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Aug 28, 2020 (Market Insight Reports) —
Selbyville, Delaware The Automotive Diagnostic Scan Tools Market Forecast Report provides details analysis of Automotive Diagnostic Scan Tools industry which will accelerate your business. Automotive Diagnostic Scan Tools market report covers the current state of business and the growth prospects of the worldwide Automotive Diagnostic Scan Tools Market. The Automotive Diagnostic Scan Tools market report lists the leading competitors and provides the Industry pitfall and challenges, Growth potential analysis of the key factors influencing the market.
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The partnership enabled companies to enhance their capabilities in user experience, connected mobility, and add new customers to their portfolio. Some of the prominent players operating in the automotive diagnostic scan tools market are Actia Group SA, Autel Intelligent Technology Corp., Ltd., AVL List GmbH, BMW AG, Bosch Automotive Service Solutions Inc., Continental AG, Daimler AG, Delphi Automotive PLC, Denso Corporation, DG Technologies, Fluke Corporation, General Technologies Corporation, Hickok Incorporated, Honda Motor Company, Ltd., KPIT Technologies, Launch Tech UK, Snap-on Incorporated, Softing AG, Volkswagen AG, and Volvo Group.
The automakers and OEMs are investing heftily in R&D and adopting advanced technologies, such as AR and VR, to develop innovative diagnostic scan tools. For instance, in September 2016, Bosch automotive service solutions developed BEA 750, which uses augmented reality to increase the operational efficiency of workshops and service stations. The automotive diagnostic scan tools market is growing at a significant CAGR over the forecast period due to the growing demand for autonomous vehicles around the globe. For instance, in 2017, autonomous car sales were estimated to be 24.23 million units and are anticipated to reach 61.82 million units by 2024, growing at a CAGR of 14.4% between 2018 and 2024.
The Automotive Diagnostic Scan Tools market is projected to surpass USD 49 billion by 2025. The automotive diagnostic scan tools market growth is attributed to the stringent vehicle emission norms introduced by governments all over the globe. The increasing sales of vehicles will lead to continuous repair & maintenance activities to keep track of vehicle health and engine emissions, resulting in the growth of the automotive diagnostic scan tools market. With the advent of advanced technologies, such as AI, AR, and VR, the vehicles are offering advanced features, such as ABS, ADAS, and cruise control, increasing the number of ECUs in the vehicles. This complexity in vehicles has increased the time required for the detection of faults through manual diagnosis and requires automotive diagnostic scan tools to detect faults to increase operational efficiency.
In the application segment, the repair & maintenance is estimated to hold more than 37% market share in 2018 and is anticipated to reach over USD 16 billion by 2025. The increasing sales of new vehicles and the growing number of old vehicles are resulting in the rise in the number of service stations and workshops. The growing demand among enterprises to outsource diagnostic scan tools services and concentrate on the core business operations is propelling the demand for third-party repair & maintenance service providers. Intense competition among the market players and the growing need to provide enhanced customer experience are also encouraging repair & maintenance service providers to offer a wide range of professional services to gain customer loyalty.
The passenger vehicles in the automotive diagnostic scan tools market will grow at a CAGR of over 5% during the forecast timeline. The growth is attributed to the rise in disposable income in developing countries including Brazil, India, and Argentina. Additionally, the rapidly increasing urbanization, growing population, and the changing customer needs are proliferating the development of the existing transport infrastructure, leading to an increased sales of passenger vehicles.
The major players in the automotive diagnostic scan tools market are focusing on various business growth strategies such as new product development, mergers, acquisitions, and partnerships. This will enable them to expand their existing portfolio and increase their geographical presence. For instance, in May 2018, Siemens PLM Software partnered with the Michigan-based American Center for Mobility (ACM) that brings Siemens? Simulation and Test solution for Automotive to ACM to support virtual and physical testing and validation of automated and connected vehicles.
The DIY diagnostic is anticipated to grow at the highest CAGR during the forecast timeline due to its operational efficiency and cost-effectiveness. The growth of the segment in the automotive diagnostic scan tools market is due to the increasing passion of owners about their vehicles. The automakers are building virtual interfaces to improve the automotive diagnostic experience at a personal level and improve the DIY diagnostic scan tools.
What will you get in this report?
- An exhaustive analysis of the global Automotive Diagnostic Scan Tools market with detailed studies on different topics that will help key players to create effective development strategies and strengthen a strong position in the Automotive Diagnostic Scan Tools industry.
- It gives a complete mapping of the behaviors of Automotive Diagnostic Scan Tools market contributors and the vendor landscape. Existing companies could use the report to prepare themselves well to face future market challenges and strongly compete in the global Automotive Diagnostic Scan Tools market.
- Also, the analysts have provided a thorough assessment of the impact of these strategies on Automotive Diagnostic Scan Tools market growth and competition and many more
- A competitive portfolio of Automotive Diagnostic Scan Tools market in the different regions including their growth factors, pitfall challenges, investment structure, advancement in all aspects, customer base etc.
Europe is anticipated to be the prominent region in the automotive diagnostic scan tools market with the market share of over 34% in 2018 and is estimated to attain more than USD 15 billion market size by 2025. The stringent government regulations related to vehicle emissions are driving the growth of the automotive diagnostic scan tools market in this region. In addition, the presence of prominent market players, such as Volkswagen, Renault, Audi AG, and Porsche, in these regions is also contributing to the growth. The increasing demand for passenger vehicles due to the increase in income has attracted other key automakers to manufacture their automobiles in this region.
Read Full Report at: Automotive Diagnostic Scan Tools Market
Major Highlights from Table of contents are listed below for quick lookup into Automotive Diagnostic Scan Tools Market report
Chapter 1. Competitive Landscape
- Company market share
- Automotive Diagnostic Scan Tools Market Competitive analysis of key market players
- Competitive analysis of other prominent vendors
Chapter 2. Company Profiles
- Business Overview
- Financial Data
- Product portfolio
- Strategic Outlook
- SWOT Analysis
Chapter 3. Methodology & Scope
- Initial data exploration
- Automotive Diagnostic Scan Tools Market Statistical model and forecast
- Industry insights and validation
- Automotive Diagnostic Scan Tools Market Scope
- Methodology and forecast parameters
- Data Sources
Chapter 4. Executive Summary
- Automotive Diagnostic Scan Tools industry 360º synopsis – 2025
- Automotive Diagnostic Scan Tools Business trends
- Region trends
Chapter 5. Automotive Diagnostic Scan Tools industry Insights
- Automotive Diagnostic Scan Tools Industry segmentation
- Industry landscape 2025
- Industry Pitfalls and Challenges
- Threat of new entrants
- Threat of substitutes
- Automotive Diagnostic Scan Tools Market Growth potential analysis
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