At 17% gains, On-board Diagnostics (OBD) Aftermarket to hit $1.5 billion by 2024 | Major Worldwide Companies: Azuga, Inc., Bosch Diagnostics, CalAmp, Continental AG, Danlaw Inc, Geotab, Intel Corporation, Magneti Marelli, Metromile, Vector Informatik, Ver

The fleet management segment dominated the OBD aftermarket in 2017 with a market share of over 45% and is expected to maintain the dominance throughout the forecast period. The use of OBD in the fleet management software offers effective management of fleet operations and provides access to the real-time data regarding the vehicle’s location. It also monitors the driving patterns and helps in early diagnosis and mitigation of any malfunction in the vehicle components. With the significant growth in the electric vehicle technology, the demand for OBD telematics systems for managing and controlling the vehicle components is expected to increase significantly. The fleet management software in electric vehicles helps in increasing the fleet efficiency and reducing the operational costs.

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The passenger vehicles segment held a dominant share of over 40% in 2017 in the global OBD aftermarket. The increased production of passenger vehicles, particularly in the U.S. and China, is majorly contributing to the adoption of OBD telematics solutions in the segment. According to the American Auto Council, the U.S. auto production is expected to exceed 12 million vehicles per year through 2019 and reach 13 million by 2020. As it has been made mandatory by government institutions in various countries to have OBD compatibility for passenger vehicles, the segment is projected to grow consistently during the forecast timeline.

World On-board Diagnostics (OBD) Aftermarket is set to grow from its current market value of $500 million to more than $1.5 billion by 2024, growing at a CAGR of 17%.

Industry Growth drivers –
• Shifting focus towards remote diagnostics technology
• Growing trend of automotive Internet of Things (IoT)
• Increasing global automotive production
• Growing emphasis on vehicle emission control
• Increasing popularity of Usage-based insurance (UBI)

The OBD apps segment is expected to exhibit the fastest growth by 2024 at a CAGR of over 25%. The increasing penetration of smartphones and the adoption of advanced telematics technologies have triggered the demand for mobile-based apps. As the OBD apps reduce the dependency on any hardware to gather information and make it possible for the user to convert the smartphone or tablet into a portable OBD scanner for gathering diagnostic information, the demand for apps is likely to grow during the forecast timeline. These apps handle all the information collected from the OBD systems and ease the task of monitoring the vehicle parameters in the real-time, allowing the continuous monitoring of the vehicle’s status.

The hardware segment held a majority share of over 40% in the OBD aftermarket in 2017 due to the large-scale adoption of traditional OBD scanners such as scan tools and code readers to access the vehicle’s OBD port. These scanners act as an interface to provide users with the vehicles’ engine-related parameters. However, with the emergence of OBD dongles, additional information, such as driver behavior analytics and remote diagnostics, can be effectively extracted from vehicles.

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Some of the key players operating in the OBD aftermarket are Autel Intelligent Technology Corp.,Ltd., Automatic Labs, AVL Ditest, Azuga, Bosch Diagnostics, CalAmp, Continental AG, Danlaw, Inc., ERM Electronic Systems LTD, Geotab Inc., Innova, Intel Corporation, Magneti Marelli S.p.A., Metromile, Mojio, TomTom International BV., Vector Informatik, Verizon Communications, Xirgo Technologies, Inc.

North America is estimated to account for the largest share of over 40% in the global OBD aftermarket by 2024. The proliferation of OBD dongle-based solutions is estimated to grow at a faster pace in the region between 2018 and 2024. The automobile sector in this region continues to record a steady growth due to the high penetration of advanced technologies in the transportation systems and the increased momentum of autonomous vehicles. The presence of some major global automobile players and the increasing investments by foreign auto suppliers in their manufacturing facilities are driving the region’s automobile market growth.

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Asia Pacific OBD aftermarket is estimated to register the fastest growth at a CAGR of over 20% from 2018 to 2024 due to the rapid growth in the automobile industry, particularly in China, India, and Japan. With huge investments by domestic and global auto players in the region, the market is projected to grow swiftly during the forecast timeline.

Market share calculation in this report is not done based on companies covered in it. The calculation of On-board Diagnostics (OBD) Aftermarket share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

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