September 09, 2021
According to the business intelligence report titled ‘Asia Pacific On-board Diagnostics Aftermarket Forecast 2026 By Vehicle Type, By Component, By Application, Research Report, Regional Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report, Asia Pacific on-board diagnostics aftermarket is projected to expand considerably between 2020-2026, amassing USD 900 million by 2026.
Increasing industrialization, growing population, and surging demand for efficient mobility are the primary drivers for Asia Pacific on-board diagnostics aftermarket. Presence of leading automakers, and advancements in technology will aid revenue inflow as well.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/4037675/
Citing an instance, the on-board diagnostics (OBD) technology was introduced in India in 2010 to combat the high pollution levels in major cities due to automobile exhaust emissions. This move came after the BS6 regulation was announced, according to which, all vehicles manufactured after April 2020 must be equipped with the OBD2 system.
For the unversed, on-board diagnostics is a groundbreaking technology which enables a car to diagnose and submit trouble codes. They are utilized for driver activity tracking, fleet management, and remote monitoring of distance, time, speed, route, idle, and other parameters through real-time insights.
Growing demand for computerized fault detection system, and increasing reliance on electronics in vehicles will facilitate industry growth as well.
Based on vehicle type, Asia Pacific on-board diagnostics aftermarket is divided into passenger vehicles, heavy commercial vehicles (HCV), and light commercial vehicles (LCV). Speaking of component, the industry is split into hardware (OBD dongles, OBD scanners), service (managed service, integration & maintenance, training & consulting), and software (PC-based software, apps). As per application scope, the business sphere is arrayed into car sharing, consumer telematics, fleet management, and usage-based insurance.
From geographical frame of reference, China market is projected to expand at 15% CAGR between 2020-2026, owing to rising production of passenger cars, adoption of new vehicle emission standards by the Chinese government, and efforts to discourage the use of petrol and diesel cars.
Leading players formulating the competitive landscape of Asia Pacific on-board diagnostics aftermarket are Verizon Communications Inc., Autel Intelligent Technology Corp. Ltd., TomTom N.V., Azuga Inc., Magneti Marelli S.p.A., Bosch Diagnostics (Robert Bosch GmbH), Intel Corporation, CalAmp Corporation, Geotab Inc., Continental AG, Erm Electronic Systems Ltd., and Danlaw Inc.