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Automotive Remote Diagnostics Global Market Reach $24.34 Billion By 2033, Key Factors behind Market's Exponential Growth
Automotive Remote Diagnostics Global Market
As per the report, the automotive remote diagnostics market size has grown rapidly in recent years. It will grow from $12.77 billion in 2023 to $14.49 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The automotive remote diagnostics market size is expected to see rapid growth in the next few years. It will grow to $24.34 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%.
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Rising Demand For Electric Vehicles Fuels Growth In The Automotive Remote Diagnostics Market
The increasing demand for electric vehicles is expected to propel the growth of the automotive remote diagnostics market going forward. An electric vehicle (EV) is a type of vehicle powered by one or more electric motors, drawing energy from rechargeable batteries or other sources, and typically producing zero tailpipe emissions. The rise of electric vehicles (EVs) is driven by several key factors, including the growing awareness of environmental issues, advancements in battery technology, government incentives, and cost competitiveness. Remote diagnostics are required for electric vehicles due to their complex electric drivetrains and battery systems, necessitating timely intervention for efficient operation, maintenance, and optimization. For instance, in May 2022, according to the Global Electric Vehicle Outlook report by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, electric vehicle sales doubled in 2021 compared to 2020 reaching a value of around 6.6 million units. Moreover, in the first quarter of 2022, sales further increased with 2 million electric cars sold worldwide. Therefore, the increasing demand for electric vehicles is driving the growth of the automotive remote diagnostics market.
Automotive Diagnostic Tablets Transforming The Automotive Remote Diagnostics Market
Major companies operating in the automotive remote diagnostics market are developing advanced solutions, such as advanced automotive diagnostic tablet, to gain a competitive edge in the market. An advanced automotive diagnostic tablet is a portable device equipped with specialized software and hardware designed for diagnosing and troubleshooting vehicle issues. For instance, in February 2024, THINKCAR TECH Co. Ltd., a China-based automotive diagnostics company, launched ThinkTool Master X2, an automotive diagnostic tablet. It features a 10.1-inch touchscreen and operates on the Android platform. The core feature of the Master X2 is its video remote diagnosis technology, enabling seamless connectivity with qualified online technicians for real-time expert assistance and support. It offers professional diagnostic capabilities for various vehicles, including passenger, commercial, hybrid, and electric vehicles. This tool provides features like video remote diagnostics, programming, maintenance, and full tire pressure monitoring system (TPMS) functions, making it a comprehensive solution for automotive diagnostics.
The automotive remote diagnostics market covered in this report is segmented -
1) By Product Type: Diagnostic Equipment, Software
2) By Connectivity: Long-Term Evolution (LTE), Wi-Fi, Bluetooth
3) By Application: Automatic Crash Notification, Vehicle Tracking, Vehicle Health Alert, Roadside Assistance
4) By Vehicle Type: Passenger Cars, Compact, Mid-Sized, Luxury, Sports Utility Vehicle (SUVs), Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs)
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Major companies operating in the automotive remote diagnostics market are Mercedes-Benz AG, Verizon Enterprise, Robert Bosch GmbH, Continental AG, Aptiv PLC, BorgWarner Inc., Tech Mahindra Limited, Snap-on Incorporated, ACTIA Group, OnStar LLC, Voxx International Corporation, KPIT Technologies, MiX Telematics, ETAS GmbH, Magneti Marelli S.P.A., Softing AG, Transics, DSA Daten- und Systemtechnik GmbH, CarMD.com Corporation, Autologic Diagnostics Ltd., AVL DiTEST GmbH, Otonomo, Vector Informatik, Vidiwave Ltd., Autel Intelligent Technology Corp. Ltd.
Contents of the report:
1. Executive Summary
2. Automotive Remote Diagnostics Market Report Structure
3. Automotive Remote Diagnostics Market Trends And Strategies
4. Automotive Remote Diagnostics Market - Macro Economic Scenario
5. Automotive Remote Diagnostics Market Size And Growth
…..
27. Automotive Remote Diagnostics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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