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Rise In Vehicle Leasing Fuels Demand For Vehicle Diagnostics Market Driver: A Major Catalyst in the Evolution of the Vehicle Diagnostics Market in 2025
Vehicle Diagnostics Market Size
In recent times, the size of the vehicle diagnostics market has seen a significant increase. It is projected to expand from $38.09 billion in 2024 to $44.26 billion in 2025, with a compound annual growth rate (CAGR) of 16.2%. This growth during the historical period can be attributed to factors such as regulatory compliance, consumer's demand for reliability, the cost burden of vehicle upkeep, the globalization of car manufacturing, increasing vehicle ownership, and fleet management.
Expectations for the vehicle diagnostics market suggest a swift expansion in the coming years, with projections reaching $79.77 billion by 2029, driven by a compound annual growth rate (CAGR) of 15.9%. This substantial growth in the forecast period is due to factors such as the escalating complexity in vehicles, emphasis on predictive analytics, transition to subscription-based services, emergence of mobility-as-a-service (MaaS), and the amplified focus on sustainability. The period also will see significant trends including the surging adoption of connected diagnostic solutions, growth in predictive maintenance solutions, the incorporation of advanced sensor technologies, a move towards software-centric diagnostics, and the rise of augmented reality (AR) diagnostics.
What Are the Key Drivers Behind the Growth of the Vehicle Diagnostics Market?
The growth of the vehicle diagnostics market is anticipated to be stimulated by the increasing popularity of vehicle leasing. Vehicle leasing, which is a contractual agreement that allows a company or person to rent a vehicle from a leasing organization or financial institution for a predetermined duration, is on the rise. This rise can be attributed to benefits such as access to newer versions of vehicles, lower upkeep costs, versatility, and tax advantages for companies. Vehicle diagnostics, which help ensure the maintenance and performance of leased vehicles, play a crucial role in vehicle leasing. This allows the lessors to check the vehicle's health, identify any problems, and aid in efficient and reliable fleet management throughout the lease period. For instance, MotorFinanceOnline, a UK-based digital news and analysis platform sponsored by Verdict Media Limited, reported in September 2022 that in the first half of 2022, one in every five new leasing customers, which accounts for 20%, were considering leasing a stand-alone battery-powered electric vehicle. There was a whopping 1575% increase in the demand for battery electric vehicles compared to previous years. As such, the jump in vehicle leasing is propelling the expansion of the vehicle diagnostics market.
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Who Are the Major Industry Players Fueling Vehicle Diagnostics Market Expansion?
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
Which Key Developments Are Influencing the Vehicle Diagnostics Market?
Leading organizations in the vehicle diagnostics market are focusing on the creation of breakthrough vehicle battery diagnostic technology, like MDX-AI, to assert their dominance in the industry. MDX-AI is an innovative tool designed to evaluate the condition, performance, and health of batteries used in a variety of tests and analyses. For example, in July 2024, U.S. based battery management systems firm Midtronics Inc. introduced MDX-AI, a groundbreaking battery diagnostic technology for automotive service equipment. This cutting-edge tool uses artificial intelligence to deliver speed and precision when evaluating battery health and performance. Midtronics produced the AI-driven MDX-AI battery diagnostic technology in order to eliminate the need for 'Charge and Retest' decisions, provide immediate and accurate battery health assessments, and offer dependable support for crucial functions in electric vehicles. This addresses the difficulties service providers encounter when trying to accurately identify battery problems. MDX-AI gives technicians the ability to make accurate conclusions about battery health swiftly, boosting productivity and effectiveness in vehicle maintenance. Furthermore, it offers advanced functionalities, including precise testing of 12V batteries in electric vehicles, crucial for maintaining the dependability of safety systems.
How Is the Segmentation of the Vehicle Diagnostics Market Defined?
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 Or 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
Subsegments:
1) By OBD2 Scanner: Standard OBD2 Scanner, Advanced OBD2 Scanner
2) By Multi-System Auto Diagnostic Tool: OEM Multi-System Diagnostic Tool, After market Multi-System Diagnostic Tool
3) By OBDII Scanner Bluetooth Automotive ECU Coding Diagnostic Tool: Wireless OBDII Scanner with Bluetooth Connectivity, ECU Coding And Reprogramming OBDII Diagnostic Tools
4) By OBD2 Car Code Reader Or Scan Tool: Basic OBD2 Code Reader, Professional OBD2 Scan Tool
5) By OBD2 Adapter Check Engine Diagnostic Tool: OBD2 Bluetooth Adapter, OBD2 USB Adapter
6) By Smartphone Diagnostic Tool: Mobile App-Based Diagnostic Tools, Smartphone OBD2 Adapter Kits
7) By Other Products: Vehicle Battery Diagnostic Tools, TPMS Diagnostic Tools, Hybrid Or Electric Vehicle Diagnostic Tools, Automotive Performance Diagnostic Tools
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What Is the Leading Region in the Vehicle Diagnostics Market?
North America was the largest region in the vehicle diagnostics market in 2024. 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.
What Is Covered In The Vehicle Diagnostics Global Market Report?
- Market Size Analysis: Analyze the Vehicle Diagnostics Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Vehicle Diagnostics Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Vehicle Diagnostics Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Vehicle Diagnostics Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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