Automotive Diagnostic Scan Tools Market Size to Hit USD 45.02 Billion with 5.1% CAGR by 2027; Growing Technological Advancement in Automotive Industry to Spur Demand: Fortune Business Insights(TM)
Pune, India, Feb. 25, 2021 (GLOBE NEWSWIRE) — According to the report, Automotive Diagnostic Scan Tools Market size is projected to reach USD 45.02 billion value by 2027, exhibiting a CAGR of 6.6%. The Automotive Diagnostic Scan Tools Industry was valued at USD 38.72 billion in 2019. This is attributable to the increasing demand for passenger vehicles and the growing technological advancement in automotive industry across the globe.
Disruption in Manufacturing Operations Amid COVID-19 to Restrain Growth
Automotive diagnostic scan tools are electronic tools that are beneficial to diagnose and reprogram several vehicle control modules. They are a vital part of automotive as they efficiently determine if the vehicle has issues with its exhaust, ignition coils, engine, transmission, throttle, and oil tank, among others. An on-board diagnostics (OBD) code reader is usually adopted to troubleshoot several systems and features of the vehicle that include suspension, airbag, anti-lock braking system, and other components.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/automotive-diagnostic-scan-tools-market-101914
The automotive diagnostic scan tools market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market that would affect its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Rapid Industrialization and the rising consumer disposable income are driving the demand for automotive across the globe. In recent times, there has been an increasing need for personal mobility that is expected to contribute to the increasing sales of passenger vehicles in the forthcoming years. According to the International Organization of Motor Vehicle Manufacturers (OICA), around 459115 passenger vehicles were sold in 2019. The increasing demand for passenger vehicles drives the demand for efficient automotive diagnostic scan tools to prevent malfunctions in the vehicle system. This is expected to bode well for the growth of the global automotive diagnostic scan tools market during the forecast period.
Click here to get the short-term and long-term impacts of COVID-19 on this Market.
Please visit: https://www.fortunebusinessinsights.com/industry-reports/automotive-diagnostic-scan-tools-market-101914
Increasing Demand for Passenger Vehicles to Bolster Growth
The segment on-board diagnostics (OBD), based on the product type, is expected to showcase significant growth owing to the mandatory implementation of OBD-II ports to facilitate the adoption of efficient automotive diagnostic scan tools for automotive in the U.S. and Europe.
Among all the regions, Asia-Pacific was worth USD 18.95 in 2019 and is expected to hold the highest global market share for automotive diagnostic scan tools in the forthcoming years. This is attributable to the increasing number of workshops and service stations owing to the high production of vehicles in countries such as India and China. The market in Europe is expected to showcase a significant growth owing to the stringent regulations on vehicular emission and early adoption of telematics technology in automotive between 2020 and 2027.
Quick Buy – Automotive Diagnostic Scan Tools Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101914
The global automotive diagnostic scan tools market comprises of several small, medium, and large companies striving to consolidate their positions in the global marketplace. The adoption of strategies such as merger and acquisition to strengthen automotive diagnostic scan tools portfolio by the companies is expected to favor market growth during the forecast period. Additionally, strategies such as partnership, collaboration, and the introduction of new product by key players will contribute to the market growth during the foreseeable future.
- ACTIA Group (Toulouse, France)
- Snap-on Incorporated (Wisconsin, U.S.)
- Softing AG (Haar, Germany)
- Robert Bosch GmbH (Gerlingen, Germany)
- Delphi Technologies (London, U.K.)
- Denso Corporation (Aichi, Japan)
- SPX Corporation (North Carolina, U.S.)
- Continental AG (Hanover, Germany)
- SGS SA (Geneva, Switzerland)
- Horiba, Ltd. (Kyoto, Japan)
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/automotive-diagnostic-scan-tools-market-101914
Global Automotive Diagnostic Scan Tools Market Segmentation:
By Product Type:
- On-Board Diagnostics (OBD)
- Electric System Analyzer
By Vehicle Type:
- Passenger Car
- Commercial Vehicles
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/automotive-diagnostic-scan-tools-market-101914
Have a Look at Related Reports:
Automotive Blind Spot Detection System Market Size, Share & Industry Analysis, By Component Type (Ultrasonic, RADAR, Camera) By Vehicle Type (Passenger Cars, Commercial Vehicles), and Regional Forecast, 2019-2026
Vehicle Rental and Leasing Market Size, Share & Covid-19 Impact Analysis, By Rent Type (Business and Personal Use), By Vehicle Type (Car, Light Commercial Vehicle, and Medium/Heavy Commercial Vehicle), and Regional Forecasts, 2020-2027
Rolling Stock Market Size, Share & Industry Analysis, By Product Type (Locomotive, Rapid Transit Vehicle, Wagons), By Application Type (Passenger Rail, Freight Rail), and Regional Forecast, 2020-2027
Automotive Shielding Market Size, Share & Covid-19 Impact Analysis, By Shielding Type (Heat Shield and Electromagnetic Interference [EMI] Shield), By Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Forecasts, 2020-2027
Low Speed Vehicle Market Size, Share & Industry Analysis, By Engine Type (ICE, Electric), By Vehicle Type (Industrial Utility, Golf Cart, Personal Carrier, Public Transport Vehicle), and Regional Forecasts, 2019-2026
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune – 411045, Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: [email protected]
Fortune Business Insights™
LinkedIn | Twitter | Blogs
