Global automotive diagnostic scan tools market demand is anticipated to be valued at US$ 34.7 Billion in 2022, forecast to grow at a CAGR of 7% to be valued at US$ 68.8 Billion from 2022 to 2032. Growth is attributed to increased demand for automotive diagnostic scan tools, especially across the automobile OEMs.
The electrification of automotive components is increasing rapidly as the consumers’ preference is shifting from manual functions to sophisticated automated systems. Such technological changes are increasingly demanding for tools which can detect the problem or the malfunctioning of electronic system used in cars with ease. Automotive diagnostic scan tool are set of electronic devices and software which are used to interface with diagnose systems. Automotive diagnostic tools are also used to reprogram and upgrade the vehicle control modules. Nowadays, number of companies are engage in manufacturing of diagnostic scan tools with multifunctional capabilities which can read from simple codes to highly complex codes while performing powertrain, chassis and body diagnostics. Automotive diagnostic scan tools are widely used in vehicle service station for all types of vehicles ranging from passenger vehicle car to heavy commercial vehicle to agriculture vehicles.
Automotive Diagnostic Scan Tools Market: Drivers & Restraints
Global automotive diagnostic scan tools market value represent significant growth in upcoming years as a result of increasing number of vehicle in operations worldwide. Additionally, increasing electrification of vehicles is fuelling demand for diagnostic systems. Implementation of new communication technology within the automotive diagnostic scan tool is expected to grow demand for diagnostic scan software as well. Growing number of service station, increasing awareness about the sophisticated technology along with the other macroeconomic factors are expected to contribute in the growth of the automotive diagnostic tools market. However, increased complexity of automotive electronic system architecture is expected to be the major challenge for the growth of the global automotive diagnostic scan tool market.
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Automotive Diagnostic Scan Tools Market: Segmentation
Global automotive diagnostic scan tools market is segmented on the basis of geography and product type. The product type segment of the automotive diagnostic scan tools market is further segmented into diagnostic scan equipment and diagnostic scan software. The automotive diagnostic scan tool is the predominant segment of the global automotive diagnostic scan tools market which is expected to maintain the largest share during the forecast period 2015 to 2025.
Automotive Diagnostic Scan Tools Market: Overview
The automotive diagnostic scan tools market is expected to grow with CAGR of 6% to 8% over the forecast period 2015 to 2025 as impact of various factors such as increasing vehicle in operation, growing number of vehicle service stations, etc.
Automotive Diagnostic Scan Tools Market: Region-wise Outlook
The global automotive diagnostic system market is geographically segmented into seven key regions which are, North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan and Middle East & Africa. As of 2014, North America dominated the market followed by Europe, Asia-Pacific and Japan respectively. As per the growth rate the North America dominates the market followed by Europe Asia Pacific and Japan.
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Automotive Diagnostic Scan Tools Market: Key Players
Acquisitions and mergers are key strategies adopted by major companies to expand their geographical presence and market share. Some of the key market players in global automotive diagnostic scan tool markets are Denso Corp., Snap-On Inc., SPX Corp., Softing AG, Actia Group SA, Avl List GmbH, Dg Technologies, Dsa Daten- Und Systemtechnik GmbH, Etas GmbH, General Technologies Corp, Hickok Inc., Bosch Automotive Service Solutions, Inc.
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