Automotive Diagnostic Tool Market To Rech USD 43,312.2 million at a 5% CAGR by 2030 - Report by Market Research Future (MRFR)
Automotive Diagnostic Tool Market Growth Boost by Increasing Need of Consumers for High-End Vehicles
New York, US, Nov. 07, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR)," Automotive Diagnostic Tool Market Research Report Information By Type, Vehicle Type, Equipment Type Forecast 2030”, the global market will reach USD 43,312.2 million at a 5% CAGR by 2030.
Automotive Diagnostic Tool Market Analysis
The worldwide automotive diagnostic tool market is predicted to expand as vehicle production and usage increase globally. The growing demand for vehicles as a result of rapid urbanization, which is favoring personal mobility, is likely to fuel the demand for vehicle diagnostics solutions.
Increasing Need of Consumers for High-End Vehicles to offer Robust Opportunities
The current trend in developed countries worldwide is to purchase luxury category cars with more precise, efficient, and quick diagnostic devices. The luxury car market has been propelled by a significant growth in genuine premium vehicle offers, a shift in consumer preferences from SUVs to sedans and rising disposable incomes. As new technologies are used in automobiles for making them more efficient & sustainable, demand for OBD solutions in both personal and commercial vehicles remains high. Connected automobiles, big data and analytics, human-machine interfaces, and electric vehicles all necessitate enhanced diagnostic tools for controlling and regulating high-tech vehicle components.
Key Players
Eminent industry players profiled in the global automotive diagnostic tool market report includes,
Robert Bosch Gmbh
Denso Corporation
AVL List Gmbh
Continental AG and few others.
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Restraints
High Initial Price of Advanced Diagnostic Tools to act as Market Restraint
To stay up with continuous developments in automobile computer technology, workshops require increasingly powerful automotive diagnostic instruments, but most small and medium-sized workshops cannot afford to buy these all for the initial cost of the tools. The overall cost of automotive diagnostic devices has decreased. However, newer technologies are more expensive than basic OBD-I (first generation) systems. This could reduce demand for more inventive and cutting-edge technologies. Original equipment manufacturers (OEMs) regularly put pressure on diagnostic tool manufacturers to reduce diagnostic tool pricing. Many manufacturers are also hesitant to invest in R&D due to the high costs, particularly in emerging markets such as China, Russia, Turkey, India, Brazil, and others where OEMs are still releasing new models with rudimentary diagnostic systems. Automobile diagnosis necessitates highly complex instruments and equipment in order to comply with stringent safety regulations, which raises the cost.
Challenges
Dearth of Skilled Workforce to act as Market Challenge
There will soon be a scarcity of trained people in the automotive business. The scarcity of highly skilled personnel and automotive engineers is hampering the growth of the automotive diagnostic tool market. Furthermore, there is a scarcity of training programs for automotive experts. Besides, the complexity of the scan tool may also act as a market challenge over the forecast period.
Report Scope:
Report Metrics | Details |
Market Size by 2030 | USD 43,312.2 Million |
CAGR during 2022-2030 | 5.0% |
Base Year | 2021 |
Forecast | 2022-2030 |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Key Market Opportunities | Growing Demand of Consumers for High-End Cars |
Key Market Drivers | Increasing Production and Usage of Vehicles across the Globe |
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Automotive Diagnostic Tool Market Segmentation
The global automotive diagnostic tool market has been bifurcated based on type, vehicle type, and equipment type.
By type, the automotive diagnostic tool market is segmented into diagnostic equipment hardware, repair and diagnostic data, diagnostic software, and automotive diagnostic scan tool technology.
By vehicle type, the automotive diagnostic tool market is segmented into commercial vehicle and passenger car.
By equipment type, the automotive diagnostic tool market is segmented into vehicle emission test system, digital battery tester, wheel alignment tester, and others.
COVID-19 Analysis
The COVID-19 epidemic has had a substantial impact on numerous industries around the world, including the automotive sector, as regular lockdown measures have shut down industrial operations, affecting the production of new automobiles, particularly in emerging markets such as China. The disruption in the supply chain of numerous automobiles has had a substantial influence on market growth. Furthermore, many automotive manufacturers have seen a decline in revenue, and production of automotive diagnostic tools has been reduced in comparison to previous years due to unavailability of raw materials due to a lack of labor, supply chain issues, and taxation increases, all of which have a negative impact on the growth of the automotive diagnostic tool market.
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Automotive Diagnostic Tool Market Regional Analysis
APAC to Head Automotive Diagnostic Tool Market
Over the projected period of 2022 to 2030, Asia-Pacific is expected to have the fastest growth rate. This is due to factors such as expanded infrastructure and industrialization operations, greater population purchasing power, and the presence of significant markets such as India, China, and Japan, which have spurred a growth in demand for automobiles. Global OEMs such as Volkswagen and General Motors cater to this vehicle diagnostic tool industry through collaborative ventures with domestic manufacturers. Due to the deployment of new technologies, the installation of more manufacturing units, and the formation of value-added supply chains between manufacturers and material providers, Asia-Pacific has emerged as a market with significant growth potential. Due to increased vehicle production and usage, as well as an increase in service stations and automotive workshops, Asia-Pacific is predicted to hold the biggest market share over the projection period.
Europe to Have Admirable Growth in Automotive Diagnostic Tool Market
Due to an increased per capita disposable income, Europe accounts for the second-largest market share. Mandatory On-board Diagnostics (OBD) requirements, stringent emission regulations policies, and the presence of major automotive manufacturers in the region, such as Robert Bosch GmbH, Continental AG, Actia SA, Softing AG, and others, are expected to drive massive demand for automotive diagnostic tools throughout Europe.
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Europe is also expected to expand significantly as a result of the supportive environment created by governments across the region and increased awareness about safety and security as a result of new technology such as linked and autonomous cars.
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