LONDON--(BUSINESS WIRE)--The global automotive remote diagnostics market is expected to grow at a CAGR of close to 17% from 2017-2021, according to a new market research report by Technavio.
Global automotive remote diagnostics market segmentation by vehicle type and geography
Technavio’s report on the global automotive remote diagnostics market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by vehicle type which includes passenger cars and commercial vehicles. As projected in 2016, around 74% of the market share originated from passenger cars.
Based on geography, the global automotive remote diagnostics market has been segmented into the Americas, EMEA, and APAC. As of 2016, over 44% of the market share came from the Americas.
“The Americas is a major contributor to the global automotive remote diagnostics market because of the implementation of onboard diagnostics by the US government from the 1990s. It has come a long way with several innovations and start-up companies. Remote diagnostics systems are mainly observed in the US and Canada. It primarily includes OBD connectivity, embedded display systems, and telematics,” says Keerthi Balu, a lead analyst at Technavio for automotive electronics research.
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Automotive remote diagnostics market: competitive vendor landscape
The automotive remote diagnostics market comprises of tier-1 suppliers working on deploying numerous fleet management solutions to come up with differentiated product offerings in the commercial vehicles segment. Also, these tier-1 suppliers have taken a strong position in the telematics market and are raising their R&D investments for connected car technologies and IoT. Luxury car brands, such as Mercedes-Benz, BMW, Audi, and Volkswagen, are making significant investments in the adoption of these technologies. Bosch, Continental, OnStar, Vector Informatik, and Vidiwave are the key vendors in the global automotive remote diagnostics market.
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Other topics covered in the report:
Market drivers:
- Increasing volume sales of hybrid and electric vehicles
- Fleet management with telematics systems
Market challenges:
- Data security issues due to potential hacking concerns
- Complexity in telematics software design and standardization concerns
Market trends:
- Evolution of remote diagnostics to prognostics
- Digital transformation to improve safety and security
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