Development of the automotive industry, increase in demand for IoT-based technology, and high demand for safety features in vehicles drive the global on-board diagnostics device market growth
PORTLAND, Ore., Jan. 24, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “On-Board Diagnostics Device Market by Type (Hand-held tools, Mobile-based tools, PC-based tools, Others), by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Electric Vehicle): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global on-board diagnostics device industry generated $21.3 billion in 2021, and is estimated to reach $63.7 billion by 2031, witnessing a CAGR of 11.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Development of the automotive industry, increase in demand for IoT-based technology, and high demand for safety features in vehicles drive the growth of the global on-board diagnostics device market. However, high implementation cost coupled with complexities in configuration and frequent requirement of troubleshooting & high maintenance of automotive software create a negative impact, hampering the global market growth. On the other hand, factors such as developments in semi-autonomous & autonomous vehicles and advent of multifunctional systems present new growth opportunities for the global market in the coming years.
Covid-19 Scenario
- The on-board diagnostics device market was severely impacted by the outbreak of the COVID-19 pandemic. This is because production and manufacturing facilities worldwide were shut down, owing to lockdown and unavailability of workforce. The pandemic brought hindrances in the global supply chain, thereby creating significant gap in the same.
- Companies operating in the on-board diagnostics device market experienced a slowdown, owing to lack of availability of skilled professionals to develop on-board diagnostics device solutions, which caused a decline in revenues for the financial year 2020 to 2021.
- However, the market recovered post the pandemic and will remain in the growth stage during the forecast period.
The hand-held tools segment to maintain its revenue dominance during the forecast period
Based on type, the hand-held tools segment was the largest market in 2021, contributing to more than half of the global on-board diagnostics device market, and is expected to maintain its leadership status during the forecast period. This is because these tools are available at all the service stations as well as with individuals who have knowledge about vehicle servicing. Moreover, the aftermarket companies that are involved in the production of diagnostic components offer products, which can be used for vehicle diagnosis. On the other hand, the mobile-based tools segment is projected to witness the fastest CAGR of 15.5% from 2022 to 2031. Rapid technological advancements coupled with the rise in need for smart vehicle diagnostic components supplements the growth of the segment.
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The passenger cars segment to maintain its dominance during the forecast period
Based on vehicle type, the passenger cars segment held the largest market share of more than two-thirds of the global on-board diagnostics device market in 2021 and is expected to maintain its dominance during the forecast period. This is owing to passenger vehicles playing a vital role in the transportation industry. Moreover, surge in penetration of passenger vehicles propel the need for advanced technologies, such as the advanced driver assistance system (ADAS), which provide numerous safety & security features. On the other hand, the electric vehicle segment is projected to witness the largest CAGR of 15.29% from 2022 to 2031. This is because electrical vehicles do not require fuel for propulsion and are ecofriendly as compared to internal combustion engine-based vehicles. Moreover, the installation of advanced driving system in new electric vehicles require different types of sensors, such as ultrasonic or infrared, which significantly contributes toward the growth of the market.
Asia-Pacific to achieve the fastest growth by 2031
Based on region, Asia-Pacific would manifest the fastest CAGR of 13.84% during the forecast period. The growth is driven by numerous development and product offerings made by key companies operating across Asia-Pacific. However, North America was the largest market in 2021, capturing more than one-third of the global on-board diagnostics device market. On the other hand, the market in Europe is expected to lead in terms of revenue in 2031. Companies such as BMW AG, Continental AG, Delphi Technologies, and Robert Bosch GmbH mark their presence across European countries and supplements the growth of on-board diagnostics device market across the region.
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Leading Market Players
- Detroit Diesel Corporation
- Zubie, Inc.
- Innova Electronics Corp.
- AVL DiTEST GmbH
- Robert Bosch GmbH
- Vector Informatik GmbH
- Denso Corporation
- Autel Intelligent Technology Corp., Ltd.
- ERM Electronic Systems Ltd.
- Verizon Communications Inc.
The report analyzes these key players of the global on-board diagnostics device market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Key Benefits for Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the on board diagnostics device market analysis from 2021 to 2031 to identify the prevailing on board diagnostics device market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the on board diagnostics device market outlook assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global on board diagnostics device market trends, key players, market segments, application areas, on board diagnostics device market forecast and market growth strategies.
On-board Diagnostics Device Market Key Segments:
Type
- Hand-held tools
- Mobile-based tools
- PC-based tools
- Others
Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Vehicle
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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