Press release
Automotive On-board Diagnostics Market Top Scenario, SWOT Analysis, Business Overview & Forecast 2021-2031
Even though the coronavirus pandemic has caused a major impact on the automotive industry, the pandemic is pushing stakeholders into the information age. Companies in the automotive on-board diagnostics market are anticipating future revenue opportunities in wireless communications, in-vehicle electronics, and location technology involving insurance and OEMs (Original Equipment Manufacturers). Such trends are paving the way for telematics.
With the help of telematics, drivers are predicted to enjoy discounted insurance premium rates based on the distance they drive as per the traditional pay-per-mile program. Even insurance carriers can better manage their risk portfolios using mileage and driver behavior data, which is leading the way for accurate risk prediction. OEMs being an integral part of the automotive on-board diagnostics market are using telematics to leverage connected car data to offer value-added experience to vehicle owners.
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Awareness of Real-time Insurance Pricing to Help Overcome Slow Telematics Adoption
Despite all the clear benefits of telematics-based insurance policies, vehicle owners have been historically slow in its adoption. This explains why the automotive on-board diagnostics market is slated to register a modest CAGR of ~5% during the forecast period.
As more number of individuals gain knowledge about the advantages of electric vehicles, it is anticipated that stakeholders will create awareness about telematics-based insurance policies to be more profitable, have longer retentions, and high customer satisfaction as compared to traditional methods. Telematics is enabling real-time insurance pricing based on both miles driven and driver behavior.
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New OBD Devices Enable Vehicle Tracking, Reduce Downtime
The automotive on-board diagnostics market is expected to reach the value of US$ 22 Bn by 2031. Vehicle tracking, geo fencing, and real-time automotive diagnostics are estimated to become increasingly commonplace after a decade. indie Semiconductor – a provider of SoCs (System-on-Chips) for the automotive industry is capitalizing on this opportunity by launching its new on-board diagnostics (OBD) device in March 2021.
Companies in the automotive on-board diagnostics market are entering into mergers to strengthen supply chains for comprehensive hardware and software of OBD. OBD devices include black box event data recorders, geo fencing, and vehicle tracking. Remote diagnostic solutions play a key role in establishing preventive maintenance and scheduling vehicle service cycles in order to reduce downtime and risks of breakdowns.
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