Portland, OR, Sept. 06, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive diagnostics market generated $40.77 billion in 2020, and is expected to reach $109.84 billion by 2030, witnessing a CAGR of 10.5% from 2021 to 2030. The report presents in-depth information related to the key drivers, restraints, and opportunities of the market with detailed impact analysis.
Progress of the automotive industry, rise in demand for IoT-based technology, and high demand for safety features in vehicles are the key driving forces of the global automotive diagnostics market. However, factors such as high implementation cost along with complex configuration, the frequent requirement of troubleshooting, and high maintenance of automotive software generate a negative impact on growth. Contrarily, progress in semi-autonomous & autonomous vehicles and the advent of the multifunctional system are expected to create remunerative opportunities for the expansion of the market during the forecast period.
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Covid-19 Scenario on Automotive Diagnostics Market:
- Rapid spread of the Covid-19 across the world halted the demand & supply chain for many products due to the ban on transportation.
- Companies producing advanced automotive technologies are implementing developmental strategies such as agreements, expansions, product developments, and product launches to grow and cope with the challenges that occurred during the pandemic.
- Due to interrupted supply and manufacturing disruptions, the global automotive diagnostics market is facing losses and a demand shock.
The report offers detailed segmentation of the global automotive diagnostics market based on type, device, application, and region.
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Based on type, the off-board segment accounted for the largest market share in 2020, contributing to more than half of the total share. On the other hand, the on-board segment is estimated to witness the fastest CAGR of 12.4% from 2021 to 2030.
Based on the device, the hand-held tools segment contributed to the largest share in 2020, accounting for more than half of the global automotive diagnostics market, and is expected to maintain its lead position throughout the forecast period. However, the mobile-based tools segment is estimated to manifest the highest CAGR of 14.3% from 2021 to 2030.
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Based on region, North America contributed to the highest share in 2020, holding around two-fifths of the total share. On the other hand, Asia-Pacific is expected to portray the fastest CAGR of 13.3% during the forecast period.
Leading players of the global automotive diagnostics market analyzed in the research include Continental AG, BMW AG, Denso Corporation, Harman International, Delphi Automotive PLC., Magna International, Robert Bosch GmbH, Pioneer Corporation, Snap-On Inc., and Vector Informatik.
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