ID: MRFR/AM/3807-HCR | February 2021 | Region: Global | 100 pages
Automotive diagnostic tool market has seen remarkable growth in the global market and it has been observed that, its demand in the future is expected to grow with the CAGR of ~5%.
The automotive diagnostic tool global market is expected to have significant growth over the forecast period owing to factors such as the increasing complexity in the structure of vehicles along with intensifying intrusion of electronics. This results in an increased demand for tools and equipment that facilitate accurate diagnosis of an automotive faults. The other factors for the market growth are increase in demand for automotive workshops, inclination of consumers towards high-end technologically advanced cars, and the collaboration of OEMs with automotive diagnostic tools domestic players.
The automobile industry is continuously witnessing technological advancements such as the adaptive front lighting system. The advanced technologies basically work by using components such as sensors, which control the functioning and operation of these technologies. The inclusion of such products in the automotive has increased the complexity of the vehicles electronic architecture. Any fault in such systems, is very difficult to diagnose, manually. The development of diagnostic tools has made the diagnosis and rectification of faults in such systems, much easier and has facilitated the reduction in time taken to perform the process of fault detection. The introduction of new vehicle models, and stringent government regulation for lowering of vehicle emission levels, have led to more advanced diagnostic scan tools by the diagnostic tool manufacturers. Over the forecast period, the wireless diagnostic tools are expected to gain importance as they have the capability of providing diagnostic information to both, the user and the remote diagnostic center, at the same time.
However, the growth of this market is expected to be restrained by the high input costs and the immense need of maintaining a balance between the high cost and smart technology by the manufacturers.
The prominent players in the automotive diagnostic tool market include -
Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), SPX Corp (U.S.), Softing AG (Germany), Hickok Incorporated (U.S.), Actia SA (France), Snap on Incorporated (U.S.), AVL List GmbH (Austria) and Kpit Technologies (India).
Base on equipment type, the global market has been segmented as wheel alignment tester, digital battery tester, vehicle emission test system and others. Amongst these, the vehicle emission test system is expected to grow the fastest, owing to the increase in the stringent government norms regarding vehicle emissions. The continuous monitoring of vehicle emissions, majorly in the regions of North America and Europe, is one of the major reasons contributing in the growth of this market.
Geographically, the global market has been divided into four major regions of North America, Europe, Asia Pacific and Rest of the World. The Asia Pacific region is expected to experience the highest growth in automotive diagnostic tool market. The major factor driving the growth of the automotive diagnostic tool market in the Asia Pacific region is the increase in preference of consumers for automobiles with advanced technology. The stringent government standards that focus on controlling the emission levels from the vehicles, also add to the market growth. The developing countries in the region such as China, India, and Japan, are more prone to adopt the advanced and easy to use diagnosis equipment and tools, which also contribute in the growth of the market.
The report for Global Automotive Diagnostic Tool Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Size||2027: Significant Value|
|CAGR||5% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By End Market, By Application, By Vehicle type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), SPX Corp (U.S.), Softing AG (Germany), Hickok Incorporated (U.S.), Actia SA (France), Snap on Incorporated (U.S.), AVL List GmbH (Austria) and Kpit Technologies (India)|
|Key Market Opportunities||Technological advancements|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The automotive diagnostic tool market is poised to mark 5% CAGR.
The automotive diagnostic tool market is poised to benefit from the rising demand for tools and equipment that facilitate accurate automobile diagnosis.
The segments of the automotive diagnostic tool market based on equipment type are wheel alignment tester, vehicle emission test system, digital battery tester, and others.
The segments of the automotive diagnostic tool market are automotive diagnostic scan tool technology, diagnostic software, diagnostic equipment (hardware), and repair & diagnostic data.
The players of the automotive diagnostic tool market are Robert Bosch GmbH (Germany), Denso Corporation (Japan), Continental AG (Germany), SPX Corp (U.S.), Hickok Incorporated (U.S.), Softing AG (Germany), Actia SA (France), AVL List GmbH (Austria), Snap on Incorporated (U.S.), and Kpit Technologies (India).