The global automotive diagnostic scan tools market is anticipated to grow at a 5.5% CAGR and will reach USD 55.5 billion by 2027. Factors attributing to the growth of the global automotive diagnostic tools market include increased vehicle production and sales post COVID-19 crisis, rising automotive workshops, and the increasing trend towards integrating developed features in the vehicles. The increased complexity in the architecture of modern vehicles, strict government regulation about vehicle emission will further proliferate the growth of the market. With the growing popularity of electric, connected, and hybrid automobiles, the number of electronic sensors and software in vehicles has expanded, converting the automotive industry from hardware machines to software electronic devices. These changes have raised the possibility of malfunctions caused by flaws in the programming codes that govern the vehicle control modules, therefore raising market demand. Nevertheless, the increasing trend among consumers to purchase high-end cars having accurate, improved, and fast diagnostic tools will create opportunities for growth in the automotive diagnostic scan tools market.
The COVID-19 outbreak has had a severe impact on the automotive industry owing to disruption in the supply chain. However, the automotive diagnostic scan tools are anticipated to have a substantial growth in 2022 due to the increased awareness for timely repair and maintenance of vehicles and strict norms in different countries.
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Based on offering, the diagnostic equipment/hardware is anticipated to grow significantly during 2021-2027 owing to increased vehicle production in developed and developing economies and increased complexity in-vehicle electronics.
Based on connectivity, will also grow substantially during 2021-2027 owing to wide adoption in vehicles equipped with OBD-II. It is cost-effective and user-friendly. However, it will be replaced by Wi-Fi and Bluetooth as they are wireless diagnostic scan tools.
Europe dominates the automotive diagnostic scan tools market owing to the presence of well-established auto manufacturers and OEMs and increased production and sales of vehicles. The strict regulations regarding fuel and stringent OBD requirements by the European Commission will drive the growth of the automotive diagnostic scan tools market. Thus, in order to have smart mobility solutions, focusing on a zero-emission energy model will accelerate the growth of the automotive diagnostic scan tools market by the government and private companies in Europe.
In November 2021, Continental, a leading aftermarket provider of OEM-engineered parts, advanced diagnostics, service information, and connected services, has just released the Autodiagnos DriveTM, an innovative, remote vehicle data solution designed to deliver advanced diagnostic information to service providers, fleet managers, and repair facilities to help them maximize their data-driven services.
The prominent players in the automotive diagnostic scan tools industry include Snap-On Inc., Bosch Automotive Service Solutions Inc., Dg Technologies, Etas GmbH, Dsa Daten- Und Systemtechnik GmbH, Softing AG, Actia Group SA, Hickok Inc., Delphi Automotive PLC, Kpit Technologies, General Technologies Corp, Avl List GmbH, Denso Corp., SPX Corp., and Continental AG.
Source: VynZ Research
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