The Automotive Diagnostic Scan Tools Market is projected to grow at a CAGR of 5.2% during the forecast period, to reach USD 52.9 billion by 2025. Increasing consumer preference for connectivity features in vehicles and the increasing automation in the driving functions have accentuated the need for high-end electronics architecture in the vehicles. The rapid urbanization globally, especially in developing countries, is inflating the demand for commercial vehicles, which provides great potential to the automotive diagnostic scan tools market.
The automotive diagnostic scan tools market has witnessed several innovations with increased demand for driver safety and vehicle diagnosis features that enhance the durability of the automobile. With increasing functions of electronics in vehicles, stringent emission standards, and less time taken for diagnosis, the demand for diagnostic tools such as equipment, software, and repair data has witnessed an increasing trend. Automotive diagnostic scan tools suppliers and integrators are focusing on developing cost-effective, light, high quality, and top-performing products that can match the demands of consumers.
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The increasing R&D investments, coupled with the growing number of partnerships and joint ventures between significant OEMs and domestic players, have created growth opportunities for automotive diagnostic scan tool manufacturers in North America and Europe. The increasing demand for accurate detection of on-board and off-board vehicle components provides OEMs with the opportunity to develop innovative diagnostic systems.
The passenger car segment is estimated to be the largest growing segment, by value, of the automotive diagnostic scan tools market during the forecast period. The increasing sales of passenger cars coupled with high demand for premium segment cars are majorly responsible for the fastest growth of the passenger car segment in the global market. Moreover, the increasing trend of DIY (Do it Yourself) diagnostic is increasing which is one of the critical factors for the growth of diagnostic scan tools market.
Diagnostic equipment/hardware is estimated to be the largest growing segment by value, as it plays a significant role in workshop diagnostic scans such as wheel alignment, pressure leak detection, and pain scan equipment, among others. It includes a computer/laptop, gadgets, and other electronic devices that provide output for the processed data by diagnostic software. The growth of this segment can be attributed to the increasing vehicle population in both developed and developing countries, given the growing complexity of in-vehicle electronics.
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The Asia Pacific region is projected to be the largest growing market for automotive diagnostic scan tools during the forecast period. The improved lifestyle of consumers and rapid urbanization have boosted the demand for passenger vehicles as well as commercial vehicles, which, in turn, would trigger the growth of the automotive diagnostic scan tools market in the region. For established players such as Bosch, Continental, and Denso, among others, emerging economies such as India, South Korea and Thailand can be potential markets as vehicle production is expected to increase in these markets in the near future. Moreover, increasing demand for safety features will improve the electronics component in vehicles which will further create a lucrative opportunity for diagnostic scan tools manufacturer.
Critical Questions:
- How will the trend of automotive diagnostic scan tools impact the overall EV market in the long term?
- What impact will remote diagnostic and predictive diagnostic have on the overall automotive diagnostic scan tools market?
- What impact will telematics have on the automotive diagnostic scan tools market?
- What are the upcoming trends in the automotive diagnostic scan tools market? What impact would they make in the coming years?
- What are the key strategies adopted by the leading players in this market?
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