Dublin, Nov. 15, 2024 (GLOBE NEWSWIRE) -- The "Automotive Diagnostics Scan Tool Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The automotive diagnostics scan tool market is poised for a constant growth and will reach US$47.394 billion in 2029 from US$28.750 billion in 2024 at a CAGR of 6.82%.
Automotive diagnostic scan tools, such as scanners and analyzers, analyze errors in vehicle systems, such as faults in sensors or components. These tools are integral to improving overall vehicle performance. With the bolstering growth of global vehicle demand followed by investments in innovations to enhance acceleration rate and fuel efficiency, the demand for these tools is anticipated to show significant growth.
Moreover, the growing number of road accidents is driving the demand to promote automotive connectivity and aftermarket services that will assist in improving overall vehicle safety. Major market players are investing in innovations and development to support them, which has provided new market growth prospects. However, the technical complexities in manufacturing new software and hardware products, followed by raw material price volatility, act as major market growth obstacles.
Automotive Diagnostics Scan Tool Market Drivers:
Growing vehicle accidents have propelled the demand for effective diagnostic tools.
Overall vehicle performance is dependent on the integral performance of all components, and malfunctions in any system, including the engine, infotainment, gears, or steering, can cause serious malfunctions, thereby leading to accidents. Over the years, the prevalence of car accidents has witnessed significant growth globally.
With such high frequency, the demand for scanners and analyzers to monitor vehicle functioning and engine performance is expected to increase in the coming years.
Automotive Diagnostics Scan Tool Market Geographical Outlook:
North America is poised for a significant expansion.
Region-wise, the global market is analyzed into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The market in the North American region is projected to show significant growth fueled by ongoing investments to bolster vehicle safety features and booming automotive production in major regional economies, namely the United States and Canada.
The OIC data specifies that, in 2023, the United States witnessed a 5.52% growth in automotive production, followed by a 12.4% growth in sales. Moreover, the well-established presence of market players such as Carman International and KPIT Technologies and growing vehicle accidents have propelled the regional market expansion.
Likewise, the European and APAC regions are estimated to expand steadily, fuelled by favorable efforts to minimize road accident fatalities. The South American market is also poised for a positive expansion.
Report Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments)
Some of the key companies profiled in this Automotive Diagnostics Scan Tool Market report include:
- Snap-on Incorporated
- Bosch Automotive Service Solutions Inc.
- DENSO EUROPE
- ACTIA Group
- Softing AG
- Delphi Technologies
- Continental AG
- Carman International
- Vector Informatik GmBH
- KPIT Technologies
The Automotive Diagnostics Scan Tool market is segmented and analyzed as follows:
By Type
- OBD
- Electric System Analyzer
- Scan Tool
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
By Diagnostic Type
- Professional Diagnostics
- DIY Diagnostics
- OEM Diagnostics
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Thailand
- Others
For more information about this report visit https://www.researchandmarkets.com/r/ijpz6o
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