Automotive Diagnostic Scan Tools Market to hit $60 Bn by 2030, Says Global Market Insights Inc.
SELBYVILLE, Del., June 13, 2022 /PRNewswire/ — Major automotive diagnostic scan tools market participants include Continental AG, Daimler AG, Delphi Automotive PLC, Denso Corporation, DG Technologies, and Fluke Corporation.
The automotive diagnostic scan tools market is expected to surpass USD 60 billion by 2030, as reported in a research study by Global Market Insights Inc. The increasing electrification of vehicles and growing number of service stations & workshops, along with the demand for safe, efficient, and convenient driving experience, is bolstering the market expansion.
The automotive diagnostic scan tools market for passenger vehicles segment is predicted to observe 5% CAGR through 2030. The increasing sales of luxury vehicles will drive the number of operational passenger vehicles across the world. The rapid rise in passenger vehicle sales is generating a strong demand for automotive diagnostic scan tools and strict fuel regulations to check the vehicle’s emission levels and other air particulates.
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The OEM diagnostics segment is projected to garner substantial revenues, which are propelled by the increasing spending on R&D to innovate new diagnostic scan tools. Automakers and OEMs are partnering with technology-based companies to offer a wide range of automotive diagnostic scan tools. KPIT and TT Tech have been in collaboration with BMW Group as its software partners, providing a global footprint and proven expertise in the development of software platforms, diagnostic scan tools & autonomous boosting automotive diagnostic scan tools market share.
The emission control application segment is growing significantly over the forecast timeline due to stringent vehicle emission norms and carbon tax introduced by various governments. Since January 1993, all vehicles sold in the European region are fitted with a catalytic converter, which helps in the reduction of vehicle emissions. Automakers and OEMs are investing in R&D to control vehicle emissions.
Increasing vehicle sales have enhance the demand for diagnostic services with the segment accounting for over 35% market share in 2021. The increasing internet penetration, technological development such as IoT, and the proliferation of smartphones are helping users to diagnose their vehicles at a customer-specific & cost-effective service center. Technical consultations and the adoption of vehicle customization are augment the growth of diagnostic services.
North America holds a significant market share in the automotive diagnostic scan tools market owing to the presence of prominent OEMs in this region. Additionally, stringent government norms related to vehicle emissions in the region are also affecting the market. The evolving complex in-vehicle electronics architecture and vehicle fleet expansion of leading OEMs are also contributing to the regional growth.
Companies operating in the automotive diagnostic scan tools market are focusing on strengthening their market presence through global expansion strategies. For instance, in February 2022, Bosch Automotive announced to invest USD 261.4 million by 2027 for the expansion of its automotive capabilities in India. This move will also help the company to move toward its goal of setting up over 1,000 automotive repair & diagnostic service centers by 2025.
Some major findings of the automotive diagnostic scan tools report include:
The emerging automotive landscape and emission control initiates taken by the governments across nations are accelerating the demand for automotive diagnostics.
In addition, stringent government regulations on emission control and vehicle tracking are further enforcing manufacturers to meet the standards.
North America automotive diagnostic scan tools market is anticipated to grow at a rapid pace from 2022 to 2028 due to the presence of prominent OEMs in this region and the increasing sales of connected vehicles.
Amid the ongoing Russia–Ukraine crisis, there has been a halt in automotive software-related developments and exports from Ukraine, which is expected to cause a slight dent in the market growth.
· The market players are focusing on product innovations & customization to provide unique solutions to existing & potential customers.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Automotive diagnostic scan tools industry 360º synopsis, 2018 – 2030
2.2 Business trends
2.3 Regional trends
2.4 Offering trends
2.5 Vehicle type trends
2.6 Tool type trends
2.7 Application trends
Chapter 3 Automotive Diagnostic Scan Tools Industry Insights
3.2 Impact of COVID-19 outbreak
3.3 Impact of Russia–Ukraine crisis
3.4 Automotive diagnostic scan tools industry ecosystem analysis
3.5 Investment portfolio
3.6 Technology & innovation landscape
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.2 Industry pitfalls & challenges
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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SOURCE Global Market Insights Inc.