LONDON--(BUSINESS WIRE)--The heavy-duty trucks on-board diagnostics system market is poised to grow at a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Solutions such as fleet management are witnessing a growing demand across the world. Also, the need for navigation, safety, comfort, and content is pushing the adoption of electrical distribution systems in vehicles. Government regulations are also forcing the deployment of a minimum level of advanced driver assistance system (ADAS) in commercial vehicles. The commercial vehicle industry is experiencing an increased adoption of electronic content due to the electrification of mechanical components, thus fueling the need for advanced assistance system for optimization. Such developments support the fact that vehicular systems have software implemented for the functioning of the systems, thereby making such vehicles compatible with technologies such as on-board diagnostics systems.
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As per Technavio, the rise in the adoption of prognostic systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Heavy-Duty Trucks On-Board Diagnostics System Market: Rise in the Adoption of Prognostic Systems
The growing requirement for operational efficiency and cost savings is fueling the adoption of prognostic systems among fleet operators. Prognostic systems predict the failure time for vital vehicle components or systems. Hence, the prognostic system informs users about the remaining useful life (RUL) of a particular component. Moreover, OEMs are focusing on standardizing almost the entire gamut of telematics solutions in the high-end vehicles segment, and the prognostic system has been cited as a critical telematics application in tapping significant potential revenue from the aftersales period of vehicles.
“Other factors such as the growing popularity of fleet management solutions in the logistics sector and the emergence of truck platooning will have a significant impact on the growth of the heavy-duty trucks on-board diagnostics system market value during the forecast period,” says a senior analyst at Technavio.
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Heavy-Duty Trucks On-Board Diagnostics System Market: Segmentation Analysis
This market research report segments the heavy-duty trucks on-board diagnostics system market by gross vehicle weight rating (class 8 and class 7) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA, respectively. The growth of the heavy-duty trucks on-board diagnostics system market share in APAC can be attributed to the increasing demand for fleet management and vehicle tracking services in this region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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