Global OBD Telematics Market growing at a CAGR of 9.1% from 2023 to 2030
Category : IT And Telecommunications | Published Date : Jun 2023 | Type : Press Release
Key Market Overview
The global OBD telematics market was valued at USD 2,409.98 million in 2022 and is expected to register a compound annual growth rate of 9.1% to reach USD 4,813.72 million in 2030.
The report highlights the integration of telematics systems in vehicles due to the increasing demand for connected vehicles among consumers. Consegic Business Intelligence provides an inclusive research report on the OBD telematics market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.
Global OBD Telematics Market By Overview
The report analyses significant segments such as product type, application, and region, to identify emerging trends and potential opportunities. The application segment is expected to grow due to the increasing demand for OBD telematics devices to diagnose vehicle issues accurately and efficiently. Moreover, the application of OBD telematics by state agencies to monitor the emissions by the vehicle is contributing to the growth of the OBD telematics market.
Get Free SampleMarket Dynamics
Driver:
- The growing demand for connected vehicles due to the integration of telematics systems into vehicle designs has contributed to the expansion of the OBD telematics market.
- Government regulations and standards related to vehicle emissions, safety, and efficiency have played a significant role in driving the adoption of OBD telematics.
- The increasing adoption of advanced technologies such as IoT integration, cloud computing & data analytics to gather insights into the vehicles' performance is accelerating the growth of the market.
Restraints:
- Data privacy and security concerns associated with OBD telematics is hindering the growth of OBD telematics market.
- The increased dependence of OBD telematics on network connectivity for efficient operations is restraining the market growth.
Market Segmentation:
| Report Attributes | Report Details |
| By Product Type | SIM Card, Wi-Fi, and Others |
| By Application | Repair Technicians, State Agencies, Vehicle Owners, Vehicle and Engine Manufacturers, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The global OBD telematics market is highly competitive due to the presence of major players such as BorgWarner Inc., Continental AG, Bosch Automotive Service Solutions Inc., LG Electronics, Geotab Inc., Danlaw, Inc., CalAmp, Xirgo Technologies operating in the global market. The market players are adopting new ways through product innovations, mergers and acquisitions, and business strategies to remain hold strong market position. Thus, evolving research and developments in OBD telematics market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various industries.
- BorgWarner Inc.
- Continental AG
- LG Electronics
- Geotab Inc.
- Danlaw, Inc.
- CalAmp
- Xirgo Technologies
- Mojio
- Queclink Wireless Solutions Co., Ltd.
- Bosch Automotive Service Solutions Inc.
