Global Automotive OBD Dongle Market 2019-2023 | 34% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Dec 17, 2019--
The automotive OBD dongle market size is poised to grow at a CAGR of close to 34% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive OBD dongle market 2019-2023. (Graphic: Business Wire)
Over the past decade, the automotive industry has witnessed a high adoption of electronic content in both passenger car as well as the commercial vehicle segments. This is due to the electrification of mechanical components, which has paved the way for the adoption of advanced assistance systems in modern vehicles. Moreover, the growing popularity of fleet management solutions and the increasing demand for navigation, safety, comfort, and content is pushing the adoption of electrical distribution systems in vehicles. Such fitments indicate the presence of software to run the operations, thereby making vehicles compatible and conducive for technologies such as OBD. The presence of a conducive technological environment is an inherent driver for the automotive OBD dongle market growth.
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As per Technavio, the emergence of next-generation telematics protocol (NGTP) will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Automotive OBD Dongle Market: Emergence of Next-Generation Telematics Protocol (NGTP)
NGTP is a technology-neutral protocol, which aims at developing telematics solutions. It was first introduced by telematics service vendors such as WirelessCar (Volvo Group), BMW, and Connexis. The aim was to provide a standardized platform for more flexible and scalable telematics systems. The adoption of NGTP by telematics service providers will help them offer a flexible, scalable, robust, and cost-effective telematics solution, which will be a useful addition to the current telematics practices in the commercial vehicle telematics market. This is expected to impact the global automotive OBD dongle market positively.
“Other factors such as the emergence of advanced analytics on telematics data to reduce risk severity, and vehicle diagnostics-based insurance programs will have a significant impact on the growth of the automotive OBD dongle market value during the forecast period,” says a senior analyst at Technavio.
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Automotive OBD Dongle Market: Segmentation Analysis
This market research report segments the automotive OBD dongle market by application (passenger cars and commercial vehicles) and geography (the Americas, APAC, and EMEA).
The Americas led the market in 2018, followed by APAC and EMEA, respectively. The growth of the automotive OBD dongle market share in the Americas can be attributed to favorable factors such as regulations, innovations, and affordability.
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Five Forces Analysis
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