New Delhi, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Due to rising vehicle production and sales, growth in automotive workshops, and the trend of adding cutting-edge technology to cars, the global market for automotive diagnostic scan tools is booming.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Automotive Diagnostic Scan Tools Market was worth USD 32.35 billion in the year 2021. The market is projected to grow at a CAGR of 6.9%, earning revenues of around USD 51.27 billion by the end of 2028. The Global Automotive Diagnostic Scan Tools Market is booming because of the expanding Indian automotive industry. Moreover, the market for automotive diagnostic scan tools is predicted to grow as vehicle sales rise as well as improved. New opportunities for market research will arise as German automobile owners gradually adopt ADAS technologies. Automobile diagnostic scan tools are enabling manufacturers of passenger cars to enhance ride quality and driver safety while offering reliable vehicle monitoring features, which is driving the segment's expansion. Automakers are creating virtual interfaces in parallel with developing diagnostic tests to enhance the diagnostic experience. However, greater prices and scan instrument complexity may impede market expansion.
Increasing Demand for Passenger Cars Drives Growth by Using Automotive Diagnostics Software
Automakers are anticipated to use automobile diagnostic scan tools more frequently as a result of growing awareness of their effectiveness. The deployment of scanning equipment in passenger cars is anticipated to increase due to the necessity for sophisticated diagnostic software. Furthermore, the usage of diagnostic tools is probably being fueled by improvements in vehicle technology and complicated designs. Modern vehicles frequently have complicated issues that call for sophisticated diagnostic techniques. Automobile diagnostic scan tools give users a user-friendly interface and the ability to fix complex technical issues. Additionally, it enhances the performance of the car and does away with the necessity for expensive workshop maintenance. Additionally, the use of vehicles will undoubtedly expand, as will the need for innovative technologies in vehicles. Over the next seven years, demand for automotive diagnostic scan tools is anticipated to increase due to the growing emphasis on the development and implementation of intelligent transportation systems and driver-assistance features across passenger vehicles and the growing adoption of such systems in heavy commercial vehicles.
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Challenge: Inadequate Awareness
Lack of information about new technologies is a major impediment to the growth of the automotive diagnostic scan tools market. The technology is quite expensive, and many users may not be able to buy it. Furthermore, the complexity required in the operation of such diagnostic scan instruments may hinder market expansion. Some OBD2 scanners are more affordable and broader in their capabilities, aimed at the typical automobile owner. Advanced OBD2 scanners have significantly more extensive and detailed diagnostic capabilities, clearly built with serious DIYers and professional mechanics in mind. Higher-quality OBD2 scanners, on the other hand, provide a far wider range of capabilities.
Segmental Coverage
Global Automotive Diagnostic Scan Tools Market - By Vehicle Type
Based on vehicle type, the Global Automotive Diagnostic Scan Tools Market is segmented into Passenger Cars, Commercial Vehicles. Among these, passenger Cars account for the largest share in the Global Automotive Diagnostic Scan Tools Market. The majority of the pollution produced by vehicle emissions is created by passenger cars. The emission control system is monitored and defects are found using the diagnostic scan tools. When a problem is committed, a dashboard light that reads "check engine" illuminates. In the past, qualified technicians certified to ASE A6, A8, and L1 standards were responsible for diagnosing car problems. However, with the advent of portable diagnostic instruments, DIY for small problems has become more popular in passenger cars. Due to the rapid economic growth of rising nations like Brazil, Mexico, and India as well as globalization, consumer standards of living have increased over the past ten years. The rise in consumer disposable income has boosted demand for passenger automobiles, propelling the passenger car market. OEMs such as General Motors, Ford, and Honda have utilized a customer-focused strategy to promote their new passenger car models.
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Impact of COVID-19 on Global Automotive Diagnostic Scan Tools Market
The COVID-19 pandemic is not expected to influence the extraction of resources such as steel, copper, and aluminum. Despite trade restrictions, major extractors in China continued to harvest raw materials throughout the first half of 2020. As the price of raw materials rises, copper, for example, will surpass USD 10,000 per tonne for the first time in ten years in May 2021. The market for automotive diagnostic scan tools, on the other hand, is expected to grow significantly in 2022 as a result of greater awareness of the necessity of timely vehicle repair and maintenance, as well as tight emission rules enforced by various countries. The COVID-19 epidemic has had a significant influence on the global automotive industry. This is visible in the disruption of Chinese part export supply chains, large-scale production halts across Europe, and the closure of assembly plants in the United States and other important nations such as India and Brazil, where the automotive sector contributes considerably to GDP.
Competitive Landscape
The leading market players in the Global Automotive Diagnostic Scan Tools Market are Actia SA, AVL List GmBH, Continental AG, Crawford United Corporation, Delphi Automotive PLC, Denso Corporation, Hickok Incorporated, Kpit Technologies, Noregon, Robert Bosch GmBH, Siemens, SnapOn Incorporated, Softing AG, and other prominent players. The Global Automotive Diagnostic Scan Tools Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Automotive Diagnostic Scan Tools Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Automotive Diagnostic Scan Tools Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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