Press release
On-Board Diagnostics (OBD) Aftermarket Market is estimated to increase at a CAGR of 26.6% during the forecast 2022-2031
On-Board Diagnostics (OBD) Aftermarket Market
The global On-board Diagnostics (OBD) Aftermarket market was valued at USD 1.4 billion in 2021 and it is anticipated to grow up to USD 14.8 billion by 2031, at a CAGR of 26.6% during the forecast period.
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OBD aftermarket Market is a term used to describe the growing industry of companies that offer OBD-related products and services. These products and services can include anything from OBD scanners and software to OBD-related repairs and diagnostics. The OBD aftermarket is a rapidly growing industry, due in part to the increasing popularity of OBD-equipped vehicles. As more and more people become aware of the benefits of OBD-equipped vehicles, the demand for OBD products and services is expected to continue to grow.
Market Trends and Drivers
Widespread adoption of remote vehicle diagnostic systems using data-based technology owing to the growing complexity of vehicle systems is a prominent driver for business expansion. The remote diagnostic technology delivers a safety mechanism that enables the control and monitoring of vehicles using a remote operator. The technology is utilized to make service cycle schedules for vehicles and helps in limiting vehicle downtime and breakdowns. IoT platforms are being increasingly implemented by the automotive industry to transform vehicles into an ecosystem hub of connected devices. The setup offers advantages such as real-time vehicle component monitoring, improved safety, and a user-friendly experience. These services are monitored by built-in OBD systems which analyse, track, and resolve the faults or problems associated with vehicle components, thus expanding market size.
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Global On-board Diagnostics (OBD) Aftermarket Market Segmental Overview
Based on component, it is segmented into hardware, and software. Among these, the hardware segment is estimated to account for a substantial share in the On-board Diagnostics (OBD) Aftermarket market through 2031. This rise can be attributed to the availability of a range of wearable devices in healthcare. Some of these devices include smart patches, rings, watches and others. Of these, ring-type wearables, equipped with deep learning analysis of PPG signals could help in the accurate diagnosis of AF without depending on electrocardiography. Similar devices enable the continuous monitoring of AF in high-risk populations.
Global On-board Diagnostics (OBD) Aftermarket Market by Vehicle Type
Based on the vehicle type, the On-board Diagnostics (OBD) Aftermarket market is segmented into Passenger Vehicles, Light Commercial Vehicles (LCV), and Heavy Commercial Vehicles (HCV). The passenger vehicle segment accounted for around 40% of the OBD aftermarket share in 2021. This can be credited to the increasing production of passenger cars equipped with OBD systems that can scan the engine and sub-components of vehicles. According to the Society of Indian Automobile Manufacturers (SIAM), above 3,650,698 passenger vehicles were produced in the year 2021-22 as compared to 3,062,280 in 2020-21.
Global On-board Diagnostics (OBD) Aftermarket Market by Application
With regards to application, the On-board Diagnostics (OBD) Aftermarket market is divided into consumer telematics, fleet management, car sharing, usage based insurance (UBI). In 2021, the consumer telematics segment valued at about USD xx million in 2021, which can be credited to favourable government initiatives to promote the usage of telematics for vehicle safety. The introduction of OBDs has resulted in the development of connected cars which has lowered the road accident fatality rate and allowed drivers to clock more miles. With a growing demand for OBD in consumer telematics, the market will observe substantial growth Up to 2031.
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Major Players in the Global On-board Diagnostics (OBD) Aftermarket Market
The key players in the on-board diagnostics (OBD) aftermarket market Autel Intelligent Technology Corp., Ltd., AVL Ditest, Azuga, Bosch Diagnostics, CalAmp, Continental AG, Danlaw, Inc., ERM Electronic Systems LTD, Geotab Inc., HeLLA GmbH & Co. among others.
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