Selbyville, Delaware, Aug. 15, 2022 (GLOBE NEWSWIRE) —
The OBD Aftermarket industry is expected to record a valuation of USD 12 billion by 2030, as reported in a research study by Global Market Insights Inc. The growing demand for Pay-as-You-Drive (PAYD) UBI services as a prominent growth driver for the OBD industry. PAYD is a smartphone-based technology enabling insurers to collect behavioral data and other information like time, distance, and location
Although OBD systems offer optimum safety, they are vulnerable to attacks as the ports are easily accessible. Attackers can easily deploy malware or take control of the car’s crucial systems such as the engine, brakes, and steering, which could potentially hamper OBD aftermarket growth. Furthermore, problems arising from the incompatibility between the scanner software and the vehicle might have a negative impact on market development.
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The heavy commercial vehicle segment is anticipated to exhibit over 20% CAGR between 2022 and 2030 due to the increasing importance of long-term advantages of emission control in HCVs.
The hardware segment accounted for 40% of the industry share in 2021 led by the increased adoption of built-in OBD systems which monitor, analyze, and correct the faults or problems arising in the vehicle components.
The OBD scanner sub-segment captured nearly 60% of the OBD aftermarket share in 2021 and is projected to witness significant growth up to 2030, on account of the ability of these devices to convert codes into simplified problems and actionable solutions.
Middle East and Africa region will witness a growth rate of more than 20% through 2030 owing to the increased administrative support for ITS (Intelligent Transport Systems) to improve road safety and curb traffic congestion across the region.
The fleet management application segment held approximately 50% of revenue share in 2021 and is poised to grow further with surging demand for effective operational activities, decreasing costs of connectivity and hardware, and growing concerns regarding the environment.
CalAmp, Danlaw, Inc., Continental AG, Intel Corporation, Vector Informatik, TomTom International BV., ERM Electronic Systems LTD, Geotab Inc., and Xirgo Technologies, Inc. are some of the key players operating in the OBD aftermarket. These players are collaborating with government agencies to reinforce their market position.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive summary
2.1 OBD aftermarket industry 360º synopsis, 2018 – 2030
2.2 Business trends
2.2.1 Total Addressable Market (TAM) trends
2.3 Regional trends
2.4 Vehicle type trends
2.5 Component trends
2.6 Application trends
Chapter 3 OBD Aftermarket Industry Insights
3.2 Impacts of COVID-19 outbreak
3.3 Impacts of Ukraine Russia conflict
3.4 Industry ecosystem analysis
3.5 Features/benefits of OBD systems
3.6 Industry evolution
3.7 OBD telematics architectural framework
3.8 Patent analysis
3.9 Investment analysis
3.10 Technology & innovation landscape
3.11 Regulatory landscape
3.12 Industry impact forces
3.12.1 Growth drivers
3.12.2 Industry pitfalls & challenges
3.13 Growth potential analysis
3.14 Porter’s analysis
3.15 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.