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On-board Diagnostics Aftermarket - New Business Opportunities and Investment Research

Author : Ronak Bora | Published Date : 2020-08-25 

The on-board diagnostics aftermarket is projected to register a lucrative growth at a CAGR of over 17% between 2018 and 2024. The growth can be attributed to the factors such as an increase in vehicle production and the growing need to implement emission control norms and regulations to tackle air pollution. The significant investments made by the automotive manufacturers and the aftermarket service providers around the globe are contributing to an increasing demand for the development of connected vehicles. The rapid growth of the automobile industry has forced the manufacturers to offer more robust OBD devices, particularly for light-duty and heavy-duty vehicles.

Another factor driving the growth of the on-board diagnostics aftermarket is the increasing shift toward Usage-Based Insurance (UBI) to promote safer driving practices among the drivers. OBD devices help auto companies and insurance providers to set the premium amount depending on the driver's driving habits, distance traveled, and the status of the vehicle. Based on these considerations, the insurance companies can decide whether to reward or penalize the customer.

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Powered by a strict regulatory frame of reference formulated to control vehicular emissions, on-board diagnostics aftermarket has emerged as a highly lucrative business sphere over the last few years. Lately, many regulatory bodies have established emission control facility centers to resolve the issues related to the effective working of OBD.  In the U.S. specifically, the National Center for Automotive Science & Technology has established the National OBD Clearinghouse for facilitating the understanding of the on-board diagnostics technology, for which U.S. Environmental Protection Agency (EPA) has even provided a grant. In order to comply with the Clean Air Act, EPA has been encouraging people to conduct vehicle maintenance and inspection that will ultimately control the vehicle emission. As of now, a majority of vehicles are incorporated with the OBD technology for meeting the national air quality standards.

The OBD system is one of the integral parts of the electronic control unit (ECU) and is used for diagnosing and repairing vehicle subsystems and rectifying the malfunctions associated with the systems. The integrity of the emission control unit is maintained with the help of external tools that re-flash and re-configure the vehicle emission parameters. The increasing use of external vehicle diagnostic tools to maintain the shelf life of the vehicle is slated to propel on-board diagnostics aftermarket considerably.

Taking into account the strict regulatory norms formulated to curb and monitor vehicle emissions, many diagnostic equipment providers are currently developing new OBD tool facility centers to check problems associated with the engine. For instance, in 2017, the leading suppliers of test equipment and diagnostic reporting for the automotive aftermarket, Innova Electronics Corp launched a modern on-board diagnostic tool line which is totally featured with its newly invented products that will be helpful for excellent diagnostic reporting.

North America is estimated to account for the largest share of over 40% in the global on-board diagnostics aftermarket by 2024. The market growth in this region is attributed to technological advancements in the transportation infrastructure and the high penetration of the smartphones and cloud technology in the region.

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Asia Pacific on-board diagnostics aftermarket is estimated to register the fastest growth at a CAGR of over 20% from 2018 to 2024 due to the rapid growth in the automobile industry, particularly in China, India, and Japan. With huge investments by domestic and global auto players in the region, the market is projected to grow swiftly during the forecast timeline.

Table of Contents (ToC) of the report:

Chapter 5.   On-board Diagnostics Aftermarket, By Vehicle Type

5.1.  Key trends, by vehicle type

5.2.  Passenger vehicles

5.2.1. Passenger vehicles market estimates and forecast, by region, 2013-2024

5.3.  Light commercial vehicles (LCV)

5.3.1. LCV market estimates and forecast, by region, 2013-2024

5.4.  Heavy Commercial Vehicles (HCV)

5.4.1. HCV market estimates and forecast, by region, 2013-2024

Chapter 6.   On-board Diagnostics Aftermarket, By Component

6.1.  Key trends, by component

6.2.  Hardware

6.2.1. OBD scanners    OBD scanners market estimates and forecast, by region, 2013-2024

6.2.2. OBD Dongles    OBD scanners market estimates and forecast, by region, 2013-2024

6.3.  Software

6.3.1. PC-based software    PC-based software market estimates and forecast, by region, 2013-2024

6.3.2. Apps    Apps market estimates and forecast, by region, 2013-2024

6.4.  Service

6.4.1. Training and consulting    Training and consulting service market estimates and forecast, by region, 2013-2024

6.4.2. Integration and maintenance    Integration and maintenance service market estimates and forecast, by region, 2013-2024

6.4.3. Managed Service    Managed service market estimates and forecast, by region, 2013-2024

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/on-board-diagnostics-obd-aftermarket

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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