Press release
Demand for Vehicle Health Tracking & Diagnosis Is Projected to register a CAGR of 20.5% during the years 2028
The global automotive remote diagnostics market surpassed a valuation of US$7.1 Bn in 2019 and is estimated to create an absolute $ opportunity of more than US$ 25.7 Bn by the end of forecast period. The demand for automotive remote diagnostics is on the rise owing to the need for improved vehicle performance coupled with connected services across myriad vehicle applications. Furthermore, increasing focus of automotive manufacturers towards IoT (Internet of Things) in vehicles has enabled them to offer various features like remotely monitoring the condition of the vehicle which is foreseen to bolster the growth of the automotive remote diagnostics market.Click Here to Get Complete Synopsis of this Report
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Furthermore, the governments of various countries are setting up regulations for connected car systems which in turn is expected to have an intermediate effect on the demand for the automotive remote diagnostics equipment. For instance, in 2018, the European Union made it mandatory to have an emergency call (eCall) alert system fitted in cars and light commercial vehicle. Fact.MR in its latest report projects that the global automotive remote diagnostics market is projected to grow at an astounding value CAGR of ~17.8% during the forecast period (2019-2028).
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Key Segments of the Automotive Remote Diagnostics Market
Product
Diagnostics Equipment
Software
Application
Vehicle System & Component Access
Vehicle Health Tracking & Diagnosis
Service Assistance
Vehicle
Passenger Cars
Compact
Mid-Sized
Luxury
SUV’s
Light Commercial Vehicles
Heavy Commercial Vehicles
Region
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa
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Key Takeaways of Automotive Remote Diagnostics Market
The global vehicle health tracking and diagnosis segment is estimated to create an absolute $ opportunity of more than US$12.2 Bn and is foreseen to contribute a value CAGR of 20.5% during the forecast period (2019-2028)
East Asia is projected to witness a higher growth rate as compared to the rest of the regions in the markets, with a CAGR of 20.8% between 2019 and 2028.
Light Commercial Vehicles (LCV) are projected to be valued at US$25.9 Bn and is expected to be value 7.7X more than Heavy Commercial Vehicles (HCV)
Europe is anticipated to be the market leader in the global automotive diagnostics market by 2028 end with a 33% market share in terms of value
“Growing focus on improving vehicle safety and performance coupled with effective integration of technology is foreseen to open new growth avenues for automotive remote diagnostic market” says the Fact.MR analyst
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Industry Players Focusing on Regional Expansion
The report reveals some of the prominent key players
Robert Bosch GmbH
Continental AG
Luxoft, ACTIA Group
Tech Mahindra Limited
Softing AG
HARMAN International
Infineon Technologies AG
Vector Informatik GmbH
OnStar, Transics
Verizon Communications
Eaton and IBM Corporation
Prominent manufacturers are focusing on expansion to strengthen their global presence. For instance,
In February 2019, ACTIA Group invested US$ 12.6 Mn in its Colomiers (France) facility for the deployment of industry 4.0 plant
In 2018, ACTIA Group inaugurated its new facility in the United States that will help the company to meet their customer expectations and reach them effectively
For More Insights
https://www.accesswire.com/623120/Low-VOC-Adhesive-Manufacturers-Eye-Opportunities-Arising-from-Environmental-Regulations-FactMR
Find More Valuable Insights on Automotive Remote Diagnostics Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global automotive remote diagnostics market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2028. The study divulges compelling insights on the automotive remote diagnostics market based on product type (diagnostics equipment, software), application (vehicle system & component access), and vehicle type (passenger cars (compact, mid-sized, luxury, SUV’s), light commercial vehicles, heavy commercial vehicles) across seven major regions.
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