Automotive Diagnostic Tools Market Forecast to 2033 | Global Analysis, Size, Growth, Trends & Industry Report

2023-05-20 16:06:30 UTC | Automotive & Transportation
Automotive Diagnostic Tools Market Forecast to 2033 | Global Analysis, Size, Growth, Trends & Industry Report

According to a market report, published by Sheer Analytics and Insights, The global automotive diagnostics tools market was valued at $31.3 billion in 2021 and it is expected to reach $71.2 billion at a CAGR of 7.6% between 2022 and 2032. With the rise in sales of passenger vehicles, the market for automotive diagnostic tools is anticipated to expand. Sales of passenger cars have soared, with increases seen in China, the US, and Europe, the world's top three auto markets. Manufacturers have been forced to offer car diagnostic scan instruments all around the world due to factors like the rise in demand for low emission commuting and government backing for vehicle inspection laws. The automotive market's fastest-growing segment, the passenger automobile, is anticipated to experience significant expansion over the coming years. Moreover, positive governmental actions in big economies Demand in the market is anticipated to be driven by the United States and Europe mandating the use of OBD and rising knowledge of the advantages provided by the diagnostic tools. Additionally, the trend of incorporating novel features into automobiles in response to end users' growing security concerns and connected cars' increasing complexity is anticipated to further boost market growth over the forecast year. The high price and complexity of scan instruments, however, are probably going to limit the market's expansion.

Automotive diagnostic scan tools use electronic hardware and software to identify any car problems. They can be used to diagnose and reprogrammed electronic system issues for a variety of cars' control modules. In addition, it is anticipated that the use of new communication technology in vehicle diagnostic scan tools would increase demand for diagnostic scan software. The market for automobile diagnostic scan tools is anticipated to rise as a result of an increase in the number of service stations, rising consumer knowledge of advanced technology, and other macroeconomic factors. Additionally, rising demand for low-emission modes of transportation and government support for regulations requiring vehicle inspection all contribute to the market's expansion. Customers are stressing how crucial it is to buy a car with in-vehicle diagnostic systems. Hence, these major factors are expected to drive market growth during the forecast period.

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Purchasing premium category vehicles with quicker, more accurate and more effective diagnostic equipment is currently popular in industrialized nations all over the world. A significant increase in the number of luxury-oriented vehicles on the market, a shift in consumer preferences from sedans to SUVs, and increased disposable incomes have all contributed to this growth. The need for OBD solutions in both personal and commercial vehicles continues to be significant as new technologies are incorporated into cars to make them more sustainable and efficient. Furthermore, the expansion can be attributable to the rising purchasing power of developing economies like China. The use of more recent and cutting-edge scan techniques is being led by Germany, Italy, France, and Spain. In the upcoming years, there is anticipated to be a significant increase in demand for high-end passenger vehicles, with the Asia Pacific region accounting for the majority of this demand. These factors are estimated to create more growth opportunities for the market.

Some major restraints are expected to hamper the market growth over the forecast period. For instance, the COVID-19 pandemic originally harmed the market because ongoing lockdowns and shutdowns of manufacturing facilities led to a fall in transportation activities and a reduction in vehicle utilization, which in turn affected the use of diagnostic tools. Additionally, there will soon be a severe lack of qualified workers in the automobile sector. The expansion of the global market for automotive diagnostic tools is being negatively impacted by the shortage of highly skilled professionals and automotive engineers.  

Some new developments in the global automotive diagnostic tools market:

According to the study, key players dominating the global automotive diagnostic tools market are Actia Group (France), Autel Intelligent (China), BorgWarner (U.S), BMW AG (Germany), Continental AG (Germany), DSA Daten (Germany), DG Technologies (U.S), Denso (Japan), Fortiv (U.S), List Privatstiftung (Austria), Mercedes-Benz Group (Germany), Robert Bosch (Germany), Snap-On (U.S), Softing (Germany), SPX Corporation (U.S), among others.

The Global Automotive Diagnostic Tools Market Has Been Segmented Into:

The Global Automotive Diagnostic Tools Market – by Type:

The Global Automotive Diagnostic Tools Market – by Offering Type:

The Global Automotive Diagnostic Tools Market – by Connectivity Type:

The Global Automotive Diagnostic Tools Market – by Vehicle Type:

The Global Automotive Diagnostic Tools Market – by Regions:

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