On-Board Diagnostics (OBD) Aftermarket Size - By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles), Application (Consumer Telematics, Fleet Management, Car Sharing, Usage-based Insurance), Component & Forecast 2023 -

On-Board Diagnostics (OBD) Aftermarket Size - By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles), Application (Consumer Telematics, Fleet Management, Car Sharing, Usage-based Insurance), Component & Forecast 2023 - 2032

Global On-Board Diagnostics (OBD) Aftermarket will witness over 20.5% CAGR between 2023 and 2032. The industry demand is growing due to several companies releasing new and improved OBD technologies and services. For instance, in January 2023, Innova Electronics Corporation, a recognized provider of automotive aftermarket test equipment and diagnostic reporting solutions, unveiled its most recent software and firmware update for its current-generation OBD2 scanner tools and dongles. Innova encourages owners of their diagnostic tools to carry out a software/firmware update to ensure optimal performance and make the most of the additional enhancements.

These innovations are transforming vehicle diagnostics, improving accuracy and user-friendliness. As these technologies proliferate, the aftermarket sector experiences sustained growth, meeting the increasing needs of vehicle owners and the automotive industry for comprehensive and efficient OBD solutions. Therefore, the rising advancements in technology support the on-board diagnostics aftermarket growth.

The overall On-Board Diagnostics (OBD) Aftermarket is classified based on vehicle type, application, and region.

Passenger vehicles segment will undergo significant development from 2023 to 2032. This demand is driven by the need for advanced diagnostic solutions to ensure smooth and efficient operation of these vehicles. OBD systems offer real-time monitoring and reporting, enabling vehicle owners to stay informed about their vehicle's health, comply with emissions standards, and proactively address maintenance issues, ensuring safety and reliability on the road. Additionally, the rising number of advancing passenger vehicle services further solidifies its contribution to the on-board diagnostics aftermarket demand.

Consumer telematics segment will register a noteworthy CAGR from 2023 to 2032. OBD devices have become integral in the telematics industry, offering real-time vehicle data and diagnostics. Consumers and businesses alike utilize these solutions to track vehicle performance, thus improving driver behavior and optimizing fleet management. This growing demand supports the essential role of OBD technology in enhancing the effectiveness of telematics applications.

Europe on-board diagnostics (OBD) aftermarket will showcase an appreciable CAGR from 2023 to 2032, driven by regulatory initiatives and rising awareness of vehicle emissions and efficiency. OBD systems play a pivotal role in monitoring and reporting vehicle performance, contributing to emissions control and compliance. The increasing emphasis on sustainability and environmental concerns further underscores the importance of OBD technology in the European market.