Growing: Huge Revenue generation in the Global Remote Vehicle Diagnostics Market

The unexpected disruption of COVID-19 pandemic has occurred sudden and imposed a considerable impact on the remote vehicle diagnostics market. Remote vehicle diagnostics is a system, mainly designed for the purpose of monitoring the speed of the vehicles, engine RPM, fuel level and temperature of the engine. It is been noticed that impact of Covid-19 could make consumers more risk-averse to higher-priced vehicles and new technologies, that hampers remote vehicle diagnostics market growth in the current scenario. For instance, China is the largest manufacturer and exporter of renewable energy sources which supplies the main inputs in the form of batteries that are used to manufacture electric vehicles. However, due to the unprecedented COVID-19 situation, the current production is at halt in China. This is ultimately affecting other electronic producers based in Europe, the U.S., and other countries, which in turn is creating a gap between demand and supply of remote vehicles. On the contrary to overcome from this pandemic situation, governments are investing into policy named “Niti Aayog” which helps to achieve sustainable development, by encouraging EV imports. In the course of this chaos, we are offering complete support to our clients in understanding the influence of COVID-19 on the global remote vehicle diagnostics industry. Our report consists of:
• Technological Impact
• Social Impact
• Investment Opportunity Analysis
• Pre- & Post-COVID Market Scenario
• Infrastructure Analysis
• Supply Side & Demand Side Impact

According to a recent report published by Research Dive, the global remote vehicle diagnostics projected to garner $ 77.9 billion from 2019 to 2027.
The report segments the global market on the basis of vehicle type, connectivity type and regions. This report is a comprehensive analysis of recent drivers, key segments, opportunities, restraints, and major players of the market.

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Factors Affecting the Market Growth

As per the report, the increasing demand for environment safety by formulating and implementing various government initiatives and rise in usage of electric vehicles is considered to be the major driving factor for the remote vehicle diagnostics market. On the other hand, data breach is considered to be a major restraint for the market.

Passenger Car Segment has Dominant Market Share

Based on vehicle type, the market of remote vehicle diagnostics is divided into passenger cars, light commercial vehicle, and medium & heavy commercial vehicle. Among these, Passenger car is predicted to dominate the market share across the globe owing to the rise in the production of the total units globally.

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IT & Telecommunication end user is expected to witness significant growth during forecast period.

Based on connectivity type, the market of remote vehicle diagnostics is bifurcated into mobile network, Wi-Fi and bluetooth. Among these, bluetooth segment is predicted to grow immensely in the forecast period. The Bluetooth segment is predicted to grow with the increase in the in-car connections between dashboard and various connectivity devices such as mobile phone, tablets, and laptops.

Regional Outlook and Major Market Players

Based on region, the market for remote access software is analyzed across North America, Europe, Asia-Pacific and LAMEA. The Europe market for remote vehicle diagnostics is predicted to have an enormous share in the forecast period due to increase in the adoption and the implementation of connected services across the vehicle application.

Top Companies Leading the Market

The most prominent players in the global remote vehicle diagnostics market include Magneti Marelli, Mercedes Benz, OnStar Operations, Harman International, Continental AG, Delphi Automotive and Robert Bosch GmbH among others. These key players are majorly focusing on collaborations, partnerships, mergers and acquisitions and other activities to strengthen their market presence.

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This release was published on openPR.