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Automotive Diagnostic Scan Tools Market is Moving Fast! | Major Key Companies are Actia Group SA, Volkswagen AG, Autel Intelligent Technology Corp., Ltd., AVL List GmbH, BMW AG, Bosch Automotive Service Solutions Inc., Continental AG, Daimler AG, Delphi A
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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 region's 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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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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