DUBLIN--(BUSINESS WIRE)--The "Automotive Diagnostics Tool Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global Automotive Diagnostics Tools market is expected to register a CAGR of 5.89%, during the forecast period, 2019-2024.
Furthermore, OEMs are following the trend toward automobiles that are electronically equipped for remote diagnostics. With the support of manufacturers and favorable regulations, the automotive diagnostic tools market is surging ahead. The shift of the automotive industry from IC engine vehicles to electric vehicles would also have an impact on the diagnostics market, as the parameters and components in both types of vehicles differ.
Scope of the Report
On-board Diagnostics (OBD) refers to the self-diagnostic and reporting capability of the vehicle. This gives the vehicle owner information regarding the subsystems of the vehicle. With a rise in the dependency of electronics in automobiles, the need for a computerized malfunction detection system has been increasing, which has led to the development of a better on-board diagnostics system.
The global automotive diagnostics market has been segmented by type and vehicle type.
Key Market Trends
Increasing Demand for Electric System Analyzer Tool
The increase in the demand for electric system analyzers (during the forecast period) is due to the recent rise in the popularity of electric vehicles, which is expected to continue at a significantly high pace in the coming years.
Bosch supplies BAT 151 Electrical system Diagnostic analyzer kit, which combines direct temperature measurement with deep scan technology. Over 225,000 KTS diagnostic testers has been sold by Bosch worldwide since its introduction in 1988. Additionally, as the automotive industry is continually moving towards the use of electronic systems, control unit diagnosis testers are becoming an essential part of the modern testing toolkit.
A study suggests that one-third of the independent workshops of Europe use Bosch electric system diagnostic testers, while in Germany half of all independent workshops use these devices.
VDO, a trademark of Continental Corporation, supplies diagnostic tools like electric system analyzers to major automakers and accounts for a significant share in the global automotive diagnostic tools market.
A consistent rise in technological advancements in electric vehicles is leading to an increase in the complicated functioning of different electrical systems, which requires electric system analyzers. Suppliers like Bosch, Continental, etc., are expected to capitalize on this opportunity in the near future.
Asia-Pacific - Fast Growing Market
The Asia-Pacific region is expected to be the fastest-growing automotive market in the world, led by China, and also with the presence of large markets, such as India. The region is also home to manufacturing giants, such as Hyundai, Toyota, and Honda.
All the countries in the region have harmonized their OBD standards with global standards, yet gaps remain in markets, such as India, in implementing these standards.
As automakers in China, Japan, and South Korea have stepped up their R&D programs to develop advanced automotive technologies, such as connected cars, autonomous vehicles, and electric vehicles, the demand for automotive diagnostic tools is expected to grow.
Additionally, the countries in the region have vowed to lower vehicular emissions and adopt automotive technologies for better performance and maintenance, giving rise to the demand for automotive diagnostic tools.Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Current Market Scenario
4.2 Technology Trends
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Market Drivers
4.5 Market Restraints
5 MARKET SEGMENTATION
5.1 By Type
5.1.2 Electric System Analyzer
5.1.3 Scan Tool
5.2 By Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.3.3 Asia Pacific
22.214.171.124 Rest of Asia-Pacific
5.3.4 Rest of the World
126.96.36.199 South Africa
188.8.131.52 Other Countries
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 ACTIA Systems
6.2.2 Delphi Automotive PLC
6.2.3 Continental AG
6.2.4 Robert Bosch GmbH
6.2.6 Carman Scan
6.2.7 Vector Informatik
6.2.8 Softing Automotive
6.2.10 Hella KGaA Hueck & Co
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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Related Topics: Automotive Repair