No matter whether you are an individual or providing the car rental services, the hefty sum spent on the car repairs or the sudden case of the car malfunctioning is annoying to both. That’s where most of us cross the fingers to not get stuck with any of the case. Alas! It’s impossible.
Let’s understand OBD in a nutshell:
1. Inexpensive option as opposed to GPS tracking software
According to Statista, “Every year the lives of approximately 1.35 million people are cut short as a result of a road traffic crash. Between 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability as a result of their injury.”
This may be due to improper functioning of the vehicle or rash driving behavior. As these consequences also affect the country’s overall GDP growth along with personal losses, an IoT based automotive solution is the primary need to bring that level of awareness with car/ vehicle safety.
How will it change the way we approach daily commute and long-destination trips?
The Internet of Things can improve the map accuracy of existing navigators, add a traffic status tracker based on V2V (vehicle to vehicle) technology, offering dining recommendations as well as the local speed limits.
The Internet of Things will allow vehicle managers to track the entire fleet in real time, report on drivers’ behavior, and ensure the delivery process is moving according to a manager’s plan.
All the information will be sent and processed in the cloud gateway so that a fleet manager can track the position of the vehicle and be alerted in case of safety issues.
Google, for instance, has already integrated Maps, Play Store, and Assistant into smart vehicles.
Battery and bandwidth consumption - to create a comfortable bidirectional communication flow between vehicles, one needs open sockets - that results in a bandwidth consumption increase.
Emergence of autonomous vehicles is supporting growth of the market
The key factor responsible for the growth of the global remote vehicle diagnostics market is advent of autonomous vehicle.
In electric vehicles this solution is responsible for monitoring working status of the vehicle, control, and providing overall status of the vehicle, which includes status of battery and remote vehicle operations such as door locking and HVAC, by sending updates via email or SMS to the owner.
For instance, according to IHS Markit, an automotive database provider, the global autonomous vehicles sales is expected to cross over 600,000 units in 2025 increasing at a CAGR of 43% between 2025 and 2035.
Remote Vehicle Diagnostics Market Taxonomy
On the basis of vehicle type, the global remote vehicle diagnostics market is segmented into:
The report is thinking about the year 2019 as a foundation year and the forecast period for predicting the development of the Global Automotive On-board Diagnostics (OBD) market is 2020-2026 report.
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