According to 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 with a CAGR of 7.1% during the forecast period from 2018-2025. Due to the increased industrialization and advancement of technology leading higher sales volume in the region, Europe is dominating the growth of the market.
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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Leading players in the industry include Denso Corp., Snap-On Inc., SPX Corp., Softing AG, Actia Group SA and among others. The develop and progressing economy like U.S, Germany, U.K, China and Japan are providing a huge amount of opportunities for the growth the market and key players are continuously focusing on developing new product as well as venture capital investments to obtain market share. In 2016, Bosch (Germany) company presented a new connected repair software solution, which had the capability of connecting all service equipment by Bosch.
By offering type segment, the market is bifurcated into diagnostic equipment/hardware, automotive diagnostic scan tool technology, and diagnostic software. The automotive diagnostic scan tool technology segment was the key dominant of the automotive diagnostic scan tools market in 2017. Handheld scan tools contain scanners code reader, digital pressure tester, TPMS tools, and battery analyzer. Digital pressure tester segment continues to see growth with the highest CAGR of 9.01% over the forecast period. Workshop equipment type is classified into exhaust gas analyzer, paint scan equipment, wheel alignment equipment, dynamometer, and headlight tester. In 2017, exhaust gas analyzer segment registered the highest market share following major support from the efficient execution of strict emission norms in several countries. Vehicle type is divided into passenger cars and Commercial Vehicles (CV). In 2017, the passenger cars recorded a market share of 67.4%. Electric Vehicle includes 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 achieved a market value of USD 12.46 Billion in 2017. Propulsion contains sub-segments including ICE Vehicle and electric vehicle. The ICE Vehicle segment held a commanding position over the market with a share of 62.90% in 2017 due to rising demand for a premium vehicle.
A key factor driving the market include an increase in consumer demand for high-end cars. Increased electrification of vehicles is fuelling demand for diagnostic systems and is covering the way for achieving new milestones. In addition to this, the market also received a boost from a growing number of automotive workshops. But, the high cost associated with innovative and advanced technical equipment could become a growth restraining factor of the market. However, rising demand for onboard diagnostic tools might raise the level of the market in the coming years.
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