Demand for On Board Units Are Increase at an Impressive CAGR of 14.4% by 2033

The global on board units market registered a CAGR of 8.6%, Over the 2018-2022 historical period. The report reveals that the industry will be worth US$ 2.5 billion in 2023 and increase at an impressive CAGR of 14.4% to reach a market valuation of US$ 9.5 billion by the end of 2033.

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The automotive industry is in the middle of a significant transition owing to the growing trend of high-end technologies being installed in vehicles. This segment is witnessing several changes in the form of the electrification of automotive components, instant connectivity, and enhanced safety. This is leading to increased penetration of electronic components in vehicles and further creating a significant need for on-board units.

Automated billing and recording of bills, which is also known as electronic toll collection (ETC), typically calls for these units. These can also be used to store diagnostic and emergency data, plan routes, and navigate, among other services. Additionally, they also provide a greater communication range, dependability, cost-effectiveness, and safety measures. In the industry, manufacturers are continuously focusing on building collaborations with automotive and telecom industries to drive the sales of on board units.

Key Takeaways from Market Study

• The global on board unit market is projected to reach a valuation US$ 9.5 billion by 2033.

• The market expanded at 8.6% CAGR between 2018 and 2022.

• Dedicated short range communication (DSRC) will dominate the market with US$ 1.9 billion valuation in 2023.

• Vehicle-to-vehicle communication will lead the market with 59.2% share in 2023.

• Demand for on board units is expected to increase in East Asia and Europe at CAGRs of 15.1% and 13.9%, respectively, during the forecasted period.

"Future potential of cellular network & AI technology to enhance growth of the market," says a Fact.MR analyst

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Competitive Landscape

Market players are trying to adopt newer technologies to stay on top of the competition. Several marketing strategies have been adopted such as strategic alliances, product launches, partnership agreements, research and development for superior performance, and many more.

Key Companies Profiled:

• Commsignia
• Danlaw Inc
• Harman Automotive (A Samsung Company)
• Mitsubishi
• Movyon SpA
• Q Free ASA
• Solaredge Technologies Inc
• Continental AG
• Unex Technology Corporation

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Key Segments:

• By Technology :

o Dedicated Short Range Communication (DSRC)
o Global Navigation Satellite Systems (GNSS)

• By Connectivity :

o Cellular Networks
o Wi-Fi
o Bluetooth

• By Application :

o Vehicle-to-Vehicle
o Vehicle-to-Infrastructure
o Vehicle-to-Pedestrian

• By Region :

o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o MEA

Questionnaire answered in the report include:

• How the industry has grown?
• What is the present and future outlook on the basis of region?
• What are the challenges and opportunities?
• Why the consumption in region?
• In which year segment is expected to overtake segment?

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This release was published on openPR.