Press release
Automotive Diagnostic Scan Tools Market Share, Trends, Segmentation And Forecast To 2024-2033
Automotive Diagnostic Scan Tools Market
The automotive diagnostic scan tools market size is expected to see strong growth in the next few years. It will grow to $52.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to growth in electric and hybrid vehicles, integration of artificial intelligence in diagnostics, increased connected car, emphasis on predictive maintenance, expansion of telematics systems. Major trends in the forecast period include wireless diagnostic scan tools, cloud-based diagnostics solutions, mobile app integration for diagnostics, real-time remote diagnostics, blockchain technology for secure diagnostic data sharing.
Market Overview -
The automotive diagnostic scan tools refer to a hardware device or software that reads a vehicle computer system, including major components such as transmission, engine, airbags, and others. These diagnostic tools access the data memory of control units and onboard electronics to evaluate or analyze them.
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Surging Vehicle Production And Sales Driving Growth In The Automotive Diagnostic Scan Tools Market
The rise in vehicle production and sales is expected to propel the growth of the automotive diagnostic scan tools market. Automotive scan tools are used to quickly and accurately identify the problem areas in specific locations based on data extracted from sensors, microchips, and built-in-processors. As the number of vehicles increases, the demand for automotive diagnostics tools is expected to increase, as the repair and maintenance companies look for innovative diagnostics tools to increase the speed and efficiency of vehicle diagnostics activities. For instance, in May 2023, according to the European Aupatomobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Furthermore, in February 2022, according to Brand Finance plc, a UK-based brand valuation company, in 2022, the automobile sector achieved approximately 78 million unit sales, marking a substantial 10% increase compared to both 2021.Therefore, the rise in vehicle production and sales is driving the growth of the automotive diagnostic scan tool market.
Competitive Landscape -
Major companies operating in the automotive diagnostic scan tools market report are Nippon Denso Co. Ltd., Snap-On Inc., DG Technologies Inc., Softing AG, Actia Group SA, Dsa Daten-Und Systemtechnik GmbH, Hickok Inc., Bosch Automotive Service Solutions Inc., Delphi Automotive plc, Kpit Technologies Limited, Launch Tech Co. LTD, Volvo Group, Autel Intelligent Technology Corp Ltd., Fluke Corporation, Honda Motor Company Ltd., Siemens AG, Robert Bosch GmbH, Continental AG, Carman International Co. Ltd., Vector Informatik GmbH, Anstalt für Verbrennungskraftmaschinen, Bayerische Motoren Werke Aktiengesellschaft, Daimler AG, General Technologies Corporation, SPX Technologies Inc., SGA SA corporation, Autocom Diagnostic Partner AB, Autologic Diagnostics Ltd., Bartec USA LLC, Drew Technologies Inc., Texa SPA
Technological Advancements In The Automotive Diagnostic Scan Tool Market
Technological advancement is a key trend gaining popularity in the automotive diagnostic scan tool market. The companies operating in the automotive diagnostic scan tool market are investing in the development of innovative technologies to increase the reach of their products to at-home customers. For instance, in October 2021, Continental AG launched Autodiagnos Drive, an innovative remote vehicle data solution for remotely diagnosing vehicular problems. The new product is a plug-and-play technology for accessing diagnostic information for vehicles.
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Key Segments -
The automotive diagnostic scan tools market covered in this report is segmented -
1) By Type: On-Board Diagnostics (OBD), Electric System Analyzers, Other Types
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Offering Type: Diagnostic Equipment/Hardware, Diagnostic Software
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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