For an owner of a fleet of commercial vehicles, the cost of continuous maintenance increases the overall cost of the fleet management. This is due to the limited access to the vehicle components. Remote diagnostics is a specially designed tool for commercial vehicles, which enables fleet operators to detect failure in the onboard system and schedule vehicle maintenance accordingly. The commercial vehicle remote diagnostics is a wireless system, which provides all the data about the vehicle such as running status, condition of the vehicle components, and possible chances of failure of the components and system.
Increased number of electronic components in a vehicle is the prime driver of the commercial vehicle remote diagnostics market. Automation level of commercial vehicles is increasing with the enhanced need for sophistication. Advanced technologies such as driver assistance systems, vehicle infotainment system, and vehicle connectivity system, are increasingly being incorporated in vehicles. A commercial vehicle remote diagnostics system allows the owner to detect the problems much before they occur. It provides data about engine efficiency and vehicle running condition. Any change in vehicle efficiency is detected by the vehicle diagnostics system, and it provides information about corrective measures to be taken. Moreover, increased demand for electric vehicles is also a prominent driver of the commercial vehicle remote diagnostics market. Electric vehicles contain numerous electronic components that need to be monitored properly to ensure appropriate working of the vehicle. Increasing number of connected commercial vehicles is also a major driver of the commercial vehicles remote diagnostics market. Increased digitization, diversified mobility, enlarging autonomous driving technologies, electrification of vehicles, and need for connectivity are likely to boost the demand for commercial vehicles remote diagnostics market.
A key restraint of the commercial vehicles remote diagnostics market is the cost of the system. Remote diagnostics increases the cost of the fleet management; owing to which, owners or consumers do not prefer to have a remote diagnostics tool in their commercial vehicles. Another restraint of the market is a lack of awareness. Several consumers are not aware about the commercial vehicle remote diagnostics tools or system; consequently, the market for the technology is spread over limited areas, globally.
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The commercial vehicles remote diagnostics market can be segmented based on connectivity, application, commercial vehicle type, sales channel, and geography. In terms of connectivity, the commercial vehicles remote diagnostics market can be classified into four segments. The Wi-Fi network-based segment is a prominent segment of the market. Most fleet operators prefer this type of connectivity, as it provides ease of access and ease of handling. The cloud-based app segment of the market is gaining popularity amongst the fleet operators. This type of connectivity allows the operator to track the vehicle data from remote location.
Four applications consolidate to form the commercial vehicle remote diagnostics market. Vehicle tracking and vehicle health alert are major tasks that are performed by remote diagnostics. Most fleet operators prefer the commercial vehicle remote diagnostics for continuous vehicle health alerts. Based on commercial vehicle type, the commercial vehicle remote diagnostics market is segregated into three segments. Fleet operators of buses and heavy commercial vehicles are prominent consumers of the remote diagnostics. In terms of sales channel, the commercial vehicle remote diagnostics market is split into two segments. The aftermarket segment dominates the market. Generally, fleet owners prefer to use a remote diagnostic tool as per their preference. There are different types of commercial vehicles remote diagnostics tools available in the aftermarket.
In terms of geography, the commercial vehicle remote diagnostics market can be segmented into five prominent regions. North America accounts for a significant number of commercial vehicles. Fleet owners in North America have greater awareness about vehicle health. Consequently, they prefer vehicle diagnostics. North America is a major market for commercial vehicle remote diagnostics.
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