NEWARK, Del, May 19, 2022 (GLOBE NEWSWIRE) -- According to a new study of Future Market Insights (FMI), the automotive remote diagnostics market is projected to record a CAGR of nearly 18% through 2028. Growth of the automotive remote diagnostics market will continue to remain bolstered by a plethora of factors, which range from increasing focus of automakers on reducing maintenance cost & downtime and growing integration of IoT, to the emergence of connected car eco-systems in vehicles. Sales in the global automotive remote diagnostics market are slated to top US$ 11.6 Bn in 2022. Expanding at an impressive 18.9% CAGR, the market size is projected to total US$ 32.9 Bn by 2028.
Automotive remote diagnostic solutions have gained pervasive popularity among automakers and vehicle owners alike, in light of the value-added advantages of the technology. Reduced maintenance and service downtime, along with the identification of the bottlenecks beforehand, and enabler of on-point, efficient solutions, are some of the key benefits of the automotive remote diagnostics that are driving their demand.
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List of Key Players Covered in Automotive Remote Diagnostics Market are:
- Robert Bosch GmbH
- Continental AG
- Luxoft
- ACTIA Group
- Tech Mahindra Limited
- Softing AG
- HARMAN International
- Infineon Technologies AG
- Vector Informatik GmbH
- OnStar
- Transics
- Verizon Communications
- Eaton
- IBM Corporation
Additionally, attributes of the automotive remote diagnostics, beneficial for vehicle owners, in terms of identifying potential downturns, defects, and shortcomings of the vehicle in advance, and reducing the total time and cost spent during maintenance, are further expected to drive growth of the automotive remote diagnostics market.
The upward trend of vehicle electrification has had a massive and direct influence on growth of the automotive remote diagnostics. Additionally, recent rise in the connected-car ecosystem, along with the proliferation if IoT and connected devices in the automotive industry, will continue to favor growth of the automotive remote diagnostics market in the foreseeable future.
Browse Detailed Summary of Research Report with TOC @ https://www.futuremarketinsights.com/reports/automotive-remote-diagnostic-market
Automotive Remote Diagnostics Equipment to Account for Leading Market Shares
While equipment and software both form integral parts of an automotive remote diagnostics, the study finds that equipment will continue to account for leading shares of the market, owing to associated periodical replacement and maintenance activities. On the other hand, software are installed in the equipment as first fit, and are renewed on the basis of subscriptions. This further alludes high-growth potential of software solutions in the automotive remote diagnostics market.
Automotive remote diagnostics market will continue to witness robust gains from the light commercial vehicles, compared to other vehicle categories. As the logistics and transportation sector gains increased traction, vis-à-vis growth of the ecommerce and warehousing industry, light commercial vehicles are expected to record relatively greater sales compared to their past statistics. This will create significant opportunities for players in the automotive remote diagnostics market.
Automotive remote diagnostics are expected to witness high demand in vehicle system & component access, and health tracking & diagnosis applications. These application requirements are comparatively higher in commercial vehicles, and with the rise in construction and infrastructure development activities, demand for the commercial vehicles, and in turn the automotive remote diagnostics will also rev up in the near future.
Europe to Remain Most Attractive Market for Automotive Remote Diagnostics
The study finds that Europe will continue to be the most lucrative market for automotive remote diagnostics, trailed by North America. The economic vigor and robust infrastructure development activities in the region allude at significant sales of commercial vehicles, along with passenger cars, which in turn continue to drive demand for advanced solutions such as the automotive remote diagnostics. According to the study, East Asia will also remain an attractive market for automotive remote diagnostics, with sales projected to grow at a CAGR of over 20% through 2028.
The automotive remote diagnostics market continues to remain consolidated, with leading players accounting for bulk shares of the market. Additionally, the complexity and extensive R&D investments required to provide a total solution continue to present significant entry barriers to new market entrants, which further underpins the supremacy of leading players in the automotive remote diagnostics market.
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Detailed Table of Content:
- Executive Summary
- Global Market Outlook
- Industry Overview
- Supply Side Trends
- Technology Roadmap
- Analysis and Recommendations
- Market Overview
- Market Taxonomy
- Market Definition
- Key Market Trends
- Key Trends Impacting the Market
- Global Automotive Remote Diagnostic Market Demand Analysis 2013-2021 and Forecast, 2022-2028
- Historical Market Volume (Units) Analysis, 2013-2021
- Current and Future Market Volume (Units) Projections, 2022-2028
- Y-o-Y Growth Trend Analysis
- Global Automotive Remote Diagnostic Market - Pricing Analysis
- Global Automotive Remote Diagnostic Market Demand (in Value or Size in US$ Mn) Analysis 2013-2021 and Forecast, 2022-2028
- Historical Market Value (US$ Mn) Analysis, 2013-2021
- Current and Future Market Value (US$ Mn) Projections, 2022-2028
- Y-o-Y Growth Trend Analysis
- Absolute $ Opportunity Analysis
TOC Continued…!
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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Report: https://www.futuremarketinsights.com/reports/automotive-remote-diagnostic-market
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