Automotive Diagnostic Tool Market Perceives Enormous Accruals with a Striking CAGR of 5% by 2023

Market Highlights

Automotive diagnostic tools refer to a combination of software and electronic devices software, which are being used as an interface with the diagnostic systems in automotive. The gradual shift in preference of the consumers from manual to automated diagnostic systems, is leading to an increased importance of diagnostic tools in automotive. The diagnostics tools are very efficient, as they facilitate the analysis of complex codes required for the diagnostics of various components of automobiles such as powertrain, body and chassis. All automotive service stations deploy the use of diagnostic tools for all kinds of passenger cars and commercial vehicles.

Automotive Diagnostic Tool Market is expected to grow at ~5% CAGR during the period 2017 to 2023.

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The global automotive diagnostic tools market is majorly driven by factors such as stringent emission norms, increase in security concerns among end-users, and the increasing complexity in connected cars. The growth of the market is further expected to be driven by the electrification of vehicles and the gradual increase in the number of service stations.

Market Research Analysis

Based on product type, the global automotive diagnostic tool market has been segmented as diagnostic equipment (hardware), diagnostic software, automotive diagnostic scan tool technology and repair & diagnostic data. Amongst these, diagnostic software is expected to contribute the highest in the growth of the market. The growth of diagnostic software is expected to be driven by various factors. The increase in the production of new automobiles, the use of numerous electronic components, and increase in the number of software updates adopted by the automotive service stations, are some of them.

The automotive diagnostic scan tool is also expected to grow significantly as it is one of the major garage equipment, used to diagnose any fault in a vehicle. The faults in the automotive can be diagnosed just by plugging the scan tool into the vehicle, using the diagnostic connector and running a full scan. The automotive diagnostic scan tool provides certain advantages, in terms of the time taken to diagnose, and the ease of identifying and rectifying the fault.

Key Players

The prominent players in the automotive diagnostic tool market include Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), SPX Corp (U.S.), Softing AG (Germany), Hickok Incorporated (U.S.), Actia SA (France), Snap on Incorporated (U.S.),  AVL List GmbH (Austria) and Kpit Technologies (India).

Scope of the Report

This study provides an overview of the global automotive diagnostic tool Market, tracking three market segments across four geographic regions. The report studies key players, providing a six year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia-Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global automotive diagnostic tool market by product type, equipment type, vehicle type and regions.

By Product Type

• Diagnostic Equipment (Hardware)
• Diagnostic Software
• Automotive Diagnostic Scan Tool Technology
• Repair & Diagnostic Data

By Equipment type

• Wheel alignment tester
• Digital battery tester
• Vehicle emission test system
• Others

By Vehicle Type

• Passenger Car
• Commercial Vehicles

By Regions

• North America
• Asia Pacific
• Europe
• Rest of the World

The report for Automotive Diagnostic Tool Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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