Stringent Regulations For Emission Reduction To Boost The Vehicle Diagnostics Market

Vehicle Diagnostics Market Size, Share, Trends, Growth, Analysis, Research

Vehicle Diagnostics Market: Key Highlights

  • According to the new market research report Vehicle Diagnostics Market by Application (Vehicle Health Alert, Vehicle Tracking, Automatic Crash Notification (ACN), Roadside Assistance, Emission Testing, and Others), by Connectivity (Bluetooth, Wi-Fi, 3G, and 4G LTE), by Vehicle Type (Passenger Cars, Light-Commercial Vehicle, and Heavy-Commercial ), by Sales Channel (Original Equipment Manufacturer and Aftermarket), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2027)”, the vehicle diagnostics market is estimated to reach around USD 39.6 Billion by 2027 at a CAGR of around 13.8% during the review period
  • Rising demand for safety concerns is a key factor to boost the demand for the vehicle diagnostics market
  • However, data security threats remain a major restraining factor for the market growth

Vehicle Diagnostics Market

Vehicle Diagnostics Market: Key Market Dynamics

  • With growing environmental concerns, stringent regulations are imposed for emission reduction which has added compulsion for automotive manufacturers to have vehicle diagnostics, inspection, and maintenance check to be done in a vehicle
  • Vehicle diagnostics tools track vehicle safety by monitoring driver’s performance to reduce risks of rapid acceleration, aggressive braking or speeding. Thus, the increasing demand for consumer awareness towards vehicle safety features is expected to propel the market growth
  • Rising electrification in vehicles is anticipated to boost the vehicle diagnostics market in the future
  • Presence of local players, providing vehicle diagnostics at a lower cost, is likely to act as a challenge for market growth

Vehicle Diagnostics Market: Regional Overview

  • Asia-Pacific

In Asia-Pacific region, the growth is attributed to high production and sales of automobiles, the purchasing power of consumers and the adoption of electric vehicles will penetrate the high usage of the vehicle diagnostic system. Furthermore, stringent regulations in emission reduction have made vehicle diagnostics, maintenance, and inspection checks compulsory which directly increases the demand for the vehicle diagnostic market.

  • Europe

In Europe, the increasing vehicle production, the demand for premium & electric vehicles with advanced safety and security features and technological advancements in vehicle diagnostic tools have resulted in propelling the market growth. Moreover, the European Union imposed standards for vehicle emissions and vehicle safety will boost market growth.

Vehicle Diagnostics Market: Key Players Overview

  • Snap-on Incorporated:

Snap-on Incorporated is a US-based company that manufactures and develops high-end tools and equipment solutions. The company offers diagnostics, power tools, and shop equipment, diagnostics software, tool storage products, and other solutions for the automotive sector.

In August 2019, the company acquired Cognitran for approximately USD 31 million in cash and will be a part of Snap-on’s Diagnostic systems and information group. This acquisition will strengthen Snapon’s capabilities in providing shop efficiency solutions through integrated upstream services to OEM customers in automotive, recreational, heavy-duty, agricultural and applications.

  • DENSO CORPORATION:

DENSO CORPORATION is a Japan-based company that manufactures automotive parts. The company products include generators, power steering systems, air conditioners, airbags, spark plugs with iridium electrode, and others. In October 2018, the company acquired EASE Simulation Inc. which is specialized in automotive diagnostics technology. This acquisition will enhance Denso’s services offered within its Original Equipment Service (OES), aftermarket and non-automotive businesses.

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Published : 2020-02-27