Global Heavy-duty Trucks On-board Diagnostics System Market 2019-2023
About this market
Rising cost pressure due to price fluctuation of fuel and inefficiency of fleet operation have become crucial challenges for fleet operators to tackle. For efficient cost management, fleet operators are adopting cost optimization strategies that allow them to reduce the TCO to an extent. Innovations and improvements to the vehicle engine can help optimize fuel consumption and enhance fleet management efficiency. The use of advanced transmission design and technology add to the new ways of achieving better mileage and fuel efficiency. As 0BD helps monitor vehicle components, the data generated by each component is a valuable source of information to improve the component's design parameters. Technavio’s analysts have predicted that the heavy-duty trucks on-board diagnostics system market will register a CAGR of over 4% by 2023.
UBI model to drive the need for OBD
UBI is a service wherein the insurer is charged based on information collected by the vehicles' OBD system about the driving style of the driver and many other parameters such as driving speed and distance driven. Using UBI, insurance companies can create risk profiles for the insurers based on the data from OBD systems.
High cost of vehicle telematics services
In addition, the high cost of automobile-embedded telematics makes it difficult for manufacturers to keep their product prices low. However, in the current price-sensitive market, where customers are looking for products that give them maximum value for money, it has become difficult for manufacturers to shift the pricing pressure onto their customers. Therefore, manufacturers are compelled to keep their margins low.
For the detailed list of factors that will drive and challenge the growth of the heavy-duty trucks on-board diagnostics system market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Heavy-duty Trucks On-board Diagnostics System Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the growing popularity of fleet management solutions in logistics sector.”
According to the report, one of the major drivers for this market is the increasing among of electronic contents in modern vehicles.
Further, the report states that one of the major factors hindering the growth of this market is the privacy and hacking concerns with on- board diagnostics.
Detroit Diesel Corporation
Robert Bosch GmbH
Vector Informatik GmbH
WABCO Holdings Inc.
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