NEW YORK, Nov. 15, 2016 /PRNewswire/ -- "Increase in complexity of connectivity in cars and stringent emission norms will likely drive the automotive diagnostic scan tools market"
The market for automotive diagnostics scan tools is projected to increase with a CAGR of 5.9% from 2016 to 2021 to reach a market size of USD 7.42 billion due to the increase in complexity in vehicles with rising intrusion of electronics, which has resulted in demand for tools and equipment which provide quick and accurate diagnosis of a vehicle's problems. Moreover, rising demand for automotive workshops, consumer preference for high-end technologically advanced cars and collaboration of leading automotive OEMs with domestic players are few of the major drivers in this market. Whereas, high input costs and maintaining a balance between the high cost and smart technology are the restraints for the diagnostic scan tools manufacturers.
"Vehicle Emission Tester: Fastest growing market in terms of workshop equipment type"
Due to increasingly stringent government norms regarding vehicle emissions, the vehicle emission test system is one of the fastest growing markets in workshop equipment, by type. Europe is the fastest growing market for vehicle emission testing systems in the world, followed by North America. Continuous monitoring of vehicle emissions is one of the key reasons for this market to be the fastest growing market
"Asia Pacific is estimated to be the fastest growing region in automotive diagnostic scan tools market"
Asia-Pacific region is estimated to grow at the highest CAGR by value over the projected period from 2016 to 2021. Growing number of independent aftermarket repair shops, increasing complexity in the vehicle electronics, and stringent emission norms are the factors fostering the growth of global automotive diagnostic scan tools market.
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type - Tier 1 - 42%, Tier 2 - 26%, Others - 32%
- By Designation - C level - 42%, D level - 26%, Others - 32%
- By Region - North America - 38%, Europe - 22%, Asia-Pacific - 30%, RoW - 10%
Major players profiled in the report are:
- Delphi Automotive PLC (U.K.)
- Denso Corporation (Japan)
- Continental AG (Germany)
- Robert Bosch GmbH (Germany)
- Hickok Incorporated (U.S.
- Snap On (U.S.)
- Actia SA (France)
- Softing AG (Germany)
- AVL (Austria)
- KPIT (India)
The report segments the diagnostic scan tools market and forecasts its size, by volume and value, on the basis of region, product type, equipment type, and vehicle Type. This report classifies and defines the global automotive diagnostic scan tools market size, in terms of volume and value. The report also provides a comprehensive review of market drivers, restraints, opportunities, challenges, and key issues in the global automotive diagnostic scan tools market. Apart from analyzing the quantitative aspects of these markets, the report also covers qualitative aspects, like Porter's Five Forces Analysis for the global automotive diagnostic scan tools market.
Reasons to Buy the Report:
The report provides insights about the following points:
- Market Penetration: Comprehensive information about the diagnostic scan tools market offered by the top 10 players in the market
- Product Development/Innovation: Detailed insights into upcoming technologies, R&D activities, and new product launches in the diagnostic scan tools market
- Market Development: Comprehensive information about types of diagnostic scan tools. The report analyzes the market for various diagnostic scan tools across regions
- Market Diversification: Exhaustive information about new products, untapped regional markets, recent developments, and investments in the diagnostic scan tools market
- Competitive Assessment: In-depth assessment of the market shares, strategies, products, and manufacturing capabilities of leading players in the diagnostic scan tools market
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