Automotive diagnostic scan tools are a combination of software and electronic devices used in many automobile workshops, by professionals, service station which forms an integral component to diagnose faults and repair them. Demand for automotive diagnostic scan tools is increasing day by day as per customers demand for sophisticated automated diagnostics scan tools. Automotive diagnostic scan tools had replaced the manual diagnostic tools. Major purpose of automotive diagnostic scan tools is for detecting and analyzing the malfunctions of electronic systems in vehicles. Modern diagnostic tools are immensely efficient in diagnosing and analyzing the complex problems while performing diagnostics in the vehicle’s powertrain, chassis and body. Demand for these tools is also increasing as they take less time to diagnose the faults. These tools are widely used in every type of vehicle whether it’s a passenger car, heavy commercial vehicle or low commercial vehicle.
It is expected that the market for automotive diagnostic scan tools will grow rapidly during the forecasting period at a CAGR of around 6.10%. Growth of automotive diagnostics scan tools is directly related to the growth and production of automobiles globally. It is expected that the global automotive diagnostics scan tool market will reach to USD 56.77 Billion by the end of the forecasting period. Increase in disposable income of customers will trigger the growth of automobile market which will directly lead to the growth of automotive diagnostic scan tools market globally. The global automotive diagnostics scan tools market is studied for the Asia Pacific (China, Japan, India and rest of Asia Pacific), North America (the U.S., Mexico, and Canada), Europe (the U.K, Germany) and Rest of the World.
Asia Pacific is projected to be the fastest growing market and is anticipated to grow with a highest CAGR during the forecast period attributed to rising demand for safer vehicles, growing automobile industry and growing population in emerging economies such as China and India. Improved lifestyle of customers also triggers the growth of passenger cars as well as commercial vehicles which directly led to the growth of automotive diagnostics scan tools market. Europe is projected to hold the largest market for automotive diagnostics scan tools. Every year large number of new vehicles was launched and due to large vehicle fleet had increased the growth of automotive diagnostics scan tools market. North America is anticipated as a strong contributor in the automotive diagnostic scan tools due to the growing demand for luxury and comfort vehicles. Collaboration of domestic players with leading vehicle manufacturers and rising demand for automotive workshops accelerated the growth of automotive diagnostic scan tools market. CLICK TO DOWNLOAD SAMPLE REPORT
Our-in depth analysis of the global automotive diagnostics scan tools market includes the following segments:
Global automotive diagnostics scan tools market is further classified on the basis of region as follows:
Increasing production and usage of vehicles are some of the major factors for the growth of the global automotive diagnostic scan tools market. Consumer demand for sophisticated automotive diagnostics scan tools helps in the growth of automotive diagnostics scan tools market globally. Growing presence of automotive OEM’s in developing regions also stimulating the automotive diagnostics scan tools market. In current scenario, modern cars are coming with advanced analytical electronic components and computers which not only help mechanic but also the vehicle user to easily diagnose the problem and setting it. Factors such as increasing production of vehicles, their growing usage and rise in demand for advanced automotive diagnostics equipment boost the market growth. Major challenges which the automotive diagnostics scan tool market is facing is with the functioning of diagnostic scan tools and its high price which is not affordable by many consumers around the world.
Overview of the Parent Market
The global automotive diagnostics scan tools market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization