Pune, India, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The global automotive diagnostic scan tools market size stood at USD 32.71 billion in 2021. The market is estimated to hit USD 46.95 billion by 2028 at 5.3% CAGR during the forecast period. Automotive Diagnostic Scan Tools Market to expand rapidly; Quick repairing and easy fault identification capabilities of the tool to foster industry growth. Fortune Business Insights™ has delved into these insights in its latest research 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. Automotive diagnostic 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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Impact of COVID-19:
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.
Segments:
- By product type, the market is segmented into diagnostic software and diagnostic equipment/hardware.
- As per vehicle type, it is categorized into commercial vehicles and passenger cars.
- Geographically, it is grouped into Europe, North America, Asia-Pacific, and the rest of the world.
Highlights of the Report
The report provides a detailed analysis of the top segments and the latest trends in the market. It offers in-depth insights into the latest the driving and restraining factors and covers the COVID-19 impact on this market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints:
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.
Automotive diagnostic 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.
The increasing focus on the development and implementation of intelligent transport systems and driver-assistance features across passenger vehicles and the growing adoption of intelligent transport systems in heavy commercial vehicles are expected to drive the demand for automotive diagnostic scan tools over the next seven years.
However, higher costs and the complex functioning of scan tools may hinder market development.
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Regional Insights:
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 automotive diagnostic 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.
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.
Competitive Landscape
Prominent Companies Announce Novel Products to Reinforce Market Position
The prominent companies operating in the market announce novel products to boost sales and improve their market position. For example, Snap-on Incorporated announced its novel John Bean Tru-Point advanced driver assistance system (ADAS) calibration tool at the Auto Glass Week held in Florida, U.S., in May 2021. The ADAS system shall enable shops to streamline their calibration procedure completely. This launch may enable the company to improve its market position globally. Further, companies announce innovative solutions to boost their brand image. For example, HORIBA Automotive launched an electrification system that consists of turnkey testing solutions, single component testing, consulting, and other services in April 2021. This launch shall assist manufacturers throughout the vehicle development phase. This development may boost the company’s brand image.
Industry Development:
February 2021: SGS acquired a France-based organization named Autoscope/CTOK that operates three vehicle inspection series (VIS) facilities. This acquisition was undertaken to merge SGS’s market position in automotive inspection service and the company’s acquisition of CTA Gallet and Groupe Moreau in 2020.
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List of Key Players Profiled in the Market Report:
- 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)
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 Technological Advancements
4.3 Porter’s Five Forces Analysis
4.4 SWOT Analysis
4.5 Impact of COVID-19
5. Global Automotive Diagnostic Scan Tool Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Product Type
5.2.1 Diagnostic Equipment/Hardware
5.2.2 Diagnostic Software
5.3. Market Analysis, Insights and Forecast – By Vehicle Type
5.3.1 Passenger Cars
5.3.2 Commercial Vehicles
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1 North America
5.4.2 Europe
5.4.3 Asia Pacific
5.4.4 Rest of the World
Continue…
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