The automotive diagnostic scan tools market is estimated to be USD 37.42 billion in 2018 and is projected to grow at a CAGR of 5.02%
LONDON, July 30, 2018 /PRNewswire/ -- Increasing number of automotive service stations and stringent emission norms will likely drive the automotive diagnostic scan tools market
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The automotive diagnostic scan tools market is estimated to be USD 37.42 billion in 2018 and is projected to grow at a CAGR of 5.02% during the forecast period, to reach a market size of USD 52.73 billion by 2025. Increase in the number of automotive workshops in organized as well as unorganized market has resulted in the increased demand for tools and equipment that provide quick and accurate diagnosis of a vehicle's problems. The automotive diagnostic scan tools market is anticipated to see a substantial growth in countries such as China, India, and Mexico, owing to the introduction of stringent emission regulations and the growing number of automotive workshops. This has encouraged the manufacturers to develop different diagnostic scan tools per the requirements of the end users. The diagnostic equipment/hardware segment is estimated to dominate the automotive diagnostic scan tools market, in terms of value, followed by diagnostic software. However, high cost of diagnostic equipment and deficiency of skilled labors are inhibiting the growth of the automotive diagnostic scan tools market.
The Electric Vehicle segment is the fastest growing segment of the automotive diagnostic scan tools market
The EV segment is estimated to be the fastest growing segment, by value, of the automotive diagnostic scan tools market during the forecast period.The growing environmental concerns, rising fossil fuel prices, and stringent government regulations for emission have accelerated the growth of the EV market.
The market players such as Tesla (US), Waymo (US), BMW (Germany), Volvo (Sweden), GM (US), Toyota (Japan), and Renault-Nissan Corporation (Netherlands) have already introduced various EVs in the market. In addition, these manufacturers are consistently improving their technology with a strong focus on R&D.
The Diagnostic Equipment/Hardware segment is estimated to be the largest segment of the automotive diagnostic scan tools market, in terms of value
The diagnostic equipment/hardware segment is estimated to be the largest segment, by value, of the automotive diagnostic scan tools market from 2018 to 2025.The growth of this segment can be attributed to the rise in the trend of integrating advanced features in vehicles and consumer preference for high-end cars.
However, the diagnostic software segment is projected to grow at the fastest rate during the forecast period. This growth is attributed to software subscription required to update the software after the completion of one year.
Asia Pacific is estimated to be the fastest growing region in the automotive diagnostic scan tools market
Asia Pacific region is estimated to grow at the highest CAGR, by value, over the projected period from 2018 to 2025. Growing number of independent aftermarket repair shops, increasing complexity in vehicle electronics, and stringent emission norms are the factors fostering the growth of the global automotive diagnostic scan tools market.
This report estimates and forecasts the global automotive diagnostic scan tools market size, in terms of volume and value.The market volume is provided in terms of thousand units, whereas the market value is provided in terms of USD Million.
The report also provides a comprehensive review of market drivers, restraints, opportunities, challenges, and the key issues in the global automotive diagnostic scan tools market.
BREAKDOWN OF PRIMARIES
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 - 45 %, Tier 2 - 35%, Tier 3 - 20%
• By Designation - C level - 35%, D level - 25%, Others - 40%
• By Region - North America - 30%, Europe - 25%, Asia-Pacific - 40%, RoW - 5%
Major players profiled in the report are as follows:
• Delphi (UK)
• Denso (Japan)
• Continental (Germany)
• Robert Bosch (Germany)
• Hickok (US)
• Snap-On (US)
• Actia (France)
• Softing (Germany)
• AVL (Austria)
• Siemens (Germany)
• SGS (Switzerland)
• KPIT (India)
Research Coverage
The report segments the diagnostic scan tools market and forecasts its size, by volume and value, on the basis of region (North America, Asia Pacific, Europe and RoW), offering type (diagnostic equipment /hardware), workshop equipment type (exhaust gas analyzer, paint scan equipment, wheel alignment equipment, dynamometer, and headlight tester), handheld scan tools (scanners, code readers, TPMS tools, digital pressure tester, and battery analyzer), propulsion (ICE vehicles and EVs), by EVs (BEVs, HEVs, PHEVs, and FCEVs) and vehicle type (passenger car and commercial vehicles).
Reasons to Buy the Report:
The report provides insights into the following points:
• Market Penetration: The report provides comprehensive information related to region wise and country wise split of automotive diagnostic scan tools market and the top players engaged in the industry.
• Market Development: The report provides exhaustive information about emerging technologies, recent developments, and investments in the global automotive diagnostic scan tools market.
• Market Diversification: The report provides comprehensive information on various technologies of automotive diagnostic scan tools. The report analyzes the markets for various automotive diagnostic scan tools technologies across different countries.
Competitive Assessment: The report offers an in-depth assessment of strategies, services, and manufacturing capabilities of leading players in the global automotive diagnostic scan tools market
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