The global automotive diagnostic tool market is slated to record a notable market valuation at a CAGR of 5% over the assessment period.
The global automotive diagnostic tool market is projected to witness considerable growth over the forecast period owing to factors such as the growing intricacy in the structure of vehicles along with increasing incursion of electronics. This leads to an augmented demand for tools and equipment that facilitate the precise diagnosis of automotive faults. The other driving factors for the market growth are the increase in demand for automotive workshops, an inclination of consumers towards high-end technically advanced cars, and the association of OEMs with automotive diagnostic tools manufacturers. The advent of innovative vehicle models and strict government regulation for the reducing of vehicle emission levels have led to the production of advanced diagnostic scan tools by the market players. On the other hand, the phenomenal growth of this market is likely to be restricted by the fluctuating input costs and the immense need for maintaining a balance between the increasing cost and smart technology by the manufacturers.
The global automotive diagnostic scan tools market is segmented based on the vehicle, types of equipment, product, as well as propulsion, and region.
The types of equipment available in the global market are paint scanner, exhaust gas analyzer, wheel alignment, dynamometer, vehicle emission test system, and headlight tester. Among these, the vehicle emission test system is projected to witness the fastest growth over the review period, owing to the escalation in the strict government regulations and norms regarding vehicle emissions. The vehicles that are operating in the market are commercial vehicles and passenger vehicles. Based on the product type, the demand for automotive diagnostic scan tools has been bifurcated into diagnostic software and diagnostic hardware. Lastly, on the basis of the propulsion type, the automotive diagnostic scan tools market has been bifurcated into electric vehicles and ICEs.
The geographical analysis of the global market for automotive diagnostic scan tools North America, Asia Pacific, Europe, and the rest of the world.
North America is one of the lucrative regions in the global automotive diagnostic scan tools market and is poised to witness substantial market share over the review period. This is accrued to the established automotive market in the region, with technological advancements and innovations continually taking place in the region. The automotive diagnostic scan tools in North American have constant higher demand and this growing trend is projected to continue to surge over the assessment period.
The Asia Pacific region is likely to witness the highest growth in the automotive diagnostic tool market. The primary factor fueling the growth of the automotive diagnostic tool market in the Asia Pacific region is the growth in the preference of consumers for automobiles with innovative technology. The strict government standards that focus on controlling the emission levels from the vehicles also contribute substantially to market growth over the review period. Moreover, the developing economies in the region such as China, India, and Japan, are more inclined to adopt the advanced and easy-to-deploy diagnosis equipment and tools, which also driving the growth of the market over the assessment period.
The report for Global Automotive diagnostic scan Tools Market of Market Research Future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
The major market players operating in the global automotive diagnostic scan tools market, as identified by MRFR include Delphi Automotive PLC (Ireland), Softing AG (Germany), Denso Corporation (Japan), Robert Bosch GmBH (Germany), Continental AG (Germany), Actia SA (France), AVL List GmBH (Austria), Kpit Technologies (India), Hickok Incorporated (US), and SnapOn Incorporated (US), among others.
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