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Automotive Diagnostic Scan Tools Market Share to Reach USD 49 Billion by 2025

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Automotive Diagnostic Scan Tools Market Share to Reach USD 49 Billion by 2025

July 02
20:16 2019
Automotive Diagnostic Scan Tools Market Share to Reach USD 49 Billion by 2025

The Asia Pacific automotive diagnostic scan tools market is expected to register the highest growth, growing at a CAGR of around 8% between 2019 and 2025
The passenger vehicles in the automotive diagnostic scan tools market will grow at a CAGR of over 5% during the forecast timeline

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 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.

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.

 

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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 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.

Propelled by growing environmental concerns and the rapid digitalization of the automotive industry, the automotive diagnostic tools market is projected to witness substantial growth in coming years. According to a report by Global Market Insights, Inc., the automotive diagnostic tools market is estimated to surpass the renumeration mark of $49 billion by 2025.

 

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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