LONDON--(BUSINESS WIRE)--The global heavy trucks on-board diagnostics (OBD) systems market is expected to exceed USD 699 million by 2019 from USD 489.12 million in 2014, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global heavy trucks OBD systems market for 2015-2019. The market is further segmented by component revenue, including diagnostics equipment, diagnostic software updates, published repair and diagnostics data, and remote diagnostics.
Technavio’s research study segments the global heavy trucks OBD systems market into the following regions:
The US: largest market for heavy trucks OBD systems
With 60% of the total share in 2014, the US led the market for heavy truck OBD systems and is expected to continue dominating the global market until 2019. The US market evolved after the implementation of the mandatory OBD requirement by the government in 2010. Currently, the OBD systems market has come a long way since its inception, with new innovations and startup companies emerging with new technologies in the field of OBD connectivity, embedded display systems, and telematics. With the growing need for fuel efficiency, demand for OBD systems is also increasing. OBD systems are claimed to increase fuel economy in heavy duty vehicles.
According to Faizan Akhtar, a lead automotive components research analyst from Technavio, “With OEMs increasingly integrating advanced in-vehicle wireline and wireless network systems such as controller area network, Bluetooth wireless systems, and telematics systems, which require advanced OBD systems to monitor the status of vehicle emissions, the growth prospects of the heavy truck OBD systems market will continue to grow over the next five years.”
Ask for a sample of this report: http://goo.gl/Q1nuXH
EU: second-largest market for heavy trucks OBD systems
The report also states that the EU region will experience a steady rise in heavy trucks with OBD systems during the forecast period. With 35% of the market share in 2014, Europe is the second-largest market for OBD systems and is expected to grow at a CAGR of close to 8% during the forecast period.
The heavy truck OBD systems market in Europe has evolved since 2000 with the mandatory regulation by governments for installing OBD systems in all vehicles. In 2014, the heavy duty truck OBD systems market in Europe accounted for USD 171.19 million in terms of revenue. The market is highly regulated with one of the most stringent emission and fuel economy norms, which has influenced the OBD systems market positively. With the proposal of EURO 6.2 emission standards, OEMs are introducing advanced technologies and innovative components to match up to the specified emission standards, thus increasing the demand for advanced OBD systems.
“The EU market is expected to experience steady growth over the years, owing to the increased usage of electronic components and a shift toward preventive maintenance to combat the high vehicle repair costs in the region,” says Faizan.
ROW: growing demand for heavy duty trucks from China, India, and Russia fueling market growth
The market for heavy trucks OBD systems in the ROW, which includes developing countries such as China, India, and Russia, is expected to increase during the forecast period because of the growing demand for heavy duty trucks, increased adoption of electronic systems into automobiles, and government support in the form of incentives. The heavy truck OBD systems market in ROW is at a nascent stage and accounted for USD 24.46 million in terms of revenue in 2014. The growth of the market in this region is attributed to government regulations on mandatory incorporation of OBD systems in all vehicles.
The region is expected to witness the highest growth due to the expected legislation enforcing compulsory OBD systems in countries such as China and Russia, and other Southeast Asian countries, along with the Middle East. Moreover, the market in ROW will also benefit from an expected rise in vehicle penetration rate in the region during the forecast period.
Some of the top vendors in the global heavy trucks OBD systems market highlighted in the report are:
- Bosch Diagnostics
- Detroit Diesel
- Innova Electronics
- Vector Informatik
Browse Related Reports:
- Automotive Telematics: Market Research Report 2015-2019
- Global cPDM Market in the Automotive Sector: Research Analysis 2015-2019
- Automotive OEM Coatings Market in Europe 2015-2019
Purchase these three reports for the price of one by becoming a Technavio subscriber. Subscribing to Technavio’s reports allows you to download any three reports per month for the price of one. Contact firstname.lastname@example.org with your requirements and a link to our subscription platform.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at email@example.com.