Chicago, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Automotive Diagnostic Scan Tools Market is estimated to be USD 33.1 billion in 2021 and is projected to reach a market size of USD 41.4 billion by 2026, growing at a CAGR of 4.5% during the forecast period, according to a new report by MarketsandMarkets™.
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| Report Attributes | Details |
| Market size value in 2021: | USD 33.1 billion |
| Projected to reach 2026: | USD 41.4 billion |
| CAGR: | 4.5% |
| Base Year Considered: | 2020 |
| Forecast Period: | 2021-2026 |
| Largest Market: | Asia Pacific |
| Region Covered: | Asia Pacific, North America, Europe, and RoW |
| Segments Covered: | By offering, Workshop Equipment Type, By Vehicle Type, Connectivity, Handheld Scan tools and Type |
| Companies Covered: | Robert Bosch GmbH (Germany), Siemens (Germany), Denso (Japan), Continental AG (Germany) and Snap-on (US) |
The major factors behind the growth of the global Automotive Diagnostic Scan Tools Market are the growing preference of consumers for high-end cars, rising stringent emission norms and an increase in the number of automotive workshops globally. With rise in demand for vehicle repair and maintenance demand for diagnostic equipment would also rise. The installation of electronics components in vehicles is increasing with advancements in vehicle technology which will further increase the market for automotive diagnostic scan tools.
By Handheld Scan Tool: The battery analyzer segment is estimated to be the fastest-growing market in the Automotive Diagnostic Scan Tools Market during the forecast period
The battery analyzer segment is expected to witness the fastest growth in the Automotive Diagnostic Scan Tools Market. Battery analyzers have gained significant importance with the increase in vehicle electrification in automobiles. Periodic battery analysis is needed because batteries tend to have a shorter life than the components it powers. Also, the increasing demand for electric vehicles, which in turn pushing the growth of automotive batteries, is boosting the demand for battery analyzers in the market globally. These tools analyze the operating condition of the battery and charging system, thereby ensuring proper functioning of the electric power source. It also provides alternator information and projects the status of power supply. Battery analyzers act as gatekeepers to retire packs when they fall below a set performance criterion.
By Vehicle Type: The passenger car segment is estimated to be the largest growing market in the Automotive Diagnostic Scan Tools Market during the forecast period
The passenger car segment is expected to be the largest growing segment, by value, of the Automotive Diagnostic Scan Tools Market during the forecast period. The increasing sales of passenger cars coupled with high demand for premium segment cars are majorly responsible for the fastest growth of the passenger car segment in the global market. The increase in disposable income of consumers has pushed the demand for passenger cars, which, in turn, has driven the growth of the passenger car market. The passenger car segment is anticipated to hold the largest share of the Automotive Diagnostic Scan Tools Market,
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By Connectivity Type: The Wi-Fi segment is estimated to be the fastest-growing market in the Automotive Diagnostic Scan Tools Market during the forecast period.
Wi-Fi is one of the upcoming technologies in vehicle diagnostics. Wi-Fi provides a better operation range than USB and Bluetooth connectivity. Wi-Fi is used for DoIP (Diagnostics over Internet Protocol) and is expected to register significant growth over Bluetooth during the forecast period. Moreover, the presence of countries such as China, India, Japan, and South Korea, which are expected to adopt remote diagnostics with the help of DoIP, is further expected to drive market growth. WiFi has played an essential role in enabling vehicle connectivity applications in vehicle diagnostics. Further, the Wi-Fi provides an extensive data codes transfer capability that has enabled over USB and Bluetooth for vehicle diagnostics. The rise in the demand for premium segment of passenger cars because of growing consumer preference for luxury cars equipped with advanced high-tech features and pressure from OEMs to improve vehicle performance and collect relevant data is further increasing the WiFi enabled automotive diagnostics scan tools market.
By Region: Asia Pacific is estimated to be the largest market for Automotive Diagnostic Scan Tools Market
The Asia Pacific region is projected to be the largest market for automotive diagnostic scan tools during the forecast period. The market growth in the region can be attributed to the rapid growth of the automotive sector in countries such as China, Japan, India, Thailand, and South Korea. Moreover, the improved lifestyle of consumers and rapid urbanization have boosted the demand for passenger vehicles as well as commercial vehicles, which, in turn, would trigger the growth of the Automotive Diagnostic Scan Tools Market in the region.
Key Market Players
The major market players in Automotive Diagnostic Scan Tools Market include Robert Bosch GmbH (Germany), Siemens (Germany), Continental AG (Germany), Denso (Japan), Snap-on (US) among others
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