In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Presently, automotive industry is inclining towards advanced technology. The one of the most eye-glazing technology is the diagnostic system tool which shows the current status of the vehicle’s sub-systems. Diagnostic system tool is software oriented tool which detect the problem by communicating in digital and standardized form. It is connected with the data link of automotive vehicle and scans the vehicle’s input and output with the help of certain parameters. It also require pass through device and specified software to run the diagnostic system tool.
The global truck diagnostic tools market is estimated to grow at a CAGR of 8.6% from 2018 to 2027, growing from USD 3.83 Billion in 2015 to USD 9.85 Billion by 2027. Moreover, Asia-Pacific is expected to witness lucrative growth in the next ten years followed by North America and Europe. The reason behind the growth of truck diagnostic market is the rising demand for heavy motor vehicles and their appropriate workshops in the Asia-Pacific regions.
The global market is segmented into product type, end-user, and class type and sales channel. Moreover, product type is Nexas nl102 plus heavy duty truck scan tool, Aancel hd510 heavy duty truck scan tool, Autel Maxisys ms 908 cv heavy duty diagnostics can tool, launch x431 heavy duty truck scan tool, J pro professional heavy duty truck diagnostics can tool. In addition to this, Nexas nl102 segment captured the largest market of overall truck diagnostic market in 2016. Apart from this, Autel Maxisys is predicted to show a tremendous growth over the forecast period due to rising demand for diagnostic scanner tool.After the economic downturn, the rising population demand for truck is rapidly growing and is also expected to show a high growth in diagnostic tool market.
Truck diagnostic scan tools are arrangement of electronic software and devices that are used as diagnostic system interface in the vehicles. Their usage in the automotive sector is increasing because of the changing consumer’s inclination towards automated diagnostic system from manual system. These are used for the purpose of analyzing and detecting any malfunction in electronic systems in vehicles. These tools also help in upgrading and reprogramming the control modules in automobile. Today’s diagnostic scan tools are very efficient and refined, which are able to analyze very complex codes while executing diagnosis in the vehicle’s body, chassis and powertrain. They are used in auto workshops and service stations for every type of automobile.
The new age vehicles are well equipped with advanced diagnostic computers and electronic components. Automobile user and mechanics benefit eminently from such diagnostic scan tools as it makes their work simpler in settling issues in vehicles. In the modern vehicles, an electronic device is connected with the automobile’s on-board computer through which the malfunction is detected and fixed.
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Global truck diagnostic market is wholly dependent on the growing use of heavy vehicle in automotive industry and along with economies in the developing nations such as Asia pacific countries such as India and China which includes the personal disposal income of consumer who expect to time saving, high quality product and innovative technology. Consumer demand for trucks and buses can also attract their buying behaviour towards truck diagnostic industry. Growing population in urban and sub urban cities is one of the key factors which are driving the market of truck diagnostics scan tool.
Moreover, increasing adoption of advanced engine and sub segments of trucks is expected to boost up the sale of truck diagnostics tool. Factor such as ease of availability, continuous improvement, attractive price; consumer choice making habit is believed to attract more customers. Major manufacturers are focusing on the size and weight of portable scan tools which can be easily taken away from one place to another.
Furthermore, scan tools come in various materials segments such as connectivity of Bluetooth and USB, different indicators, fault detector and other, which make them suitable for numerous purposes such as engine problem, customization problem such as display indicator problem, battery problem. Moreover, Diagnostic scan tool also read codes, gives life update of vehicle, shows where is the error coming from, Bi-directional functionality, ease to interface, real time push, coding function, touch screen facility and many other tools.
In contrast, high cost associated with truck diagnostic is the biggest challenge which is anticipated the limit the growth of truck diagnostic market in the near future. Further, lack of awareness regarding the benefits in rural area is also expected to restrain the growth of truck diagnostic market by 2027.