On board diagnostics Device Market Size is Projected to Reach $63.7 Billion by 2031 | Growing at a CAGR of 11.7%.
On board diagnostics Device Market: Global Opportunity Analysis and Industry Forecast, 2022-2031
WILMINGTON, DELAWARE, UNITED STATES, October 12, 2023 /EINPresswire.com/ — Allied Market Research published a report on the 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.
The global on board diagnostics device market was valued at $21.3 billion in 2021, and is projected to reach $63.7 billion by 2031, growing at a CAGR of 11.7% from 2022 to 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.
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The research report presents a complete judgment of the on board diagnostics device market trends, growth factors, consumption, production volume, CAGR value, attentive opinions, profit margin, price, and industry-validated market data. Also, these research report provides accurate economic, global, and country-level predictions and analysis, size and share analysis, market dynamics, segmental analysis, top investment pockets, competition landscape, market drivers, restraints, and opportunities
Competitive Analysis:
The on board diagnostics device industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players of the global on board diagnostics device market include,
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
Denso Corporation
Top Impacting Factors:
Significant factors that impact the growth of the on board diagnostics device industry include rapid development of the automotive industry. Moreover, rapid increase in demand for IoT-based technology is expected to drive the market opportunity. However, frequent need for troubleshooting and need for constant maintenance of automotive software might hampers the on board diagnostics device market growth. On the contrary, developments in semi-autonomous and autonomous vehicles are offering potential growth opportunity for the on board diagnostics device market size during the forecast period.
Research Methodology:
The research uses both primary and secondary research to assemble data on the various facets of the international on board diagnostics device market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on.
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Key Benefits for Stakeholders:
1) The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
2) This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
3) Major countries in each region are mapped according to their revenue contribution to the global market.
4) Porter’s five forces analysis illustrates the potency of the buyers and the on board diagnostics device market share of key vendors.
5) The report includes major on board diagnostics device suppliers along with the company overview, business segments, product portfolio, and key strategic moves and development in the market.
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Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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