Research Nester published a report titled “Diagnostics Tools and Workshop Equipment Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the diagnostics tools and workshop equipment market in terms of market segmentation by category, product, application, vehicle type, sales channel, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global diagnostics tools and workshop equipment market is segmented by vehicle type into two-wheeler, three-wheeler, and four-wheeler, out of which, the four-wheeler segment recorded the largest share of 93.37% in the year 2019. The segment is further divided into passenger cars and commercial vehicles, out of which, the passenger cars segment is projected to hold the largest market share by the end of 2028. The growth of the segment can be attributed to the increasing advancements and adoption of advanced technologies in passenger cars, followed by the growing sales of passenger cars over the years.
The global diagnostics tools and workshop equipment market is projected to grow with a CAGR of 3.7% over the forecast period, i.e., 2020-2028. The market is thriving on account of the increasing number of product launches, increasing advancements in automotive technology, along with the emergence of next-generation vehicles globally. The market is further anticipated to touch USD 38059.2 million by the end of 2021.
Regionally, the global diagnostics tools and workshop equipment market is segmented by regions into North America, Latin America, Europe, Asia, South East Asia and the Middle East & Africa, out of which, the market in North America is anticipated to hold the largest market share of 32.41% by the end of 2021, backed by the growing sales of new vehicles in the region, coupled with the presence of a large number of existing vehicle fleet. In one of the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), total registrations or sales of new passenger cars and commercial vehicles in North America peaked up to 19.5 million in 2019 from 12.1 million in 2009. Further, the market in Europe is projected to cross USD 12,000 million by the end of 2028, on account of the rising motorization rate in the region.
Growing Concerns for the Increasing Vehicular Pollution to Drive the Growth of the Market
The registration and sales of new passenger cars and commercial vehicles around the globe peaked up to 91.4 million in the year 2019 from 65.6 million in the year 2009, according to the statistics by the OICA.
Vehicular pollution is a major concern globally. One of the major factors contributing to the increasing vehicular pollution is for the rising sales of new vehicles. Governments across nations worldwide are developing stringent norms to reduce the impact of vehicular pollution. As a result, there is a rising need amongst the automotive manufacturers to adopt advanced automotive technologies for better vehicle performance. On the other hand, existing vehicle owners are frequently diagnosing their vehicles, which in turn is raising the need amongst vehicle repairing workshop owners to adopt diagnostic tools and workshop equipment to serve their customers. Further, with the advent of next-generation vehicles, there is a growing need amongst the workshop owners to upgrade their existing equipment, which is also anticipated to drive the market growth during the forecast period.
However, the high cost of advanced technological equipment that are designed for automotive application, are expected to operate as key restraint to the growth of the global diagnostics tools and workshop equipment market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the the global diagnostics tools and workshop equipment market which includes company profiling of BorgWarner Inc. (NYSE: BWA), Robert Bosch Ltd., AVL DiTEST GmbH, TEXA S.p.A., ACTIA Group (EPA: ATI), Snap-on Incorporated (NYSE: SNA), Continental AG (ETR: CON), and DENSO CORPORATION (TYO: 6902). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the the global diagnostics tools and workshop equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.