LONDON--(BUSINESS WIRE)--The automotive on-board diagnostics (OBD) market is expected to grow by USD 34.83 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio. Request a free sample report
Regulations have played a crucial role in the growth of the global automotive OBD market. It was first introduced by the US in 1996, mandating all vehicles to be equipped with OBD systems and required vehicles to pass the OBD test for them to operate on the road. The EU followed this and made OBD systems compulsory in passenger vehicles in 2000 and required all vehicles to have OBD systems by 2003. Therefore, in the developed markets, regulations were the crucial factors driving the adoption of these systems. In the recent past, various other countries, such as Thailand, South Korea, India, China, and countries in the Middle East, have initiated talks to adopt legislations mandating OBD systems similar to that of the developed regions. In 2019, Colombia and Chile implemented the European EURO 6/VI emissions standards, which mandate vehicles to be integrated with the mentioned OBD requirements by 2023.
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As per Technavio, the growing focus on remote diagnostics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive On-board Diagnostics (OBD) Market: Growing Focus on Remote Diagnostics
The growing focus on remote diagnostics is one of the key automotive OBD market trends that will drive market growth during the forecast period. Remote OBD systems diagnose faults and potential malfunctions in the components of vehicles and transmit the relevant trouble codes to a remote data center which are then interpreted and sent across to the respective driver or technician. Remote diagnostics prove to be a valuable tool as it helps in preventive maintenance and helps schedule vehicle service cycles, which in turn, helps in reducing vehicle downtime and breakdowns. The use of remote diagnostics is gaining popularity among OBD system manufacturers. This will help to increase the demand for these systems from fleet operators of both passenger as well as commercial vehicles.
“Factors such as the shift in focus from OBD hardware and OBD software, and the integration of OBD with telematics will have a significant impact on the growth of the automotive OBD market value during the forecast period,” says a senior analyst at Technavio.
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Automotive On-board Diagnostics (OBD) Market: Segmentation Analysis
This market research report segments the automotive on-board diagnostics market by product (allied services and OBD port) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the automotive on-board diagnostics market share in 2019, followed by Europe, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing awareness regarding vehicle diagnostics.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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