Growing inclinations toward connected vehicle solutions supported by the increasing prevalence of IoT technology in the automotive sector will provide immense traction to OBD aftermarket trends.
Selbyville, DE -- (SBWIRE) -- 04/30/2020 -- The North America industry accounted for the majority of global OBD aftermarket share in 2017. Such dominance has been attributed toward a steady growth in the automotive production that has been driving the penetration of OBD based solutions in the region. The technological advancements in the transportation sector coupled with the growing prevalence of smartphones and could technology further anticipated to propel the regional growth.
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OBD Aftermarket Key Companies: - Autel Intelligent Technology Corp.,Ltd., Automatic Labs, AVL Ditest, Azuga, Bosch Diagnostics, CalAmp, Continental AG, Danlaw, Inc., ERM Electronic Systems LTD, Geotab Inc., Innova, Intel Corporation, Magneti Marelli S.p.A., Metromile, Mojio, TomTom International BV., Vector Informatik, Verizon Communications, Xirgo Technologies, Inc.
Rapid growth of the automotive industry has been driving the OBD aftermarket. The self-diagnostics and reporting capabilities of OBD technology facilitates live monitoring and assessment of the vehicle's engine condition to ensure that all engine components are working perfectly. OBD devices provide real time access to the vehicle sub-systems, so that any cause of failure can be predetermined by the vehicle owners and car technicians. According to research report by Global Market Insights, Inc., OBD aftermarket will surpass USD 1.5 billion by 2024.
An OBD system generally consists of several sensors those monitor and collect critical data from the vehicle components. This information is further processed to gain valuable insights on the type of faults or failures. Lastly, the faulty component can be particularly diagnosed and replaced to make the engine run smooth again. These systems work in conjunction with the vehicle telematics for enabling vehicle owners to monitor the chances of low performance and detect any prevalence of heavy emissions caused the engine flaws. It also aids in reporting the real time driver behaviors thus allowing to take necessary actions against such ruthless driving habits.
Growing inclinations toward connected vehicle solutions supported by the increasing prevalence of IoT technology in the automotive sector will provide immense traction to OBD aftermarket trends. Surging vehicle production especially the LCVs & HCVs is expected to generate substantial proceeds for OBD aftermarket.
The passenger vehicles segment accounted for more than 40% of the global OBD aftermarket share in 2017. The U.S and China has been witnessing increased production of passenger vehicles, which has been further fueling the product penetration with respect to the growing proliferation of OBD telematics. For instance, as per American Auto Council, the U.S auto production is projected to surpass an annual rate of over 12 million units and reach 13 million by 2020, which should augment the regional share as well.
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The hardware segment comprises of OBD scanners and OBD dongles, which are used to access information from the vehicle's OBD port. The OBD dongles are consistently gaining popularity among the fleet managers as they facilitate easy extraction of the information such as driver behavior and remote diagnostics. Owing to the escalating adoption of OBD solutions, the hardware segment accounted for over 40% of the OBD aftermarket share in 2017.
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