According to Stratistics MRC, the “Global Automotive Diagnostic Scan Tools Market” is accounted for $37.04 billion in 2018 and is expected to reach $63.66 billion by 2027 growing at a CAGR of 6.2% during the forecast period. Some of the key factors propelling the market growth are rising complexity of automotive electronics especially in connected cars and advancements in the vehicle technology. However, high cost of the tools is the restraining factor for the growth of the market.
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Automotive diagnostic scan tools are a combination of software and electronic devices software; which are used as interface with diagnostic systems in vehicles. The importance of diagnostic scan tools in automobiles is increasing quickly due to the shift of consumer’s preference from manual to sophisticated automated diagnostics systems. Automated diagnostic scan tools are used for the reason of detecting and analyzing the malfunctions of electronic systems in vehicles.
Opportunity: The consistent advancement in vehicle technology would provide ample opportunities for the market growth.
Advancements in the vehicle technology have led to an improved demand for connected and medium- and high-end electric vehicles. These vehicles come with a wide range of advanced features, such as vehicle-to-vehicle (V2V) connectivity, vehicle-to-infrastructure (V2I) connectivity, advanced driver-assistance system (ADAS), and automatic braking, to enhance the driving experience, primarily through enhanced navigation and telematics services. The incorporation of these features in vehicles involves the use of various sensors and processors, which makes the automotive electronics complex. Therefore, diagnostic scan tools are essential for resolving any issues related to these automotive electronics
Driver: The increased demand for advanced technologies and rising automobile sales is driving the market growth.
With improving standard of living in many developing countries of the world, including China, India, and Indonesia, urbanization continues to rise. The growing number of urbanites is resulting in the increased demand for automobiles in these countries. Since diagnostic scan tools (for repair services) are essential for the smooth and well-organized operation of these vehicles, the demand for these tools is also on the rise, corresponding to the growth in the automobile industry. Also, in order to curb the emissions from vehicles, governments of various countries have made inspection and maintenance checks mandatory for fossil fuel-based vehicles in polluted urban areas.
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Depending on offering, diagnostic software segment is expected to grow at the significant market share during the forecast period due to increasing demand for several vehicle alert systems on the dashboard or in-app notification related to vehicle health. The rising demand for passenger convenience is driving the demand for vehicle system testing software. The vehicle system testing software eases human-machine interfaces, streamlines workflow, and augment savings on development hardware. The automakers and OEMs are increasingly adopting system testing software as it improves the safety and reliability of their products, differentiates their offerings with telematics & infotainment devices, and offers OTA software update in real-time.
Europe region is anticipated to hold considerable market share during the forecast period:
By geography, the Europe region is anticipated to hold considerable market share during the forecast period due to the existence of prominent automakers & OEMs and growing vehicle production & sales. The enforcement of stringent fuel regulations and mandatory OBD requirements by the European Commission is propelling the market in Europe. The rising commitment by the government and private companies to promote smart mobility solutions, driving transformation to a new zero-emission energy model will also generate the demand for the diagnostics and emission control solutions.
Some of the key players in Automotive Diagnostic Scan Tools market include Actia Group SA, Avl List GmbH, Continental, Delphi, Denso, Dg Technologies, Dsa Daten- Und Systemtechnik GmbH, Etas GmbH, Fluke Corporation, General Technologies Corp, Hickok Inc, Kpit Technologies, Robert Bosch, SGS, Siemens, Snap-on, Softing AG and SPX Corp.
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Denso: In January 2020, Denso partners with Qualcomm to develop ‘next-generation’ vehicle dashboards. Denso intend to build up next-generation included cockpit systems harnessing Qualcomm Technologies’ information and communication technologies, including cutting-edge semiconductors and software solutions developed for smart phones and Denso’s expertise in in-vehicle requirements, functional safety, quality, and security technologies for HMI products.
Siemens: In July 2019, Siemens launched an extra-ordinary data visualization project described Siemens FABRIC at the Mercedes Benz Fashion Week in Berlin, representing the crucial role that data is playing in the transformation of today's global urban centers into the smart cities of the future.
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