Global Automobile OBU (On-Board Unit) Market Size To Exceed USD 10.88 Billion By 2033 | CAGR of 13.16%
Category: Automotive & TransportationGlobal Automobile OBU (On-Board Unit) Market Size To Exceed USD 10.88 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Automobile OBU (On-Board Unit) Market Size is Expected to Grow from USD 3.16 Billion in 2023 to USD 10.88 Billion by 2033, at a CAGR of 13.16% during the forecast period 2023-2033.
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Browse key industry insights spread across 245 pages with 130 Market data tables and figures & charts from the report on the "Global Automobile OBU (On-Board Unit) Market Size, Share, and COVID-19 Impact Analysis By Component (Hardware, Software, and Services), By Vehicle Type (Passenger Cars and Commercial Vehicles), By Application (Electronic Toll Collection, Fleet Management, Traffic Management, Infotainment, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/automobile-obu-on-board-unit-market
The automobile OBU (On-Board Unit) market refers to an onboard electronic device in a vehicle that allows communication with outside systems for several purposes, including electronic toll collection (ETC), vehicle tracking, fleet management, navigation, diagnostics, and Vehicle-to-Everything (V2X) communication. The growing adoption of electronic toll collection (ETC) systems. ETC systems employ on-board units to enable automatic toll payment, cutting down on traffic congestion at toll plazas and improving traffic flow. Governments and transport authorities across the globe are investing significantly in ETC infrastructure to facilitate smooth travel and lower carbon emissions. The use of OBUs in toll collection enhances the efficiency of toll operations, as well as offering a more convenient payment alternative for commuters, thus propelling the market growth. Moreover, the growing adoption of telematics services that leverage OBUs for fleet management, vehicle tracking, and predictive maintenance is a key trend. The growth expands operational efficiency and decreases downtime for fleet operators, thus stimulating demand for sophisticated OBUs. However, privacy and data security are significant concerns as OBUs collect and transfer huge amounts of data. Cyberattacks and unauthorized access incidents can seriously endanger market participants by disrupting consumer acceptance and regulatory clearances.
The hardware accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on component, the automobile OBU (On-Board Unit) market is segmented into hardware, software, and services. Among these, the hardware segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth is driven by its constituents, the critical core of all OBUs, with elements such as GPS modules, processors, and sensors. It entails high volume production, higher initial costs, and regular upgrades, particularly in commercial fleets.
The passenger cars segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on vehicle type, the global automobile OBU (On-Board Unit) market is divided into passenger cars and commercial vehicles. Among these, the passenger cars segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth is due to the rising need for connected car technology and the growing focus on improving the driving experience are fueling the usage of OBUs in passenger cars.
The fleet management segment held the largest share of the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.
Based on application, the global automobile OBU (On-Board Unit) market is categorized into electronic toll collection, fleet management, traffic management, infotainment, and others. Among these, the fleet management segment held the largest share of the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to the rising need for regulatory compliance, and effective fleet management solutions are anticipated to boost the market growth in this application segment.
North America is expected to hold the majority share of the global automobile OBU (On-Board Unit) market during the forecast period.
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North America is expected to hold the majority share of the global automobile OBU (On-Board Unit) market during the forecast period. North America dominates the early take-up of Intelligent transportation Systems, high concentration of leading automakers, and high vehicle penetration. Moreover, government encouragement of connected vehicle technology and V2X communication has also fueled growth.
Asia-Pacific is anticipated to grow at the fastest pace in the global automobile OBU (On-Board Unit) market during the forecast period. The market is driven by the expansion of e-commerce and fleet-based delivery services throughout Asia is driving the demand for real-time vehicle monitoring using OBUs. Furthermore, the availability of cost-effective manufacturing centers and an expanding base of technology startups is facilitating innovation and affordability in OBU solutions.
Major vendors in the global automobile OBU (On-Board Unit) market are Continental AG, Denso Corporation, Harman International Industries, Inc., Bosch Mobility Solutions, Panasonic Corporation, Lear Corporation, Aptiv PLC, Valeo S.A., Visteon Corporation, Magneti Marelli S.p.A., NXP Semiconductors N.V., Infineon Technologies AG, LG Electronics Inc., Pioneer Corporation , and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
In March 2024, the Land Transport Authority (LTA) launched of On-Board Unit (OBU) installtions. Installation of the On-Board Unit (OBU) of the ERP 2.0 system on locally registered motorcycles in the place will commence shortly form 1 June 2024.
Market Segment
This study forecasts revenue at the global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the automobile OBU (On-Board Unit) market based on the below-mentioned segments:
Global Automobile OBU (On-Board Unit) Market, By Component
- Hardware
- Software
- Services
Global Automobile OBU (On-Board Unit) Market, By Vehicle Type
- Passenger Cars
- Commercial Vehicles
Global Automobile OBU (On-Board Unit) Market, By Application
- Electronic Toll Collection
- Fleet Management
- Traffic Management
- Infotainment
- Others
Global Automobile OBU (On-Board Unit) Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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