Sunday, August, 25, 2019 02:47:43

Europe Automotive Diagnostic Scan Tools Market to exceed USD 15 billion by 2025

Europe is anticipated to be the prominent region in the automotive diagnostic scan tools market with the market share of over 34% in 2018 and is estimated to attain more than USD 15 billion market size by 2025. The stringent government regulations related to vehicle emissions are driving the growth of the automotive diagnostic scan tools market in this region. In addition, the presence of prominent market players, such as Volkswagen, Renault, Audi AG, and Porsche, in these regions is also contributing to the growth. The increasing demand for passenger vehicles due to the increase in income has attracted other key automakers to manufacture their automobiles in this region.

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The passenger vehicles in the automotive diagnostic scan tools market will grow at a CAGR of over 5% during the forecast timeline. The growth is attributed to the rise in disposable income in developing countries including Brazil, India, and Argentina. Additionally, the rapidly increasing urbanization, growing population, and the changing customer needs are proliferating the development of the existing transport infrastructure, leading to an increased sales of passenger vehicles.

The Automotive Diagnostic Scan Tools industry is projected to surpass USD 49 billion by 2025. The automotive diagnostic scan tools market growth is attributed to the stringent vehicle emission norms introduced by governments all over the globe. The increasing sales of vehicles will lead to continuous repair & maintenance activities to keep track of vehicle health and engine emissions, resulting in the growth of the automotive diagnostic scan tools market. With the advent of advanced technologies, such as AI, AR, and VR, the vehicles are offering advanced features, such as ABS, ADAS, and cruise control, increasing the number of ECUs in the vehicles. This complexity in vehicles has increased the time required for the detection of faults through manual diagnosis and requires automotive diagnostic scan tools to detect faults to increase operational efficiency.

The automakers and OEMs are investing heftily in R&D and adopting advanced technologies, such as AR and VR, to develop innovative diagnostic scan tools. For instance, in September 2016, Bosch automotive service solutions developed BEA 750, which uses augmented reality to increase the operational efficiency of workshops and service stations. The automotive diagnostic scan tools market is growing at a significant CAGR over the forecast period due to the growing demand for autonomous vehicles around the globe. For instance, in 2017, autonomous car sales were estimated to be 24.23 million units and are anticipated to reach 61.82 million units by 2024, growing at a CAGR of 14.4% between 2018 and 2024.

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In the application segment, the repair & maintenance is estimated to hold more than 37% market share in 2018 and is anticipated to reach over USD 16 billion by 2025. The increasing sales of new vehicles and the growing number of old vehicles are resulting in the rise in the number of service stations and workshops. The growing demand among enterprises to outsource diagnostic scan tools services and concentrate on the core business operations is propelling the demand for third-party repair & maintenance service providers. Intense competition among the market players and the growing need to provide enhanced customer experience are also encouraging repair & maintenance service providers to offer a wide range of professional services to gain customer loyalty.

The diagnostic software will witness a significant growth rate of more than 7% in the automotive diagnostic scan tools market from 2019 to 2025. The diagnostic software is proliferating due to the increasing demand for in-car infotainment and passenger convenience. The growing demand for EVs and hybrid vehicles is also contributing to the growth of the diagnostic software.

The DIY diagnostic is anticipated to grow at the highest CAGR during the forecast timeline due to its operational efficiency and cost-effectiveness. The growth of the segment in the automotive diagnostic scan tools market is due to the increasing passion of owners about their vehicles. The automakers are building virtual interfaces to improve the automotive diagnostic experience at a personal level and improve the DIY diagnostic scan tools.

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Some of the prominent players operating in the automotive diagnostic scan tools market are 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.