Press release
Automotive Remote Diagnostics Market Set to Surge with 18.9% CAGR, Reaching US$ 32.9 Billion by 2028: FMI Study
According to a new study of Future Market Insights (FMI), the automotive remote diagnostics market is projected to record a CAGR of nearly 18.9% through 2028. In 2022, sales in the global market for automotive remote diagnostics are anticipated to reach US$ 11.6 billion. The market size is anticipated to reach US$ 32.9 Billion by 2028.Growth of the automotive remote diagnostics market will continue to remain bolstered by a plethora of factors, which range from increasing focus of automakers on reducing maintenance cost & downtime and growing integration of IoT, to the emergence of connected car eco-systems in vehicles.
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Automotive remote diagnostic solutions have gained pervasive popularity among automakers and vehicle owners alike, in light of the value-added advantages of the technology. Reduced maintenance and service downtime, along with the identification of the bottlenecks beforehand, and enabler of on-point, efficient solutions, are some of the key benefits of the automotive remote diagnostics that are driving their demand.
Additionally, attributes of the automotive remote diagnostics, beneficial for vehicle owners, in terms of identifying potential downturns, defects, and shortcomings of the vehicle in advance, and reducing the total time and cost spent during maintenance, are further expected to drive growth of the automotive remote diagnostics market.
The upward trend of vehicle electrification has had a massive and direct influence on growth of the automotive remote diagnostics. Additionally, recent rise in the connected-car ecosystem, along with the proliferation if IoT and connected devices in the automotive industry, will continue to favor growth of the automotive remote diagnostics market in the foreseeable future.
Automotive Remote Diagnostics Equipment to Account for Leading Market Shares
While equipment and software both form integral parts of an automotive remote diagnostics, the study finds that equipment will continue to account for leading shares of the market, owing to associated periodical replacement and maintenance activities. On the other hand, software are installed in the equipment as first fit, and are renewed on the basis of subscriptions. This further alludes high-growth potential of software solutions in the automotive remote diagnostics market.
Automotive remote diagnostics market will continue to witness robust gains from the light commercial vehicles, compared to other vehicle categories. As the logistics and transportation sector gains increased traction, vis-à-vis growth of the ecommerce and warehousing industry, light commercial vehicles are expected to record relatively greater sales compared to their past statistics. This will create significant opportunities for players in the automotive remote diagnostics market.
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Automotive remote diagnostics are expected to witness high demand in vehicle system & component access, and health tracking & diagnosis applications. These application requirements are comparatively higher in commercial vehicles, and with the rise in construction and infrastructure development activities, demand for the commercial vehicles, and in turn the automotive remote diagnostics will also rev up in the near future.
Europe to Remain Most Attractive Market for Automotive Remote Diagnostics
The study finds that Europe will continue to be the most lucrative market for automotive remote diagnostics, trailed by North America. The economic vigor and robust infrastructure development activities in the region allude at significant sales of commercial vehicles, along with passenger cars, which in turn continue to drive demand for advanced solutions such as the automotive remote diagnostics. According to the study, East Asia will also remain an attractive market for automotive remote diagnostics, with sales projected to grow at a CAGR of over 20% through 2028.
The automotive remote diagnostics market continues to remain consolidated, with leading players accounting for bulk shares of the market. Additionally, the complexity and extensive R&D investments required to provide a total solution continue to present significant entry barriers to new market entrants, which further underpins the supremacy of leading players in the automotive remote diagnostics market.
Key players operating in the automotive remote diagnostics market include Robert Bosch GmbH, Tech Mahindra Limited, Continental AG, OnStar LLC, Vector Informatik GmbH, Transics, Verizon, ACTIA Group, Softing AG, Magneti Marelli S.p.A., IBM, and Harman International, among others.
AUTOMOTIVE REMOTE DIAGNOSTIC MARKET TAXONOMY
The global automotive remote diagnostics market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach in front of the reader.
By Product Type
Equipment
Software
By Vehicle Type
Passenger Cars
Compact
Mid-Sized
Luxury
SUVS
Light Commercial Vehicles (LCVs)
Heavy Commercial Vehicles (HCVs)
By Application
Vehicle System & Component Access
Vehicle Health Tracking & Diagnosis
Service Assistance
By Region
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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