On-board Diagnostics Aftermarket to Grow at A CAGR of 17% By 2024 | Top Players CalAmp, Metromile, ERM Telematics, Mojio, Intel, Xirgo Technologies, Azuga

Worldwide On-board Diagnostics Aftermarket was valued USD 500 billion in 2018 and will surpass a revenue collection of USD 1.5 billion by 2024 with an annual growth rate of 17% over 2018 to 2024.

The growth can be attributed to the factors such as an increase in vehicle production and the growing need to implement emission control norms and regulations to tackle air pollution. The significant investments made by the automotive manufacturers and the aftermarket service providers around the globe are contributing to an increasing demand for the development of connected vehicles. The rapid growth of the automobile industry has forced the manufacturers to offer more robust OBD devices, particularly for light-duty and heavy-duty vehicles.

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Another factor driving the growth of the On-board Diagnostics Aftermarket is the increasing shift toward Usage-Based Insurance (UBI) to promote safer driving practices among the drivers. OBD devices help auto companies and insurance providers to set the premium amount depending on the driver's driving habits, distance traveled, and the status of the vehicle. Based on these considerations, the insurance companies can decide whether to reward or penalize the customer.

The advent of a new range of technologies including cloud computing, Internet of Things (IoT), and smartphones have also had a remarkable influence on the on-board diagnostics aftermarket. In line with the recent product launches, many on-board diagnostics aftermarket contenders have been developing new product portfolios comprising the modern technology aids. It has become very easy now for the vehicle owners to calibrate their vehicles’ emission control unit.

Recently, one of the leading players in on-board diagnostics aftermarket, Verizon has launched a next-generation aftermarket vehicle diagnostic service device that works just by plugging into vehicle’s OBD computer port. As soon as it does, it connects to the OBD system of the vehicle and notifies the driver about any maintenance issue. In addition, Verizon has incorporated a smartphone software application as well as GPS technology that will help to resolve the mechanical issues in case of an emergency.

Though the government has mandated the deployment of vehicle health monitoring facilities, many vehicle owners are disabling and tampering on-board diagnostics and pollution control systems. They have also been tampering with laboratory test results and are bypassing emissions around monitoring devices. In U.S., the criminal office of the Environmental Protection Agency (EPA) and the Department of Justice (DOJ) in fact, had sued the employees of Rockwater Northeast LLC which provides operational services across oil and gas sector. The employees of this hydraulic fracturing firm had modified the OBD system and emission control unit of the company’s heavy-duty diesel trucks. This strict stand taken by the regulatory bodies for the infringement of Clean Air act has depicted the significance regulations have on the North America on-board diagnostics aftermarket industry growth.

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Asia Pacific On-board Diagnostics 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.

Glimpse of Table of Content (ToC)

Chapter 3. On-board Diagnostics Aftermarket Industry Insights
3.1. Introduction
3.2. Industry segmentation
3.3. On-board Diagnostics Aftermarket industry landscape
3.4. Industry ecosystem analysis
3.5. Features/benefits of OBD systems
3.6. Evolution of OBD technology
3.7. OBD Telematics architectural framework
3.8. Technology & innovation landscape
3.8.1. OBD in electric vehicles
3.8.2. OBD and GPS
3.9. Regulatory landscape
3.9.1.1. The California Air Resources Board (CARB) guidelines
3.9.1.2. The U.S. Environmental Protection Agency (EPA) Heavy Duty Engine Standards
3.9.1.3. The Society of Indian Automobile Manufacturers (SIAM) regulations
3.9.1.4. The European OBD Standards
3.9.1.5. OBD II Standards (U.S.)
3.9.1.6. China VI Emission Standards
3.10. Industry impact forces
3.10.1. Growth drivers
3.10.1.1. Shifting focus towards remote diagnostics technology
3.10.1.2. Growing trend of automotive Internet of Things (IoT)
3.10.1.3. Increasing global automotive production
3.10.1.4. Growing emphasis on vehicle emission control
3.10.1.5. Increasing popularity of Usage-based insurance (UBI)
3.10.2. Industry Pitfalls and Challenges
3.10.2.1. Cyber security threats and privacy concerns
3.10.2.2. Compatibility and interoperability issues
3.11. Growth potential analysis
3.12. Porter’s Analysis
3.13. PESTEL analysis

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