The automotive diagnostic scan tools market is estimated to be USD 41.0 billion in 2020 and is projected to grow at a CAGR of 5.2%
NEW YORK, March 30, 2020 /PRNewswire/ --
Increasing the 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 41.0 billion in 2020 and is projected to grow at a CAGR of 5.2% during the forecast period, to reach a market size of USD 52.9 billion by 2025. An 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, the high cost of diagnostic equipment and deficiency of skilled laborers are inhibiting the growth of the automotive diagnostic scan tools market.
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 2020 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 advancement in remote diagnostics which will demand sophisticated software shortly.
The passenger car segment is estimated to dominate the automotive diagnostic scan tools market.
The market for automotive diagnostic scan tools in passenger cars is expected to grow at a significant rate, particularly in the emerging economies of Asia Pacific. The growing economy, favorable financial environment, high disposable income, and increasing vehicle production are factors fostering the growth of the passenger car segment in Asia Pacific. The market growth in the region can also be attributed to the adoption of advanced features in vehicles, which has fueled the demand for diagnostic scan tools
Asia Pacific is estimated to be the largest 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 2020 to 2025. The 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 critical 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 - 47 %, Tier 2 - 33%, Tier 3 - 20%
• By Designation - C level - 40%, Manager and Other Level - 60%
• By Region - North America - 25%, Europe - 35%, Asia-Pacific - 40%
The market comprises major manufacturers such as Delphi (UK), Denso (Japan), Continental (Germany), Robert Bosch (Germany), Snap-On (US), Actia (France), and Softing (Germany).
Research Coverage
The study covers the automotive diagnostic scan tools market across segments.It aims at estimating the market size and future growth potential of this market across different sectors such as offering, vehicle type, connectivity, handheld scan tools, workshop equipment and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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