On board diagnostics Device Market Expected to Reach $63.7 Billion by 2031

Allied Market Research published an exclusive report, titled, "On board diagnostics Device Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Vehicle Type : Global Opportunity Analysis and Industry Forecast, 2022-2031".

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On-board diagnostics refers to the automotive electronic system that provides vehicle self-diagnosis and reporting capabilities for repair technicians. An on-board diagnostics device gives technicians access to subsystem information for the purpose of performance monitoring and analyzing repair needs. on-board diagnostics device is an important part of telematics and fleet management, making it possible to measure and manage vehicle health and driving.

Development of the automotive industry, increase in demand for IoT-based technology, and high demand for safety features in vehicles act as the key driving forces of the global on board diagnostics device market growth. Recent on board diagnostics device market trends suggests that the demand for vehicle on board diagnostics and on board diagnostic connector is expected to rise significantly owing to the increase in research and developments in the automotive inusttry across the globe.

However, factors such as high implementation cost coupled with complexities in configuration and frequent requirement of troubleshooting & high maintenance of automotive software create a negative impact on the on board diagnostics device market share, thereby hampering the growth of the market across the globe. On the contrary, factors such as developments in semi-autonomous & autonomous vehicles and advent of multifunctional system are expected to create remunerative opportunities for the expansion of the global on board diagnostics device market share during the forecast period.

The on board diagnostics device market report encompasses driving factors of the market coupled with prime obstacles and restraining factors that hamper the market growth. The report helps existing manufacturers and entry-level companies devise strategies to battle challenges and leverage lucrative opportunities to gain a foothold in the global market.

Key Market Players:

Autel Intelligent Technology Corp., Ltd., Robert Bosch GmbH, Detroit Diesel Corporation, Innova Electronics Corp., Vector Informatik, AVL DiTEST GmbH , Zubie Inc., ERM Electronic Systems LTD, Verizon Communications Inc and Denso Corporation

Segmentation Analysis:

The on board diagnostics device market is segmented into Type and Vehicle Type.

According to on board diagnostics device market analysis, the hand-held tools segment was the highest contributor to the market in 2021. The passenger cars and light commercial vehicles segments collectively accounted for around 89.3% market share in 2021. The outbreak of the COVID-19 has significantly impacted the growth of the on-board diagnostics device.

Region-wise, the on-board diagnostics device industry has gained immense traction across North America due to the strategies opted by the companies operating across the region. U.S. acquired a prime share in the on board diagnostics device market in the North American region and is expected to grow at a significant CAGR during the forecast period of 2022-2031.

In Europe, the Germany, dominated the on board diagnostics device market size, in terms of revenue, in 2021 and is expected to follow the same trend during the forecast period.

In Asia-Pacific, China is expected to emerge as a significant market for the on board diagnostics device industry, owing to a significant rise in investment by prime players and government institutions in automotive research and development, to boost smart infrastructure across industrial and manufacturing sectors.

By LAMEA region, the Latin America country garner significant market share in 2021 due to the shifts in artificial intelligence, industry 4.0, and smart technological changes in recent years.

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The research report mainly focuses on the growth drivers and investment opportunities in the industry to assist companies in formulating strategies for taking a lead in the on board diagnostics device market. Additionally, the report also highlights the market restraints and challenges that the sector might face in the coming period. Moreover, by using scientific tools like Porter's five forces, the competitive scenario of the domain is also presented in this study which helps the companies understand the dynamic nature of the market.

The Report will help the Readers:

- Figure out the market dynamics altogether.

- Inspect and scrutinize the competitive scenario and the future on board diagnostics device market landscape with the help of different strictures including Porter's five forces.

- Understand the impact of different government regulations throughout the global health crisis and evaluate the on board diagnostics device market condition in the tough time.

- Consider the portfolios of the protruding players functional in the market in consort with the thorough study of their products/services.

- Have a compact idea of the highest revenue generating segment.

Research Methodology:

Along with the growth drivers and investment opportunities in the sector, the report also highlights the latest trends and developments in the industry. Also, the financial performance of the major companies in the industry is studied as part of the report. To substantiate the information given in the report, interviews with major stakeholders in the industry are also provided, which helps businesses get a true picture of the sector.

The research operandi of the global on board diagnostics device market includes significant primary as well as secondary research. When the primary methodology encompasses widespread discussion with a plethora of valued participants, the secondary research involves a substantial amount of product/service descriptions. Furthermore, several government sites, industry bulletins, and press releases have also been properly examined to bring forth high-value industry insights.

Key Findings Of The Study:

In 2021, the hand-held tools segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 9.95% during the forecast period.

The passenger cars and light commercial vehicles segments together for around 89.3% on board diagnostics device market share in 2021.

North America contributed for the major share in the on board diagnostics device market, accounting for more than 36.3% share in 2021.

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