Global Automotive Diagnostic Tool Market Expected to Strike a CAGR of 5% over 2023 | Emerging Trends, Growth, Trends, Segmentation, Size, Latest Innovations and Industry Outlook 2023
Research Reports
Jan 18, 2021
Market Synopsis:
Market Research Future (MRFR)’s assessment indicates that the global automotive diagnostic tool market has been projected to thrive at 5% CAGR during the forecast period 2017 to 2023. The increasing complexities in vehicle architecture are likely to drive the demand for diagnostic tools for timely and accurate detection of automotive faults.
The release of standard regulations for ensuring minimum carbon emission is poised to catalyze the growth of the automotive diagnostic tool market in the forthcoming years. It is expected to lead the introduction of advanced automotive diagnostic technologies over the assessment period.
The increasing demand for high-end fully automatic vehicles is another major factor driving the proliferation of the automotive diagnostic tool market over the next couple of years. Diagnostic tools facilitate early detection and rectification of faults before it causes much damage to vehicles. Also, the boom witnessed in the vehicle insurance industry is anticipated to reflect on the growth pattern of the automotive diagnostic tool market. On the contrary, high input cost remains an impediment to market growth.
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Market Segmentation:
By Product Type, the global automotive diagnostic tool market has been segmented into diagnostic equipment (hardware), diagnostic software, automotive diagnostic scan tool technology, and repair & diagnostic data.
By equipment type, the automotive diagnostic tool market has been segmented into wheel alignment tester, digital battery tester, vehicle emission test system and others.
By vehicle type, the global automotive diagnostic tool market has been segmented into passenger car and commercial vehicles.
Regional Analysis:
The global automotive diagnostic tool market, by region, has been segmented into four major regions – North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is projected to hold its dominant position in the marketplace over the next few years. The developments and implementation of automotive technology are presumed to support the growth of the automotive diagnostic tool market in the forthcoming years. Also, the thriving economic growth of the region is also expected to aid the proliferation of the market across the assessment period. The fast-developing countries such as China, India, and Japan are poised to propel the expansion of the regional market by contributing significantly.
Competitive Dashboard:
The noted players of the automotive diagnostic tool market profiled in this MRFR report are Snap on Incorporated (U.S.), Robert Bosch GmbH (Germany), Denso Corporation (Japan), Continental AG (Germany), SPX Corp (U.S.), Softing AG (Germany), Actia SA (France), Hickok Incorporated (U.S.), AVL List GmbH (Austria) and Kpit Technologies (India).
Industry News:
In December 2018, Midtronics Inc., a provider of battery management solutions, has announced the introduction of CPX-900 Battery & Electrical Analyzer, which is also its first one-piece handheld diagnostic tool leveraging Conductance Profiling technology.
In November 2018, the California Air Resources Board has adopted Real Emissions Assessment Logging (REAL) as a part of amendments to the OBD (Onboard Diagnostic) Regulations. The diagnostic system consists of software designed into a vehicle’s onboard computer for the detection of emission control system malfunctions.
In November 2018, Bharat Benz, a truck brand owned by Daimler India Commercial Vehicles (DICV) initiated the use of new-age diagnostic tools for beefing up its after-sales network.
In September 2018, Matco Tools, Inc., an American professional tool distribution franchise, has announced the launch of Maximus 3.0, a full-featured diagnostic scan tool tablet, it is the fastest, most intuitive, and strongest member of the Maximus diagnostic tool family.
In July 2018, an industry leader in OEM diagnostic scanning, AirPro Diagnostics (APD), has announced the launch of a pocket-sized scan tool, FieldPro mobile scanning solution, which Serves as the wireless link between the damaged vehicle and the insurance field appraiser.
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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