According to nova one advisor, the global Automotive On-Board Diagnostics market is expected to witness a moderate CAGR of 4.9% and generate a market value of USD 20.9 Billion by the end of 2027.
Rise in the number of industries and employment and transformative government policies has led to an increase in per capita income of the population in various countries. For instance, according to the statistics of World Bank Group, the GDP of the global population, which is measured in terms of purchasing power parity, has tripled in the past few decades. This increase in purchasing power of the global population has led to an increase in the demand for vehicles across the globe. This increase in sales of vehicles is a major factor driving the global automotive on-board diagnostics market.
Increase in awareness about vehicle safety has led to the incorporation of various electronic systems in vehicles, which, in turn, has increased the complexity of vehicle architecture for mechanics to identify the fault during aftermarket repair. These advancements in vehicle architecture drive the demand for automotive on-board diagnostics, which assist mechanics in identifying the fault in vehicles without much hassle. Evolving mobility practices with growing acceptance of shared vehicles are having strong positive impact on the automotive sector. Rise in popularity of mobility-as-a-service has led to the emergence of novel applications of automotive on-board diagnostics devices, which is anticipated to propel the market during the forecast period.
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the Irrespective of unexpected consequences of the COVID-19 outbreak, businesses operating in the market will continue gaining momentum as investment is gradually recovers across industries.
The market survey provides compelling insights into important drivers that enable growth. It highlights untapped potential in a variety of industries. For the purpose of the study, the market has been segmented in terms of Diagnostic Device, Vehicle Propulsion, Vehicle Type, Application, and regions. The report presents an incisive view of various factors impacting growth across these categories. Challenges posing threat also are studied in detail.
Apart from underscoring unexplored prospects, the report is intended to prepare businesses for unforeseen challenges in the future. It covers recommendations to help them navigate their businesses through obstacles to continue reporting growth at a sustainable pace.
COVID-19 Impact on Automotive On-Board Diagnostics Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Automotive On-Board Diagnostics market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Automotive On-Board Diagnostics market 2021 onwards. This trend will however continue through the course of the report’s assessment period
Emerging Nations to Continue Attracting Investments
The expansion of various industries across India, China, Brazil, and other emerging countries will help the Automotive On-Board Diagnostics market flourish. Consistent investment towards industrialization and urbanization, as well as the implementation of policies favouring foreign investment, will continue to be major growth drivers.
Expansion initiatives undertaken by various countries will aid the growth of the Automotive On-Board Diagnostics market. Besides, the easy availability of raw materials and labours at a cheaper cost will attract an increasing number of companies within the Automotive On-Board Diagnostics market.
Automotive On-board Diagnostics Market: Regional Analysis
- Based on region, the global automotive on-board diagnostics market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific held a notable share of the global automotive on-board diagnostics market in 2020. It is projected to be a highly lucrative region during the forecast period. Countries in Asia Pacific, such as China, India, Japan, and South Korea account for more than 45% of the total automobile production worldwide. Moreover, these countries are amending their emission norms that mandate the use of OBD II devices for emission testing. These factors are contributing toward the high share held by Asia Pacific of the global automotive on-board diagnostics market.
Challenges For Automotive On-Board Diagnostics Market
- The recent outbreak of COVID-19 pandemic has negatively impacted majority of businesses across the globe, owing to forced shutdown of companies and trade activities. This caused the global economy to contract to its lowest growth rate. Disruption in supply chains of the automotive sector hampered the production of vehicles. Moreover, the demand for new vehicles also reduced, as people are restraining themselves from spending money on non-essential products and services. These factors resulting from the COVID-19 pandemic hampered the demand for automotive on-board diagnostic devices.
- Rise in popularity of electric vehicles render the conventional applications as well as on-board diagnostic devices obsolete, thus restraining the global automotive on-board diagnostic devices market
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List of key players:
Vector Informatik GmbH, Continental AG, AUTEL Intelligent Technology Corp., Ltd., Bosch Automotive Service Solutions Inc., iWave Systems Technologies Pvt. Ltd., OBD Solutions, LLC, AVL DiTEST GmbH, Azuga, CalAmp., Danlaw, Inc., ERM Electronic Systems LTD, Geotab Inc., Intel Corporation, Marelli Holdings Co., Ltd, TomTom International BV., Verizon, Xirgo Technologies, LLC., and Innova.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects includingproduct type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2030 and covers subsequent region in its scope:
Global Automotive On-board Diagnostics Market: Segmentation
- Automotive On-board Diagnostics Market, by Diagnostic Device
- Code Reader
- Digital Pressure Tester
- TPMS Tool
- Battery Analyzer
- PC/Laptop Based
- Mobile Device
- Automotive On-board Diagnostics Market, by Vehicle Propulsion
- IC Engine
- Electric Vehicle
- Battery Electric Vehicle
- Hybrid Vehicle
- Plug-In Hybrid Vehicle
- IC Engine
- Automotive On-board Diagnostics Market, by Vehicle Type
- Two Wheeler Vehicles
- Passenger Vehicles
- Utility Vehicles
- Light Commercial Vehicles
- Buses & Coaches
- Automotive On-board Diagnostics Market, by Application
- Driver Behavior Monitoring
- Emission Testing
- Supplementary Instrumentation
- Consumer Telematics
- Usage-based Insurance
- Fleet Management
- Car Sharing
- Automotive On-board Diagnostics Market, by Diagnostic Type
- Remote Diagnostic
- Cloud Diagnostic
Key Findings of the Automotive On-Board Diagnostics Market Study
- Backed by the presence of well-established industrial infrastructure and willingness to spend on advanced technologies will strengthen North America’s hold in the global market.
- The Europe market will continue gaining from surging demand in Germany, U.K., Italy, France, and Spain.
- Investment towards industrialization and favourable policies intended at encouraging foreign investment will drive growth in India and China, sealing Asia Pacific’s position as a highly lucrative market for Automotive On-Board Diagnostics.
- In Latin America, the market will gain from surging focus on economic development.
Why Buy this Report?
The purpose of Nova one advisor’s Automotive On-Board Diagnostics market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
Some of the key highlights of the report are:
- Automotive On-Board Diagnostics Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Nova one advisor presents the most precise rate of growth for the market for the assessment period starting from (start year) to (end year).
- Automotive On-Board Diagnostics Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
- Key Market Segments – To present an exhaustive overview, the global Automotive On-Board Diagnostics market is segmented in terms of Diagnostic Device, Vehicle Propulsion, Vehicle Type, Application, and region. Opportunities existing across each of these categories are reflected on to help businesses realize their true potential.
- Competitive Landscape Analysis – Some of the leading companies operating in the Automotive On-Board Diagnostics market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.
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