As per the report published by Fior Markets, the global automotive diagnostic scan tools market is expected to grow from USD 42.38 Billion in 2017 to USD 73.45 Billion by 2025, at a CAGR of 7.1% during the forecast period from 2018-2025. Europe is the dominant growing region due to the increased industrialisation and advancement of technology leading higher sales volume in the region.
Global Automotive Diagnostic Scan Tools Market by Offering Type (Diagnostic Hardware, Diagnostic Software, Others), Handheld Scan Tools, Workshop Equipment Type, Vehicle Type, Propulsion, Region” and Global Forecast 2018-2025.
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Prominent companies in the industry include Denso Corp., Snap-On Inc., SPX Corp., Softing AG, Actia Group SA and among others. The developed economy like U.S, Germany, U.K, China and Japan are providing ample amount of opportunities for the growth the market and leaders are continuously focusing on new product developments and venture capital investments to obtain market share. In 2016, Bosch (Germany) company presented a new connected repair software solution. This dedicated software solution was capable of connecting all service equipments by Bosch.
The offering type segment is bifurcated into diagnostic equipment/hardware, automotive diagnostic scan tool technology and diagnostic software. The automotive diagnostic scan tool technology segment has dominated the automotive diagnostic scan tools market in 2017.Handheld scan tools includes scanners code reader, digital pressure tester, TPMS tools and battery analyzer. Digital pressure tester segment is growing with the highest CAGR of 9.01% over the forecast period. Workshop equipment type is segmented into exhaust gas analyzer, paint scan equipment, wheel alignment equipment, dynamometer and headlight tester. Exhaust gas analyzer segment exhibited the highest market share in 2017. It is due to the efficient execution of strict emission norms in several countries. Vehicle type is divided into passenger cars and Commercial Vehicles (CV). The passenger cars held a market share of 67.4% in 2017. Electric Vehicle is divided into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV)) and Fuel Cell Electric Vehicle (FCEV). Hybrid Electric Vehicle (HEV) segment held a market value of USD 12.46 Billion in 2017.Propulsion is segmented into ICE Vehicle and electric vehicle. The ICE Vehicle segment dominated the market with a share of 62.90% in 2017 due to rising demand for premium vehicle.
Rise in consumer demand for high-end cars is a major factor driving the market. Increased electrification of vehicles is fuelling demand for diagnostic systems and is paving the way for achieving new milestones. Besides this, growing number of automotive workshops is also fuelling the growth of the market. But high cost associated with innovative and advanced technical equipment may restrain the growth of the market. However, rising demand of on-board diagnostic tools might boost the market in the coming years.
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