Automotive Diagnostics Market, by Type (On-board and Off-board), Device (Hand-held Tools, Mobile-based Tools, PC-based Tools, and Others), and Application (Passengers Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Electric Vehicles), diagnostic Device, Application Outlook and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Automotive Diagnostics Market Overview
The global Automotive Diagnostics market size was estimated at USD 54.2 billion in 2023 and is projected to reach USD 106.8 billion in 2030 at a CAGR of 10.1% during the forecast period 2023-2030.
The automotive diagnostics market is experiencing a notable surge in revenue growth, primarily propelled by the increasing implementation of cutting-edge technologies like Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT) within the automobile industry. These advanced technologies are revolutionizing diagnostic capabilities, enabling the development of sophisticated tools that can swiftly and reliably detect and diagnose issues by analysing massive amounts of real-time data. The integration of these technologies with diagnostic equipment is anticipated to be a key driver for future revenue growth in the automotive diagnostics market.
Another significant factor contributing to revenue growth in the automotive diagnostics sector is the expansion of the market for aftermarket diagnostic tools. The aftermarket segment is poised for substantial growth due to the growing demand for affordable diagnostic instruments that can be effectively utilized for vehicle maintenance and repair. Additionally, the increasing number of vehicles on the road and the need for regular maintenance and repairs further bolster revenue growth in the aftermarket segment.
Furthermore, the adoption of electric and hybrid vehicles is expected to drive revenue growth in the automotive diagnostics market. As the complexity of electronic systems in these vehicles continues to evolve, the demand for sophisticated diagnostic tools capable of identifying and resolving intricate problems in these systems will surge. Consequently, the market for automotive diagnostics is predicted to experience significant revenue growth as the demand for electric and hybrid automobiles rises.
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However, the high cost of diagnostic tools presents a potential constraint on the market's revenue growth, as it renders them unaffordable for small and medium-sized repair shops. Additionally, the scarcity of qualified technicians proficient in operating these instruments efficiently poses another challenge that could impede revenue growth in the market. The shortage of skilled professionals may hinder revenue growth to some extent, emphasizing the need to address this issue in order to unlock the market's full potential.
Delvens Industry Expert's Standpoint
The automotive industry is witnessing a growing trend of increasing vehicle connectivity. This trend is driving the demand for diagnostic software that can establish connections with a vehicle's systems and provide real-time data on its performance, particularly as the number of connected automobiles continues to rise. Consequently, the automotive diagnostics market is expected to experience an upsurge in the need for diagnostic software.
Moreover, throughout the forecast period, the segment of diagnostic equipment is projected to exhibit a higher compound annual growth rate (CAGR) in terms of revenue. The automotive industry's demand for sophisticated diagnostic equipment is expected to escalate in tandem with the shift towards predictive maintenance and the growing need for more precise and efficient diagnostic instruments. This surge in demand for advanced diagnostic equipment is set to drive the revenue growth of the automotive diagnostics market. Semi-autonomous and autonomous vehicles heavily rely on software, and the automotive diagnostics market is experiencing favorable growth due to the growing emphasis on implementing safety features for driving. Prominent automakers like BMW, Volvo, and Ford are incorporating level 1 and level 2 autonomous technologies into their vehicles, contributing to this positive trend.
Key Findings
• Type segment contains On-Board Diagnostics (OBD), focus of this segment lies on the incorporation of diagnostic tools and systems within vehicles, serving the purpose of monitoring and detecting potential issues. These systems, known as OBD (On-Board Diagnostics), offer real-time data regarding the functioning of diverse vehicle components, empowering technicians to diagnose and resolve problems with efficiency and precision. By seamlessly integrating into vehicles, these diagnostic tools contribute to the overall performance and reliability of automotive systems.
• Device segment sub segment Electric System Analyzer segment which is dedicated to the development of diagnostic tools tailored to analyze and test the electrical systems of vehicles. These specialized tools play a crucial role in identifying electrical faults, evaluating battery health, analyzing charging systems, and diagnosing issues associated with electronic components. By providing comprehensive insights into the intricate electrical systems of vehicles, these diagnostic tools empower technicians to ensure optimal performance, reliability, and safety of the electrical systems.The scan tool segment comprises diagnostic devices that can communicate with a vehicle's onboard computer system and retrieve diagnostic trouble codes (DTCs). These codes provide insights into specific problems or malfunctions within the vehicle's subsystems, enabling technicians to diagnose and resolve issues accurately.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The Automotive Diagnostics Market in North America holds a significant position, and this dominance is expected to continue in the foreseeable future. The rising preference for connected cars and the stringent emission regulations in North America are key factors contributing to the increased demand for automotive diagnostics services. The growing population of connected vehicles in the region has further propelled the expansion of diagnostic solutions that enable remote identification of vehicle issues. As a result, the automotive diagnostics sector in North America is poised for sustained growth and innovation throughout the forecast period.
Automotive Diagnostics Market Regional Analysis
North America to Dominate the Market
• Throughout the forecast period, North America maintained its dominant position in the global Automotive Diagnostics Market, and this supremacy is expected to endure. The escalating desire for connected vehicles and the stringent emission regulations in North America are fueling the demand for automotive diagnostics services. The region's expanding population of connected vehicles has spurred the growth of diagnostic services that enable remote detection of vehicle issues. Furthermore, the region's increasing reliance on diagnostic services to ensure optimal performance and safety of these vehicles has led to a surge in electric vehicle sales.
Automotive Diagnostics Market Competitive Landscape
• BMW
• Continental AG
• Delphi Automotive PLC
• Denso Corporation
• Harman International
• MAGNA International
• Pioneer Corporation
• Robert Bosch GmbH
• Snap-On Inc.
• Vector Informatik
• Bosch Automotive Service Solutions Inc.
• Continental AG
• Delphi Technologies PLC
• Denso Corporation
• General Motors Company
• Snap-On Incorporated
• Robert Bosch GmbH
• Siemens AG
• Softing AG
• AVL List GmbH
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Automotive Diagnostics Market Recent Developments
• In the year 2021, Continental AG made a public announcement regarding their investment in Cartica AI, an Israeli startup specializing in advanced driver assistance systems (ADAS) software based on artificial intelligence (AI). This strategic partnership was forged with the objective of bolstering the advancement of Continental's ADAS solutions and solidifying their standing in the market.
• During the year 2020, Delphi Technologies PLC made a notable announcement regarding its acquisition by BorgWarner Inc., a prominent worldwide provider of cutting-edge automotive technology solutions. The strategic acquisition is set to establish a dominant presence in the power electronics sector, facilitating the development of comprehensive electrification solutions tailored for the global automotive industry.
Reasons to Acquire in the Automotive Diagnostics Market
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Automotive Diagnostics Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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