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Automotive Diagnostic Scan Tools Market Recent Trends,Market Growth,Top Manufacturers Analysis,Business Opportunities and Demand

November 20, 2020 GMT

Selbyville, Delaware, United States, November 20 2020 (Wiredrelease) Global Market Insights, Inc :Growing use of diagnostic scan tools in automobiles industry owing to strict emission norms introduced by governments worldwide could stimulate global automotive diagnostic scan tools market size. Factors such as emission standards, fuel efficiency, maintenance and service of vehicles, and environmental safety have highlighted the importance of automotive diagnostic scan tools.

Numerous technologies such as AR, VR, and AI are also being used in vehicles to offer advanced features such as ADAS, ABS, and cruise control, which is eventually increased the number of ECUs. Such next-generation vehicles require automotive diagnostic tools to detect faults in order to increase operational efficiency and reduce time.

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The automotive diagnostic scan tools market is also growing at a considerable CAGR because of the increasing demand for next-generation autonomous vehicles. According to reports, around 24.23 million autonomous vehicles were estimated to be sold in 2017, and are further expected to reach 61.82 units by 2024, growing at a CAGR of 14.4%. Global Market Insights, Inc. also predicts that the automotive diagnostic scan tools could become a USD 49 billion industry by 2025.

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With a market share of more than 34% in 2018, Europe is expected to become a prominent region for the global automotive diagnostic scan tools market. Reports suggest that the market is expected to reach USD 15 billion by 2025 owing to strict government regulation regarding vehicles. Presence of leading automakers such as Volkswagen, Porsche, Renault and Audi AG in the region could also play a vital role in the growth of Europe automotive diagnostic scan tools market size. Additionally, increasing demand for passenger vehicles could further stimulate growth in the regions automotive sector, in turn driving Europe automotive diagnostic scan tools market outlook.

The diagnostic software segment is likely to witness a considerable growth of over 7% between 2019 to 2025. This potential development can be attributed to surging demand for in-car infotainment and improved passenger convenience. Growing demand for hybrid and electrical vehicles could also aid growth of diagnostic software market.

Based on application, the repair maintenance segment accounted for more than 37% market share in 2018 and is expected to reach over USD 16 billion by 2025. Surging sales of new vehicles and an increase in the number of old vehicles is resulting in rising number of workshops and service stations. A growing trend to outsource diagnostic scan tools services is propelling the demand for third party repair and maintenance service providers. Moreover, increase in competition and enhanced customer experience is encouraging repair maintenance service providers to deliver numerous professional services to achieve a loyal client base.

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The DIY diagnostic segment is expected to grow considerably during the forecast period owing to its cost-effectiveness and operational efficiency. The growth of the segment can be credited to increasing passion of owners about their vehicles. Automobile manufacturers are also building virtual interfaces to enhance the automotive diagnostic experience at an individual level, which could enhance the DIY diagnostic scan tools market size.

The diagnostic scan tools market of North America holds a significant share in the global industry because of the presence of leading OEMs in the region. Stringent government norms related to standard vehicle emission could positively influence diagnostic scan tools market size.
Growing trade activities between the U.S and its trading partner including the EU and China could foster market growth. Moreover, the advent next-generation self-driving cars, HEVs and EVs could positively impact North America diagnostic scan tools market share.

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