Technavio analyzes that the On-Board Diagnostics Telematics Market is expected to grow at a CAGR of 14.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3379.4 million.There are various factors that contribute to the growth of the market. Government initiatives worldwide have been instrumental in driving the adoption of On-Board Diagnostics (OBD) telematics systems. Regulatory bodies are encouraging the implementation of these systems to enhance vehicle safety, reduce emissions, and improve fleet management. For instance, the European Union's EURO 6 regulations mandate the use of OBD systems for all new vehicles. Similarly, the US Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) have established standards for OBD systems in the US. These regulations not only ensure compliance but also open up opportunities for telematics providers to offer value-added services, such as real-time vehicle monitoring, predictive maintenance, and driver behavior analysis.
The global On-Board Diagnostics (OBD) Telematics market encompasses passenger cars, which include entry, mid, and luxury segment vehicles, categorized as hatchbacks, sedans, or SUVs. OBD Telematics is a cutting-edge connected technology that monitors and tracks vehicle location and driving behavior. The penetration of connected technologies is more pronounced in the passenger cars segment compared to commercial vehicles. This disparity can be attributed to the quicker adoption of technological innovations by end-users in the passenger cars segment, such as engine components, system failures, electronic fuel injection, mechanical fuel injection, computer control, monitoring systems, standardized systems, connectors, and trouble codes.
Know which region is leading the market growth by requesting a sample report
On-Board Diagnostics Telematics Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
Find out what is trending in the market by accessing the free PDF report
The On-Board Diagnostics (OBD) Telematics market encompasses dashboard indicators such as the check engine light, providing diagnostic signals for personal vehicles and commercial trucks. OBD systems, a standardized computer system, monitor vehicle health through sensors, analyzing vehicle data for car performance and emissions control. Historically, OBD has focused on engine components and system failures, with electronic fuel injection and mechanical fuel injection systems under computer control. Monitoring systems, including trouble codes, enable technicians to efficiently diagnose and maintain vehicle health. (50 words)
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers in this sector include the surge in electronic components utilization in automobiles. The proliferation of electric vehicles, motorcycles, and passenger cars has significantly boosted the demand for electronic control units (ECUs) and other electrical components over the last decade. This trend is expected to continue, fueling expansion in the global automotive parts and equipment market. Additionally, advancements in on-board diagnostics telematics, such as dashboard indicators, check engine lights, and diagnostic signals, contribute to improved vehicle health monitoring and maintenance, further bolstering market growth in personal and commercial vehicles.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
