According to the research report titled ‘North America On-board Diagnostics (OBD) Aftermarket Size By Component, By Vehicle Type, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, North America on-board diagnostics aftermarket is likely to be appraised at USD 1 billion by the year 2026.
 

Strict vehicle emission regulations coupled with focus towards reducing pollution levels and improving vehicle reliability are some of the key factors driving the growth of North America on-board diagnostics aftermarket. Rapid expansion of the automotive sector and increasing complexity of automobile systems have also resulted in increased product penetration across the region.
 

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It is worth mentioning that remote diagnostic technology offers a robust safety mechanism that enable vehicles to be controlled and monitored using a remote operator. Increasing number of connected vehicles coupled with growing demand for advanced vehicle management systems are thus stimulating the overall industry outlook.
 

In terms of component type, the hardware segment captured 45% share in North America on-board diagnostics industry in 2019 and is estimated to generate lucrative returns in the forthcoming years. Highly competitive nature of this business domain in consort with emphasis towards offering better consumer experiences are adding traction to the segmental share.
 

As per vehicle type, the report claims that North America on-board diagnostics aftermarket share is predicted to expand with a CAGR of 13% during 2020-2026. Increasing number of passenger vehicles and mounting shipments of OBD units are favoring the overall market scenario.
 

Highlighting the application spectrum, the usage-based insurance (UBI) segment is expected to register a 20% CAGR through 2026, primarily driven by increasing popularity of OBD systems. Automobiles integrated with telematic solutions enable insurance providers to gather precise information. In addition, rising adoption of PAYD (pay-as-you-drive) models are fueling the segmental size.
 

The competitive landscape of North America on-board diagnostics (OBD) aftermarket is defined by companies such as Xirgo Technologies LLC, Verizon Communications Inc., Vector Informatik GmbH, TomTom N.V., Mojio Inc., Metromile Inc., Magneti Marelli S.p.A., Innova Electronics Corporation, Geotab Inc., Intel Corporation, ERM Electronic Systems Ltd., Continental AG, CalAmp, Robert Bosch GmbH, Danlaw Inc.,Azuga Inc., AVL DiTEST GmBH, Automatic Labs, and Autel Intelligent Technology Corp. among others.