Pune, India, Jan. 21, 2022 (GLOBE NEWSWIRE) -- According to the report, the global Automotive Diagnostic Scan Tools market size to reach USD 46.95 billion in 2028, exhibiting a CAGR of 5.3% during the forecast period. Quick repairing and easy fault identification of faults in automobiles and rising OB-II standard adoption in vehicles are likely to fuel market growth. Fortune Business Insights™ provides this information in its report titled “Automotive Diagnostic Scan Tools Market, 2021-2028.”
Automotive diagnostic scan tools are used to diagnose vehicles effectively and rapidly. The adoption of complex vehicle architecture and rapid electrification of systems are likely to increase the scanning tools demand. The rising demand for advanced tools with the ability to scan vehicles effectively is likely to increase adoption. These scan tools are an amalgamation of electronic tools and software solutions that diagnose faults effectively in vehicles. They can analyze system malfunctions, diagnose faults and reprogram control modules.
Further, the U.S. government has mandated the incorporated OBD-II standards in automotive vehicles. The integration of OBD-II systems enables GPS fleet tracking equipment to record fuel utilization information, speeding, starting and ending of trips, and other parameters. These factors can boost market development in the upcoming years.
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Manufacturing Constraints and Lack of Demand to Impede Market Progress
This market is expected to be negatively affected during the COVID-19 pandemic because of the restrictions placed on manufacturing and transport. The sudden spike in COVID-19 infections has provoked governments to impose stringent lockdown restrictions. As a result, several industries have experienced losses during the lockdown phase. Further, the sudden decline in automobile sales has resulted in the lack of demand for diagnostic tools. However, the adoption of reduced capacities, part-time shifts, and production machinery may enable manufacturers to improve their sales performance and recover losses. These factors may boost market growth during the pandemic.
Rising Demand for Passenger Cars Utilizing Automotive Diagnostics Software to Propel Growth
The rising awareness regarding automotive diagnostic scan tools efficiency is likely to increase its adoption from car manufacturers. The demand for sophisticated diagnostic software is expected to boost the scanning tools adoption in passenger cars. Furthermore, technological advancements in vehicles and complex designs are likely to fuel diagnostic tools’ adoption. The faults in modern vehicles are often complex and require advanced diagnostic solutions.
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These scan tools provide consumers with a simple interface that can solve technically challenging problems in vehicles. Furthermore, it eliminates the need for costly workshop repairs and improves the vehicle's performance. In addition, increased vehicle usage and rising demand for vehicles with advanced features are likely to foster the automotive diagnostic scan tools market growth. However, higher costs and the complex functioning of scan tools may hinder market development.
Increasing Service and Work Stations to Boost Market Growth in Asia-Pacific
Asia-Pacific is projected to dominate the automotive diagnostic scan tools market share because of the increasing number of services and workstations. The market in Asia-Pacific stood at USD 15.43 billion in 2020 and is expected to grow considerably in the upcoming years. Further, higher automobile production in India and China is likely to boost this type of scan tool adoption. In addition, rising per-capita income and evolving buying preferences are likely to propel industry development.
In Europe, strict emission norms and mandatory adoption of OBD-II standards are likely to fuel the automotive diagnostic scan tool’s adoption. In addition, the early adoption of technologically advanced diagnostics solutions such as driver assistance functionalities and telematics equipment may boost market development.
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In North America, the incorporation of guidelines for data
accessibility and storage may boost market progress. In addition, the rising automobile sales and demand for effective diagnostic features are expected to boost the market growth.
List of the Companies Operating in the Market:
- ACTIA Group (Toulouse, France)
- Snap-on Incorporated (Wisconsin, U.S.)
- Softing AG (Haar, Germany)
- Robert Bosch GmbH (Gerlingen, Germany)
- Delphi Technologies (London, U.K.)
- Denso Corporation (Aichi, Japan)
- SPX Corporation (North Carolina, U.S.)
- Continental AG (Hanover, Germany)
- SGS SA (Geneva, Switzerland)
- Horiba, Ltd. (Kyoto, Japan)
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Global Automotive Diagnostic Scan Tools Market Segmentation:
By Product Type:
- Diagnostic Equipment/Hardware
- Diagnostic Software
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Automotive Diagnostic Scan Tools Market
5. Global Automotive Diagnostic Scan Tools Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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