Thriving in the Automotive diagnostic tool Market: Maximizing Opportunities, Managing Challenges
Market Overview
Market Research Future (MRFR), in its latest report on the global automotive diagnostic tool market 2023, states different factors that contribute significantly to the expansion of the market. According to MRFR data, the automotive diagnostic tool market is likely to rise at about 5% CAGR in the analysis period. The global automotive diagnostic tool market can rise due to an increase in the complexity of vehicles structure creating the need for the intrusion of electronics.
The expansion of the automotive diagnostic tool market can be attributed to the surge in demand for tools and equipment that aids in the accurate diagnosis of any automotive faults. Another important factor that can boost the rise of the automotive diagnostic tool market is the surge in the demand for automotive workshops. The consumers’ preference towards high-end to advanced cars with great technical support can bolster the expansion of the automotive diagnostic tool market. The increase in the collaboration of OEMs, plus the easy availability of automotive diagnostic tools by key players can also support the market rise. On the contrary, the automotive diagnostic tool market can be restrained by the expensive input costs and high maintenance costs. Moreover, the presence of smart technology by the manufacturers can also deter the market rise.
Key Players
l ACTIA Group (Toulouse, France)
l Snap-on Incorporated (Wisconsin, U.S.)
l Softing AG (Haar, Germany)
l Robert Bosch GmbH (Gerlingen, Germany)
l Delphi Technologies (London, U.K.)
l Denso Corporation (Aichi, Japan)
l SPX Corporation (North Carolina, U.S.)
l Continental AG (Hanover, Germany)
l SGS SA (Geneva, Switzerland)
l Horiba, Ltd. (Kyoto, Japan)
Market Segmentation
By Type
· Diagnostic equipment (hardware)
· Diagnostic software
· Automotive Diagnostic Scan Tool Technology
· Repair & Diagnostic Data
By Vehicle Type
· Passenger Car
· Commercial Vehicle
By Equipment Type
· Wheel Alignment Tester
· Digital battery tester
· Vehicle Emission Test System
· Others
Regional Analysis
The geographical trends of the automotive diagnostic tool market is analyzed across EU, North America, APAC, and the Rest of the World (RoW). According to MRFR regional analysis, the automotive diagnostic tool market in the APAC region is expected to acquire the highest share of the market across the forecast period. The regional market is expected to win the highest annual turnover for the global market in the study period.
The increase in urbanization, safety concerns, and rise of the automotive after-sale-services sector can bolster the expansion of the automotive diagnostic tool market across the study period. The high sales and manufacturing of can propel the expansion of the automotive diagnostic tool market across the analysis period. The increase in scan systems of automotive diagnostic tool in the APAC region can boost the expansion of the market. The adoption of the latest technologies across major economies can eventually contribute to the rise of APAC market.
In North America, the expansion of the automotive diagnostic tool market can be credited to increased need for the monitoring the implementation of stringent rules on carbon emission. Similar growth factors are observed for Europe automotive diagnostic tool market for the coming years.
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