Insights on the Automotive Diagnostic Scan Tools Global Market to 2027 - Rising Demand of Passenger Cars is Driving Growth
DUBLIN, May 9, 2022 /PRNewswire/ -- The "Global Automotive Diagnostic Scan Tools Market Size, Share & Industry Trends Analysis Report By Type, By Workshop Equipment, By Connectivity, By Vehicle Type, By Offering Type, By Handheld Scan Tools, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The Global Automotive Diagnostic Scan Tools Market size is expected to reach $42.8 billion by 2027, rising at a market growth of 4.5% CAGR during the forecast period.
Electronic systems in automobiles have grown steadily more advanced in everyday life, making it simpler to detect any damage. In previous years, electronic systems had their own methods in which a variety of instruments were employed to assess a single car. This process was carried out manually, which was exhausting and time consuming. To address this issue, garage equipment manufacturers created a common method for diagnosing the number of automobiles.
After then, the automotive diagnostic scan tools were utilized to detect any defect in a car by inserting the cable through into vehicle's diagnostic connector and executing a comprehensive scan. The major benefit of diagnostic scan tools is that they make it simple to find faults and correct them more rapidly.
Automotive diagnostic scan tools are a mix of software and electrical device software that serve as an interface with car diagnostic systems. Because of the movement in customer choice from manual to advanced automation diagnostics systems, the relevance of diagnostic scan instruments in vehicles is fast expanding. Automated diagnostic scan tools have been used to detect and analyses electronic system problems in automobiles.
As a result, it is critical for automobile users to repair vehicle faults. These instruments also allow for the reprogramming and upgrading of control modules in autos. Diagnostic scan tools, like all other automobile components, have evolved with the advent of technology.
COVID-19 Impact Analysis
The COVID-19 pandemic is not predicted to have an impact on the extraction of resources like steel, aluminum, and copper. With restrictions on trade in effect for the first six months of 2020, key extractors in China continued to harvest raw materials. Nevertheless, raw material costs, like copper, will continue to grow, with copper reaching USD 10,000 per ton for the very first time in ten years in May 2021.
The automotive diagnostic scan tools market, on the other hand, is predicted to grow significantly by 2022, owing to increased awareness of the need of timely vehicle repair and maintenance, as well as severe emission standards imposed by various nations. The worldwide automobile sector has been severely impacted by the COVID-19 outbreak.
Market Growth Factors:
Rise in demand of passenger cars
The market for automotive diagnostic scan equipment is predicted to expand in tandem with the growth in passenger car sales. Passenger car sales have increased in all three major automobile markets: China, the United States, and Europe. Manufacturers have been pushed to produce automobile diagnostic scan tools all over the world as a result of factors such as rising demand for low-emission commuting and government backing for car inspection laws.
The passenger car category is the fastest growing in the automotive industry and is predicted to increase significantly throughout the forecast period. According to an estimate, the overall numbers of passenger vehicles on the road will more than quadruple by 2040, with passenger automobiles expected to reach 2 billion by that time. Global passenger car sales are expected to increase to 72.5 million units in 2025, up from 64.1 million units in year2021.
Growing Consumer preference for premium cars
The current tendency in developed nations throughout the world is to purchase luxury category automobiles with accurate, better, and speedy diagnosis instruments. A huge increase in actual luxury goods in automobiles, a movement in customer preferences from sedans to SUVs, and rising disposable incomes has fueled global demand for luxury cars.
The need for OBD solutions in personal and commercial cars is high, owing to the use of innovative technology in vehicles to achieve greater efficiency and sustainable. Connected automobiles and electric vehicles, for example, need improved diagnostic tools for managing and regulating high-tech vehicle components. In 2020, the high-end vehicle industry amounted for 6% of total automotive sales in the United States, resulting in a tiny but valuable niche. The rising purchasing power of developing economies namely China can be ascribed to the expansion.
Marketing Restraining Factor:
The initial cost of modern diagnostic instruments is quite high
To stay up with the rapid developments in car computer technology, workshops demand increasingly advanced scan instruments, yet most workshops cannot finance them all. Diagnostic scan instruments have seen a decrease in general price levels. Newer technologies, on the other hand, are more costly than traditional OBD-I systems. This has the potential to lower demand for newer and more innovative technology. Diagnostic scan tool manufacturers are always under pressure from OEMs to reduce diagnostic scan tool equipment prices. Several manufacturers are also reluctant to participate in R&D operations owing to high expenses, especially in emerging markets where OEMs are still releasing new models with minimal diagnostic scanning systems.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
Chapter 4. Global Automotive Diagnostic Scan Tools Market by Type
4.1 Global Professional Diagnostics Market by Region
4.2 Global OEMs Diagnostics Market by Region
4.3 Global DIY Diagnostics Market by Region
Chapter 5. Global Automotive Diagnostic Scan Tools Market by Workshop Equipment
5.1 Global Dynamometer Market by Region
5.2 Global Headlight Tester Market by Region
5.3 Global Fuel Injection Diagnostic Market by Region
5.4 Global Engine Analyzer Market by Region
5.5 Global Wheel Alignment Equipment Market by Region
5.6 Global Pressure Leak Detection Market by Region
5.7 Global Paint Scan Equipment Market by Region
5.8 Global Exhaust Gas Analyzer Market by Region
Chapter 6. Global Automotive Diagnostic Scan Tools Market by Connectivity
6.1 Global USB Market by Region
6.2 Global Wi-Fi Market by Region
6.3 Global Bluetooth Market by Region
Chapter 7. Global Automotive Diagnostic Scan Tools Market by Vehicle Type
7.1 Global Passenger Cars Market by Region
7.2 Global Commercial Vehicles Market by Region
Chapter 8. Global Automotive Diagnostic Scan Tools Market by Offering Type
8.1 Global Diagnostic Equipment/Hardware Market by Region
8.2 Global Diagnostic Software Market by Region
Chapter 9. Global Automotive Diagnostic Scan Tools Market by Handheld Scan Tools
9.1 Global Digital Pressure Tester Market by Region
9.2 Global Scanner Market by Region
9.3 Global TPMS Tools Market by Region
9.4 Global Battery Analyzer Market by Region
9.5 Global Code Readers Market by Region
Chapter 10. Global Automotive Diagnostic Scan Tools Market by Region
Chapter 11. Company Profiles
11.1 Robert Bosch GmbH
11.1.1 Company Overview
11.1.2 Financial Analysis
11.1.3 Segmental and Regional Analysis
11.1.4 Research & Development Expense
11.1.5 Recent strategies and developments:
11.1.5.1 Partnerships, Collaborations, and Agreements:
11.1.5.2 Product Launches and Product Expansions:
11.1.6 SWOT Analysis
11.2 Siemens AG
11.2.1 Company Overview
11.2.2 Financial Analysis
11.2.3 Segmental and Regional Analysis
11.2.4 Research & Development Expense
11.2.5 Recent strategies and developments:
11.2.5.1 Product Launches and Product Expansions:
11.2.6 SWOT Analysis
11.3 Continental AG
11.3.1 Company Overview
11.3.2 Financial Analysis
11.3.3 Segmental and Regional Analysis
11.3.4 Research & Development Expense
11.3.5 Recent strategies and developments:
11.3.5.1 Product Launches and Product Expansions:
11.3.6 SWOT Analysis
11.4 Denso Corporation
11.4.1 Company Overview
11.4.2 Financial Analysis
11.4.3 Regional Analysis
11.4.4 Research & Development Expense
11.4.5 Recent strategies and developments:
11.4.5.1 Product Launches and Product Expansions:
11.5 Horiba Ltd.
11.5.1 Company Overview
11.5.2 Financial Analysis
11.5.3 Regional & Segmental Analysis
11.5.4 Research & Development Expenses
11.6 SGS S.A.
11.6.1 Company Overview
11.6.2 Financial Analysis
11.6.3 Segmental and Regional Analysis
11.7 Snap-On, Inc.
11.7.1 Company Overview
11.7.2 Financial Analysis
11.7.3 Segmental and Regional Analysis
11.7.4 Research & Engineering Expense
11.7.5 Recent strategies and developments:
11.7.5.1 Product Launches and Product Expansions:
11.8 Fortive Corporation (Fluke Corporation)
11.8.1 Company Overview
11.8.2 Financial Analysis
11.8.3 Segmental and Regional Analysis
11.8.4 Research & Development Expense
11.9 DG Technologies (Dearborn Group)
11.9.1 Company Overview
11.9.2 Recent strategies and developments:
11.9.2.1 Acquisitions and Mergers:
11.10. Noregon Systems, Inc. (Hearst Communications, Inc.)
11.10.1 Company Overview
For more information about this report visit https://www.researchandmarkets.com/r/8jo7dp
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