Press release
Vehicle Diagnostics Market Size, Analysis, Overview, Outlook By 2024-2033
Vehicle Diagnostics Market
Vehicle Diagnostics Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $68.86 Bn In 2028 At A CAGR Of 16% :
The vehicle diagnostics market size has grown rapidly in recent years. It will grow from $32.95 billion in 2023 to $38.09 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to regulatory compliance, consumer demand for reliability, cost pressures on vehicle maintenance, globalization of automotive manufacturing, the rise of vehicle ownership, and fleet management.
The vehicle diagnostics market size is expected to see rapid growth in the next few years. It will grow to $68.86 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to increasing vehicle complexity, focus on predictive analytics, the shift towards subscription-based services, the rise of mobility-as-a-service (MaaS), growing focus on sustainability. Major trends in the forecast period include increasing adoption of connected diagnostic solutions, expansion of predictive maintenance solutions, integration of advanced sensor technologies, shift towards software-based diagnostics, and emergence of augmented reality (AR) diagnostics.
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Vehicle Diagnostics Market Major Segments
The vehicle diagnostics market covered in this report is segmented -
1) By Product Type: OBD2 Scanner, Multi-System Auto Diagnostic Tool, OBDII Scanner Bluetooth Automotive ECU Coding Diagnostic Tool, OBD2 Car Code Reader/scan Tool, OBD2 Adapter Check Engine Diagnostic Tool, Smartphone Diagnostic Tool, Other Products
2) By Vehicle Type: Light-Duty Vehicle, Commercial Vehicle, Heavy Commercial Vehicle
3) By Equipment Type: Exhaust Gas Analyzer, Wheel Alignment Equipment, Headlight Tester, Paint Scan Equipment, Dynamometer
4) By Application: Automatic Crash Notification, Vehicle Tracking, Vehicle Health Alert, Roadside Assistance
Key Driver - Rise In Vehicle Leasing Fuels Demand For Vehicle Diagnostics Market
The rise in vehicle leasing is expected to propel the growth of the vehicle diagnostics market going forward. Vehicle leasing refers to a contractual arrangement where a company or individual (the lessee) rents a vehicle from a leasing company or financial institution (the lessor) for a specified period, typically months to years. The rise in vehicle leasing is due to access to newer vehicles, reduced maintenance costs, flexibility, and tax benefits for businesses. Vehicle diagnostics is essential in vehicle leasing to ensure the maintenance and performance of leased vehicles, enabling lessors to monitor vehicle health, detect issues, and optimize fleet management for efficient and reliable operation throughout the leasing period. For instance, in September 2022, according to MotorFinanceOnline, powered by Verdict Media Limited, a UK-based online news and analysis platform, in the initial six months of 2022, 1 out of every 5 (20%) new leasing clients were looking to lease a pure battery electric vehicle (BEV), marking a surge of 1575% in BEV demand compared to previous years. Therefore, the rise in vehicle leasing is driving the growth of the vehicle diagnostics market.
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Prominent Trend - Advanced Technology Transforming The Vehicle Diagnostics Market
Major companies operating in the vehicle diagnostics market are focused on developing vehicle battery diagnostic technology, such as MDX-AI, to gain a competitive edge in the market. MDX-AI is a battery diagnostic tool used to assess the health, performance, and condition of batteries employed in various tests and analyses. For instance, in July 2024, Midtronics Inc., a US-based battery management systems company, launched MDX-AI, a battery diagnostic technology for automotive service equipment. This innovative solution harnesses the power of artificial intelligence to provide accuracy and speed in assessing battery health and performance. Midtronics has developed MDX-AI, a battery diagnostic technology powered by artificial intelligence, to eliminate 'Charge and Retest' decisions, provide instant and accurate battery health assessments, and ensure reliable support for critical functions in electric vehicles. To address the challenges faced by service providers in accurately diagnosing battery issues. MDX-AI enables technicians to make precise decisions on battery health quickly, enhancing efficiency and productivity in vehicle maintenance. Additionally, MDX-AI offers advanced capabilities, such as accurate testing of electric vehicle 12V batteries, which are critical for ensuring the reliability of safety systems.
Vehicle Diagnostics Market Players
Major companies operating in the vehicle diagnostics market are DENSO Corporation, Continental AG, BorgWarner Inc., Snap-on Incorporated, ACTIA Group, AVL List GmbH, OnStar LLC, SPX Corporation, VOXX International Corporation, KPIT Technologies, Launch Tech Co. Ltd., Telemotive AG, Repairify Inc., ETAS GmbH, Magneti Marelli S.P.A., Softing AG, General Technologies Corporation, DSA Daten- und Systemtechnik GmbH, Autologic Diagnostics Ltd., Hickok Incorporated, AVL DiTEST GmbH, Vector Informatik GmbH, Vidiwave Limited, Autel Intelligent Technology Corp. Ltd., Robert Bosch GmbH
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Largest And Fastest Growing Region In The Market
North America was the largest region in the vehicle diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vehicle diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Vehicle Diagnostics Market Report Structure
3. Vehicle Diagnostics Market Trends And Strategies
4. Vehicle Diagnostics Market - Macro Economic Scenario
5. Vehicle Diagnostics Market Size And Growth
…..
27. Vehicle Diagnostics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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