for connected vehicles. These innovations are expected to support the on-board diagnostics market growth.
Some major findings of the On-board Diagnostics (OBD) Aftermarket report include:
- The significant investments from automotive aftermarket service providers for developing modern telematics platforms are contributing to the technology development in the market.
- North America is expected to hold a major share in on-board diagnostics market due to widespread presence of market players and extensive penetration of advanced technologies in the transportation systems.
- Asia Pacific is witnessing an exponential growth in the market due to increase in vehicle production and integration of advanced in-vehicle technologies.
- Major players operating in the On-board diagnostics market are Continental AG, Danlaw Inc., Magneti Marelli S.p.A., TomTom International B.V., etc.
- Companies operating in the market are focusing on the development of advanced telematics platform supporting advanced OBD systems and in-vehicle information.
Partial chapters of report table of contents (TOC):
Chapter 3 OBD Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.3.1 By region
3.3.1.1 North America
3.3.1.2 Europe
3.3.1.3 Asia Pacific
3.3.1.4 Latin America
3.3.1.5 Middle East & Africa
3.3.2 Industry value chain
3.3.2.1 Suppliers
3.3.2.2 OBD technology providers
3.3.2.3 Marketing & distribution channels
3.3.3 Competitive landscape
3.3.3.1 Strategy
3.3.3.2 Distribution network
3.3.3.3 Business growth
3.4 OBD industry ecosystem analysis
3.5 Features/benefits of OBD
3.6 Evolution of OBD technology
3.7 OBD telematics architectural framework
3.8 Technology & innovation landscape
3.8.1 OBD in electric vehicles
3.8.2 OBD and GPS
3.9 Regulatory landscape
3.9.1 Open Digital Architecture Initiative (TM Forum)
3.9.2 The California Air Resources Board (CARB) guidelines
3.9.3 The U Environmental Protection Agency (EPA) Heavy Duty Engine Standards
3.9.4 The Society of Indian Automobile Manufacturers (SIAM) regulations
3.9.5 The European OBD Standards
3.9.6 OBD II Standards (U.S.)
3.9.7 China VI Emission Standards
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.1.1 Shifting focus towards remote diagnostics technology
3.10.1.2 Growing trend of automotive Internet of Things (IoT)
3.10.1.3 Increasing global automotive production
3.10.1.4 Growing emphasis on vehicle emission control
3.10.1.5 Increasing popularity of Usage-based insurance (UBI)
3.10.2 Industry pitfalls & challenges
3.10.2.1 Cyber security threats and privacy concerns
3.10.2.2 Compatibility and interoperability issues
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.