New York, US, May 19, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Diagnostic Tool Market Information by Type, Vehicle Type, Equipment Type, and Region - Forecast till 2032”, Automotive Diagnostic Tool Market could thrive at a rate of 5 % between 2022 and 2032. The market size will be reaching around USD 46.3 Billion by the end of the year 2032
Automotive Diagnostic Tool Market Overview
The automotive diagnostic tool market refers to the tools and software used to diagnose and repair vehicles. These tools include handheld devices, software, and other equipment that can be used to perform diagnostic tests on various systems and components in a vehicle. The market is driven by several factors, including the increasing complexity of modern vehicles, the need for faster and more accurate diagnostic tools, and the growing demand for aftermarket repair and maintenance services. Automotive diagnostic tools provide technicians with a fast and accurate way to diagnose problems in a vehicle's systems and components. This can help to reduce repair times, minimize downtime for fleet vehicles, and improve the overall efficiency of repair and maintenance operations. Additionally, as more vehicles incorporate advanced safety features and connected technology, there is likely to be an increasing demand for diagnostic tools that can interface with these systems and provide real-time data and feedback.
Market Competitive Landscape:
The affluent companies in the Automotive Diagnostic Tool industry include
- Robert Bosch Gmbh
- Denso Corporation
- AVL List Gmbh
- Continental AG
- Among others.
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January 2022
Robert Bosch Gmbh signed a memorandum of understanding with Volkswagen Group to establish a battery equipment manufacturing unit in Europe
December 2021
Softing AG launched an updated version of its Softing TDX repair shop tester kit in December 2021, which enables users to define required updates for programs and content and handle VCI configurations more easily.
Automotive Diagnostic Tool Market COVID 19 Analysis
The COVID-19 pandemic has had a significant impact on the automotive industry market. Due to the lockdowns and restrictions on movement, there has been a decrease in the production and sale of vehicles, leading to a reduction in the demand for diagnostic tools.
However, the pandemic has also led to an increase in demand for online sales and remote diagnostic services. Automotive diagnostic tool manufacturers have started offering cloud-based solutions and remote diagnostic services, allowing customers to diagnose and troubleshoot their vehicles from home. This has helped to offset the decline in sales of traditional diagnostic tools.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 46.3 Billion |
| CAGR during 2023-2032 | 5.0% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Vehicle Type, and Equipment Type |
| Key Market Opportunities | Growing Demand of Consumers for High-End Cars |
| Key Market Dynamics | Increasing Production and Usage of Vehicles across the Globe |
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Automotive Diagnostic Tool Market USP Covered:
Market Drivers:
One driver of the automotive diagnostic tool market is the increasing complexity of modern vehicles. With advancements in technology, vehicles are now equipped with sophisticated electronic systems that require specialized diagnostic tools to detect and fix any issues. As these systems become more complex, traditional diagnostic tools become less effective, driving the need for more advanced and specialized diagnostic tools.
Market Restraints:
One of the major restraints of the automotive diagnostic tool market is the high cost associated with these tools. These tools require advanced technology and specialized features, which make them expensive. Additionally, the maintenance and repair costs of these tools are also high, which further increases the overall cost for end-users. As a result, the high cost of automotive diagnostic tools can be a major barrier to market growth, particularly in emerging economies where cost is a major factor in purchasing decisions.
Automotive Diagnostic Tool Market Segmentation
By Type
The types in the market include Diagnostic equipment (hardware), Diagnostic software, Automotive Diagnostic Scan Tool Technology, Repair & Diagnostic Data.
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By Vehicle Type
By vehicle type, the segment includes Passenger Cars, Commercial Vehicle
By equipment type
By equipment type, the segment includes Wheel Alignment Tester, Digital battery tester, Vehicle Emission Test System, Others
Automotive Diagnostic Tool Market Regional Insights
In North America, the presence of well-established automotive industry players and the increasing adoption of advanced technologies to improve vehicle performance and safety are driving the growth of the market. In the United States, the increasing demand for electric and hybrid vehicles is also contributing to the growth of the market, as these vehicles require advanced diagnostic tools to monitor their complex systems.
In Europe, the market is driven by the increasing demand for technologically advanced diagnostic tools to meet the stringent emission standards set by the European Union. Moreover, the growing trend of connected vehicles and the need for advanced diagnostic tools to monitor and diagnose these vehicles is also contributing to the growth of the market.
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In the Asia Pacific region, the market is driven by the increasing production and sales of vehicles in countries such as China, India, and Japan. The rising disposable income of the middle-class population in these countries is leading to an increase in vehicle ownership, which is further driving the demand for automotive diagnostic tools.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
