On Board Units Industry is Forecast to Reach 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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Key Takeaways of On Board Units Market:

• Increasing Adoption of Electronic Toll Collection (ETC) Systems: The On Board Units market is experiencing significant growth due to the increasing adoption of Electronic Toll Collection (ETC) systems worldwide. OBUs play a crucial role in ETC systems by enabling seamless and automated toll payment transactions. They are installed in vehicles and communicate with toll infrastructure to deduct toll fees electronically, eliminating the need for manual cash payments.

• Government Initiatives for Intelligent Transportation Systems: Governments and transportation authorities are actively promoting the implementation of intelligent transportation systems, which include ETC systems with OBUs. These initiatives aim to improve traffic management, enhance road safety, reduce congestion, and provide a more convenient and efficient travel experience. OBUs are key components in these intelligent transportation systems.

• Interoperability and Standardization: Interoperability and standardization of OBUs are vital factors driving market growth. To ensure smooth toll collection across different regions and road networks, interoperable OBUs are developed to work seamlessly with multiple tolling systems and infrastructures. Standardization of OBUs simplifies the adoption process for vehicle owners and promotes interoperability between different toll operators.

• Technological Advancements: The On Board Units market is witnessing continuous technological advancements. OBUs are becoming more compact, efficient, and feature-rich, offering enhanced connectivity options, GPS navigation, real-time traffic updates, and integration with mobile applications. These advancements provide users with additional functionalities and convenience, making OBUs more appealing.

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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.

Fact.MR has provided detailed information about the price points of key manufacturers of on board units positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

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

Segmentation of On Board Units Industry Research

• 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 Communication
o Vehicle-to-Infrastructure Communication
o Vehicle-to-Pedestrian Communication

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Key Questions Covered in the On Board Units Market Report:

• What is the projected value of the On Board Units factors Industry in 2023?
• At what rate will the global On Board Units factors market size grow until 2033?
• Which are the factors hampering the growth of On Board Units factors?
• Which region is expected to lead in the global On Board Units factors market by 2033?
• Which are the factors driving the On Board Units factors Industry during the forecast period?
• What is the expected market value of the On Board Units factors market during the forecast period?

Regional Analysis for Keyword Market:

• APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
• North America (USA, Canada and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, United Arab Emirates, South Africa)

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This release was published on openPR.