The On-board Diagnostics Aftermarket is the increasing shift toward Usage-Based Insurance (UBI) to promote safer driving practices among the drivers

Selbyville, United States - October 2, 2019 /MarketersMedia/ —

North America is estimated to account for the largest share of over 40% in the global On-board Diagnostics aftermarket by 2024. The market growth in this region is attributed to technological advancements in the transportation infrastructure and the high penetration of the smartphones and cloud technology in the region. The extensive presence of some of the leading global auto manufacturers and suppliers is also contributing to the growing automobile industry in the region. These players have made significant investments in their manufacturing facilities and R&D departments to develop new and advanced vehicle models. For instance, in January 2018, Ford Motor Company announced that it is planning to increase investments in electric vehicles to USD 11 billion by 2022 with 40 electric and fully-hybrid vehicles in its portfolio.

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Powered by a strict regulatory frame of reference formulated to control vehicular emissions, on On-board Diagnostics aftermarket has emerged as a highly lucrative business sphere over the last few years. Lately, many regulatory bodies have established emission control facility centers to resolve the issues related to the effective working of OBD. In the U.S. specifically, the National Center for Automotive Science & Technology has established the National OBD Clearinghouse for facilitating the understanding of the on-board diagnostics technology, for which U.S. Environmental Protection Agency (EPA) has even provided a grant. In order to comply with the Clean Air Act, EPA has been encouraging people to conduct vehicle maintenance and inspection that will ultimately control the vehicle emission. As of now, a majority of vehicles are incorporated with the OBD technology for meeting the national air quality standards.

Another factor driving the growth of the On-board Diagnostics Aftermarket is the increasing shift toward Usage-Based Insurance (UBI) to promote safer driving practices among the drivers. OBD devices help auto companies and insurance providers to set the premium amount depending on the driver's driving habits, distance traveled, and the status of the vehicle. Based on these considerations, the insurance companies can decide whether to reward or penalize the customer.

Though the government has mandated the deployment of vehicle health monitoring facilities, many vehicle owners are disabling and tampering on-board diagnostics and pollution control systems. They have also been tampering with laboratory test results and are bypassing emissions around monitoring devices. In U.S., the criminal office of the Environmental Protection Agency (EPA) and the Department of Justice (DOJ) in fact, had sued the employees of Rockwater Northeast LLC which provides operational services across oil and gas sector. The employees of this hydraulic fracturing firm had modified the OBD system and emission control unit of the company’s heavy-duty diesel trucks. This strict stand taken by the regulatory bodies for the infringement of Clean Air act has depicted the significance regulations have on the North America On-board Diagnostics aftermarket growth.

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The significant benefits associated with the deployment of on-board diagnostics system to improve air quality through vehicle maintenance and inspection is slated to fuel the product demand across the globe. The installation of vehicle health inspection systems ultimately helps the owners to maintain the vehicle before it violates the air quality standard set by the government. In this regard, many vehicle owners have been implementing OBD systems to monitor and maintain their vehicles which will favorably stimulate on-board diagnostics aftermarket over the years ahead. For the record, driven by a strict regulatory frame of reference, the overall On-board Diagnostics aftermarket will surpass revenue collection of USD 1.5 billion by the end of 2024.

Some Points From Table Of Content: -

Chapter 6. On-board Diagnostics aftermarket, By Component
6.1. Key trends, by component
6.2. Hardware
6.2.1. On-board diagnostics aftermarket, scanners
6.2.1.1. OBD scanners market estimates and forecast, by region, 2013-2024
6.2.2. OBD Dongles
6.2.2.1. OBD scanners market estimates and forecast, by region, 2013-2024
6.3. Software
6.3.1. PC-based software
6.3.1.1. PC-based software market estimates and forecast, by region, 2013-2024
6.3.2. Apps
6.3.2.1. Apps market estimates and forecast, by region, 2013-2024
6.4. Service
6.4.1. Training and consulting
6.4.1.1. Training and consulting service market estimates and forecast, by region, 2013-2024
6.4.2. Integration and maintenance
6.4.2.1. Integration and maintenance service market estimates and forecast, by region, 2013-2024
6.4.3. Managed Service
6.4.3.1. Managed service market estimates and forecast, by region, 2013-2024

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