Global OBD Telematics Market Overview:
OBD stands for On Board Diagnostics. The OBD system helps the owner or technicians of the car to diagnose and solve problems related to major engine components and improve vehicle reliability while reducing the cost of fleet operations. The implementation of fleet management software with OBD telematics monitors driving behavior, assesses the overall condition of the vehicle and provides additional services such as maintenance reminders, roadside assistance and fault notifications. All the benefits of implementing the OBD system are expected to drive the growth of the global market for onboard diagnostic accessories in the forecasted period.
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OBD Telematics Market Drivers and restraints:
It is estimated that the software market will experience the fastest growth between 2018 and 2024, with a compound annual growth rate of more than 20% in the secondary market, due to the rapid adoption of OBD telematics for commercial vehicles. The greater penetration of smartphones and the widespread deployment of technology in the cloud are the drivers of market growth. Cloud platforms provide users with easy access to diagnostic data, as these platforms provide a simple and cost-effective way to manage the large amount of data generated by OBD devices. A native cloud approach reduces dependency on traditional PC-based OBD scan models, fueling the demand for convenient vehicle diagnostics and maintenance applications.
Asia-Pacific region will experience the fastest growth between 2018 and 2024, with a compound annual growth rate of more than 20%, thanks to a significant increase in automotive production, particularly in China, India and Japan. In addition, government initiatives in the region to establish stringent emission standards to combat rising air pollution will contribute to market growth in a timely manner. The region has also witnessed strong demand for OBD solutions in electric cars to better control the vehicle’s engine and other electrified components. According to the China Association of Automobile Manufacturers (CAAM), in January 2018, the production and sale of new energy vehicles (NEVs) in the country registered 40,569 units and 38,470 units, respectively.
Europe had the second largest share of more than 22% of the embedded diagnostic accessories market in 2017 due to the early adoption of OBD II standards in the region and the rapidly growing popularity of UBI. Germany, United Kingdom and France are the main car manufacturers in the region, as well as a large population of passenger vehicles. The European Union is also making efforts to complete vehicle certification reforms in the region, in partnership with all EU members. As a result of these positive initiatives, the region is expected to have the second largest share of the OBD accessory market by 2024.
Key players In Global OBD Telematics Market
Continental, Automatic Labs, Magneti Marelli, Tom Tom, CalAmp, Danlaw, ERM Telematics, Metromile, Intel, Mojio, Azuga, Xirgo Technologies, Geotab, Verizone, AVL Ditest, Vector Informatik, Bosch Diagnostics and Autel among others are the major players of the market.
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