Global Automotive Diagnostic Tools Market is Expected to Grow at a CAGR of 4.5% During 2021-2026 | News

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DUBLIN, March 10, 2022 /PRNewswire/ — The “Automotive Diagnostic Scan Tools Market by Workshop Equipment, Vehicle, Handheld Scan Tools (Scanner, Code Reader, Digital Pressure Tester, TPMS Tool, Battery Analyzer), offers , connectivity (wi-fi, Bluetooth), type and Region – Global Forecast to 2026” report has been added to from ResearchAndMarkets.com offer.

The automotive diagnostic tools market is estimated at $33.1 billion in 2021 and is expected to grow at a CAGR of 4.5% over the forecast period, to reach a market size of $41.4 billion by 2026. An increase in the number of auto shops in organized and unorganized markets has led to an increased demand for tools and equipment that provide quick and accurate diagnosis of a vehicle’s problems.

The automotive diagnostic tools market is expected to witness substantial growth in countries such as China, Indiaand Mexico, due to the introduction of strict emissions regulations and the growing number of car workshops. This has encouraged manufacturers to develop different diagnostic scan tools as per the requirements of end users. The diagnostic equipment/hardware segment is estimated to dominate the automotive diagnostic scan tools market by value, followed by diagnostic software.

Growing demand for advanced technologies and growing role of electronics in the automotive industry is a major factor driving the automotive diagnostic scan tools market. However, the high cost of diagnostic equipment and lack of skilled labor is restraining the growth of the automotive diagnostic 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.

Diagnostic equipment/hardware segment is estimated to be the largest segment, by value, in the automotive diagnostic scan tools market from 2021 to 2026. The growth of this segment can be attributed to rising trend integrating advanced features into vehicles and consumer preference for high-end cars.

Diagnostic equipment/material plays an important role in shop diagnostic scans such as wheel alignment, pressure leak detection, and pain analysis equipment, among others. It includes a computer/laptop, gadgets and other electronic devices that provide an output for data processed by diagnostic software. However, diagnostic software segment is expected to grow at the fastest rate during the forecast period. This growth is attributed to advances in remote diagnostics that will soon require sophisticated software.

The passenger car segment is estimated to dominate the automotive diagnostic scan tools market.

The market for automotive diagnostic scan tools for passenger cars is expected to grow at a significant rate, especially in emerging economies of Asia Pacific. Economic growth, favorable financial environment, high disposable income and increasing vehicle production are factors promoting the growth of the passenger car segment in the Asia Pacific.

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. Economic growth, favorable financial environment, high disposable income and increasing production of vehicles across the globe are the factors promoting the growth of the passenger car market.

Asia Pacific is estimated to be the fastest growing region in the automotive diagnostic tools market.

Asia Pacific the region is estimated to experience the highest CAGR, by value, during the projected period from 2021 to 2026. The growing number of aftermarket independent repair shops, growing complexity of on-board electronics and standards Strict emission standards are the factors promoting the growth of the global automotive diagnostic tools market.

This report estimates and forecasts the global Automotive Diagnostic Tools market size in terms of volume and value. Market volume is expressed in thousands of units, while market value is expressed in USD (millions/billions). The report also provides a comprehensive review of market drivers, restraints, opportunities, challenges, and critical issues in the global Automotive Diagnostic Tools market.

Market dynamics

Drivers

  • Increase in passenger car sales
  • Increasing technological advancements in automobiles
  • Increased strict emission standards to prevent environmental impact

Constraints

  • High initial cost of advanced diagnostic tools
  • Lack of skilled labor

Opportunities

  • Consumer preference for premium cars
  • Vehicle inspection warrants

Challenges

  • Lack of awareness of vehicle technology updates
  • Obsolete automotive diagnostic scan tools

Companies cited

  • Actia
  • All data
  • Ampro testing machines
  • Autel Intelligent Technology Corporation
  • AVL
  • Continental AG
  • Crawford United Corporation
  • Denso
  • DG Technologies
  • Dsa Daten-Und Systemtechnik GmbH
  • Dspace GmbH
  • Fluke Corporation
  • Horiba
  • hunter
  • Kpit
  • Mbl Impex
  • Oregon
  • Robert Bosch GmbH
  • SGS
  • Siemens
  • snap-on
  • Softening
  • Vector Computing
  • Vogelsang and Benning

For more information about this report visit https://www.researchandmarkets.com/r/lxbnh0

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SOURCE Research and Markets


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