Automotive Diagnostic Scan Tools Market worth $60 Bn by 2030

Automotive Diagnostic Scan Tools Market size is expected to cross USD 60 billion by 2030, according to a new research study published by Global Market Insights Inc.
 

Growing adoption of connected vehicles, which in turn, has increased the number of electronic sensors and software in vehicles. Growing malfunctions of sensitive electronic components are propelling the automotive diagnostic scan tools industry growth. Automotive diagnostic scan tools are becoming highly efficient & sophisticated and can analyze complex vehicle error codes.
 

Increase in the number of service stations & workshops

The automotive diagnostic scan tools market is witnessing a rapid growth in the number of service stations & workshops worldwide to diagnose and repair faults in automobiles. Technological advancements in the auto sector have led to rise in average lifetime of vehicles, in turn, increasing the focus on the independent aftermarket. Rising multiband body workshops and authorized OEM service centers during the post-COVID-19 recovery phase have also accentuated the market demand for automotive diagnostic scan tools.
 

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Emphasis on smart logistics and telematics in commercial vehicles

The commercial vehicle segment is anticipated to witness growth rate of over 5% till 2030, which is attributed to the growing use of connected vehicle technologies by fleet owners globally. Major truck manufacturers in the automotive sector is integrating advanced communication systems into their vehicles. Mercedes-Benz, Volvo, and Scania were the early movers in integrating fleet telematics, creating new avenues for automotive diagnostic scan tools market expansion.
 

Increasing stress on keeping vehicles without malfunctions

The professional diagnostic tools segment is proliferating due to the increasing number of vehicles, their service stations & workshops, accounting for 50% of the market share in 2021. Professional diagnostics provides an ambient & well-visible display along with readiness checks, live data, and drive-cycle monitoring, helping service stations & workshops to diagnose the fault efficiently and increase productivity.
 

Browse key industry insights spread across 350 pages with 517 market data tables and 31 figures & charts from the report, “Automotive Diagnostic Scan Tools Market Size By Offering (Diagnostic Hardware {Scanner, Code Reader, Tester, Analyzer}, Diagnostic Software {ECU Diagnosis Software, Vehicle Tracking and Emissions Analysis Software, Vehicle System Testing Software}, Diagnostic Services {Vehicle Maintenance and Repair, Custom, Training, Support, and Integration}), By Application (Automatic Crash Notification, Vehicle Tracking, Vehicle Health Alert & Roadside Assistance, Repair and Maintenance, Emission Control), By Vehicle Type (Passenger Vehicle, Commercial Vehicle), By Tool Type (Professional Diagnostic, DIY Diagnostic, OEMs Diagnostic), COVID-19 Impact Analysis, Regional Outlook Growth Potential, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-diagnostic-scan-tools-market
 

High focus on timely vehicle repair and safe driving

The repair & maintenance segment is slated to witness market gains at around 5% through 2030. The rising number of vehicles worldwide has inflated the demand for repair & maintenance of these vehicles. For instance, in 2021, global car sales reached 66.7 million units compared to 63.8 million units in 2020. The number of service stations & workshops of automakers has proliferated around the world, offering vehicle repair & maintenance services.
 

Increasing demand for passenger convenience is fueling the diagnostic software market growth

The diagnostic software segment is predicted to hold more than 15% of the revenue share by 2030 because of connected vehicles and fleet management. With the rising adoption of IoT and growing internet penetration, vehicles are evolving into software-driven connected devices. Furthermore, automakers and OEMs are investing in R&D to innovate new diagnostic software.
 

The presence of premium vehicle OEMs with favorable government initiatives in Europe

Europe automotive diagnostic scan tools market size is estimated to reach USD 17 billion by 2030 owing to the presence of high-end automotive manufacturers including Audi AG, BMW AG, Ferrari, Mercedes-Benz, and Volkswagen AG. Vehicles manufactured by these companies are equipped with numerous high-end systems, such as voice-activated navigation systems, rotary dial gear selectors, rain-sensing wipers, remote engine ignition & climate control, which require professional automotive diagnostic scan tools. The adoption of these high-end vehicles in European countries is a major driving force behind the expanding regional market.
 

Expansion of production facilities is the key go-to-market strategy of vendors

Some of the key players operating in the automotive diagnostic scan tools market include Actia Group SA, Autel Intelligent Technology Corp. Ltd., AVL List GmbH, BMW AG, Bosch Automotive Service Solutions, Inc., Continental AG, Daimler AG, Delphi Automotive PLC, Denso Corporation, DG Technologies, Fluke Corporation, General Technologies Corporation, Hickok Incorporated, Honda Motor Company, Ltd., KPIT Technologies, Launch Tech UK, Snap-on Incorporated, Softing AG, Volkswagen AG, and Volvo Group. Companies are emphasizing on geographic expansion for the development of integrated solutions.