Automotive Diagnostic Scan Tools Market to surpass $49bn by 2025

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The Automotive Diagnostic Scan Tools Market is set to grow from its current market value of more than $33 billion to over $49 billion by 2025; as reported in the latest study by Global Market Insights, Inc.

The automotive diagnostic scan tools market growth is attributed to the increasing sales of passenger vehicles, transforming vehicles from hardware-driven machines to software-controlled electronic devices, electrification of vehicles, and an increasing number of service stations. In addition, the electrification of vehicles is encouraging manufacturers to increase in-vehicle electronic components and incorporate technological upgrades into vehicles to meet the government emission control standards.

The increasing population of in-vehicle electronic components is increasing the demand for professional diagnostic services frequently to maintain vehicles, helping the growth of the automotive diagnostic scan tools market. In contrary, the highly-priced diagnostic equipment and lack of skilled professionals may adversely affect the overall growth of the market. The increasing in-vehicle electronics is resulting in the complex architecture of automobiles, creating challenges for automotive manufacturers and professional diagnostic solution providers.

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Automotive Diagnostic Scan Tools Market

The diagnostic software market is projected to register an accelerated growth during the forecast timeline, growing at a CAGR of around 8%. The growth is attributed to the increased integration of in-vehicle software across the automotive industry. In addition, the presence of technology giants, such as Bosch, Continental, Denso, and Snap on Incorporated, enhances the growth opportunity of the diagnostic software segment as these companies have expertise in providing professional automotive diagnostic software solutions that can help repair shops to diagnose efficiently, safely, and quickly.

The Asia Pacific automotive diagnostic scan tools market is expected to register the highest growth, growing at a CAGR of around 8% between 2019 and 2025. This growth can be attributed to the presence of emerging countries (such as China and India), leading manufacturers, and significantly large consumption markets in the region. In addition, the infrastructural development and growing industrialization in the emerging economies are creating opportunities for automotive OEMs as well as professional automotive diagnostic solution providers.

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The companies operating in the global automotive diagnostic scan tools market are focusing on technology innovations, strategic acquisitions, and mergers to strengthen their market position and acquire new customers. For instance, in April 2019, Launch UK announced its plans to unveil its latest range of exceptional automotive diagnostic tools, harnessing the most up-to-date technology at Automechanika Birmingham 2019.

Canada Automotive Diagnostic Scan Tools Market Revenue, By Vehicle Type, 2018 & 2025 (USD Million)

Some of the key players operating in the market are Actia Group SA, Autel Intelligent Technology Corp., Ltd., AVL List GmbH, BMW AG, Bosch Automotive Service Solutions Inc., Continental AG, Daimler AG, Delphi Automotive PLC, Denso Corporation, DG Technologies, Fluke Corporation, General Technologies Corporation, Hickok Incorporated, Honda Motor Company, Ltd., KPIT Technologies, Launch Tech UK, Snap-on Incorporated, Softing AG, Volkswagen AG and Volvo Group.

Source : https://www.gminsights.com/industry-analysis/automotive-diagnostic-scan-tools-marketstats
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