Newark, NJ, Jan. 31, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global automotive diagnostic scan tools market is expected to grow from USD 42.38 billion in 2017 to USD 73.45 billion by 2025 at a CAGR of 7.1% during the forecast period 2018-2025.
The automotive diagnostics scan tools market is growing steadily, mainly due to the increasing demand for vehicle safety across the globe. Also, the growing stringent regulation for emissions control, environmental safety, and vehicle safety in various countries, further fuelling the growth of the market. In addition to this, the increase in the number of automobile workshops and tremendous growth in vehicle production & sales across the globe are proliferating the automotive diagnostic scan tools market.
An automotive scan tool (scanner) is defined as an electronic device that is used to check and diagnose vehicular programs. The main objective of the automotive diagnostic scan tools is to evaluate and check the faults in vehicles. For this, manufacturers need to plug the cable into the vehicle's diagnostic connector and evaluate the efficiency of the vehicle. These tools help in identifying and rectifying faults at the initial level. The presence of unskilled workforce and high price of tools are the restraint for the growth of the market. In addition to this, the introduction of wireless scan tools is expected to provide new market opportunities to the key vendors in the automotive diagnostics scan tools market.
The global automotive diagnostic scan tools market is expected to witness rapid growth over the forecast period, owing to increasing consumer demand for high-end cars and rising electrification of vehicles across the globe. However, the high costs associated with innovative and advanced technical equipment may restrain the growth of the market.
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Key players operating in the global automotive diagnostic scan tools market include Denso Corp., Snap-On Inc., SPX Corp., Softing AG, Actia Group SA, Avl List GmbH, Dg Technologies, Hickok Inc., Bosch Automotive Service Solutions, Inc., Dsa Daten- Und Systemtechnik GmbH, Etas GmbH, and General Technologies Corp among others. The developed economy like U.S, Germany, U.K, China and Japan are providing ample amount of opportunities for the growth the market and leaders are continuously focusing on new product developments and venture capital investments to obtain market share.
- In 2016, Bosch (Germany) company presented a new connected repair software solution. This dedicated software solution was capable of connecting all service equipments by Bosch.
The automotive diagnostic scan tool technology segment held the largest market share in the automotive diagnostic scan tools market and valued USD 16.36 billion in 2017
The offering type segment is bifurcated into automotive diagnostic scan tool technology, diagnostic equipment/hardware, and diagnostic software. The automotive diagnostic scan tool technology segment held the largest market share in the automotive diagnostic scan tools market and valued USD 16.36 billion in 2017. This is mainly attributed to, automotive diagnostic scan tool technology can easily identify the mistake and repair the vehicle without disruption of process.
Digital pressure tester segment is anticipated to grow with the highest CAGR of 9.01% over the forecast period
Handheld scan tools includes scanners code reader, TPMS tools, digital pressure tester, and battery analyzer. Digital pressure tester segment is anticipated to grow with the highest CAGR of 9.01% over the forecast period. It has numerous applications in industries, including mechanical engineering, hydraulics/pneumatics, pumps/compressors, and general service/test operations.
Exhaust gas analyzer segment held the largest market share of around 26.50% in 2017
Workshop equipment type is segmented into exhaust gas analyzer, paint scan equipment, wheel alignment equipment, dynamometer, and headlight tester. Exhaust gas analyzer segment is displaying growth in terms of value and volume. It exhibited a market share of around 26.50% in 2017. It is due to efficient execution of strict emission norms by various government and environmental agencies across the globe.
The passenger cars held market share of 67.4% in 2017
Vehicle type is divided into commercial vehicles and passenger cars. The passenger cars held market share of 67.4% in 2017. This growth is due to increasing sales of passenger cars and stringent rules and regulation related to the safety performance of passenger cars across the globe.
Hybrid Electric Vehicle (HEV) segment held market value of USD 12.46 billion in 2017
Electric Vehicle is divided into battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV)) and fuel cell electric vehicle (FCEV). Hybrid Electric Vehicle (HEV) segment held market value of USD 12.46 billion in 2017 due to increase in use of HEVs by consumers and high power generation and efficient fuel consumption.
The ICE Vehicle segment held market share of 62.90% in 2017
Propulsion is segmented into electric vehicle and ICE Vehicle. The ICE Vehicle segment held market share of 62.90% in 2017. This is mainly due to rising demand for premium vehicle in the various region.
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Regional Segment Analysis of the Automotive Diagnostic Scan Tools Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Europe region dominated the global automotive diagnostic scan tools market with USD 13.8 billion in 2017 where as the Asia Pacific region is growing rapidly in the market. This is mainly due to the increased industrialisation and advancement of technology leading higher sales volume in the region. In addition to this, presence of leading automotive players in the region including Volkswagen, Renault, Audi AG, and Porsche, further fuelling the growth of market in the European region.
About the report:
The global automotive diagnostic scan tools market is analysed on the basis of value (USD Billion), volume (K Units), imports (K Units) and exports (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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