Automotive Diagnostic Scan Tools Market is anticipated to grow at a CAGR of 4.8% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Automotive Diagnostic Scan Tools Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Automotive Diagnostic Scan Tools Market is estimated to account for over US$ 37 billion in 2019. It is anticipated to grow at a CAGR of 4.8% from 2019 to 2030.
The growth of automotive diagnostic scan tools market can be attributed primarily to factors, such as a surge in the sale of vehicles globally; technological advancements in the automotive industry such as connected cars, autonomous vehicles, etc.; growing popularity of the electric vehicles among consumers; and stringent laws regarding vehicular emissions, are contributing to market growth.
Improving the economic conditions of people in different regions lead to increased investments in the automotive sector which further contributes in the growth of automotive diagnostic scan tools. According to the Alliance of Automobile Manufacturers, in 2018, around US$ 105 billion were spent on automotive research & development globally out of which, the U.S. spent around $18 billion. Moreover, there is an increase in automotive exports. For instance, in 2018, the U.S. exported 1.8 million new light vehicles and 131,200 medium & heavy trucks to over 200 markets around the world. This, in turn, is propelling the demand for diagnostic scan tools to check engine conditions and other engine factors, further boosting the market growth.
However, the high prices of the automotive diagnostic scan tools coupled with the lack of skilled workers who are capable of using these tools will act as a barrier to market growth. Also, the trade war between the U.S. and China is affecting the automobile industry in China. These are some of the major factors affecting market growth adversely to a certain extent.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Automotive Diagnostic Scan Tools Market by Product Type (Equipment/Hardware and Software), by Propulsion (Internal Combustion Engine (ICE) Vehicles and Electric Vehicles), and by Vehicle Type (Passenger Vehicles, and Commercial Vehicles) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/automotive-diagnostic-scan-tools-market/256
Asia Pacific is estimated to account for the highest CAGR in the automotive diagnostic scan tools market during the forecast period, which is driven by the large consumer base in this region. According to the China Passenger Car Association (CPCA), in 2018, about 2.27 million passenger vehicles were sold and the sales are expected to grow further by 4% during the forecast period. The growth in Asia Pacific can also be attributed to governments in the region showing increasing investments in the automotive industry for research & development. According to the China Passenger Car Association (CPCA), China is the world’s largest auto market and also the fastest-growing one for New Energy Vehicles (NEVs) owing to favorable policies of its government aimed toward clean energy use. Moreover, leading manufacturers of automotive diagnostic scan tools are focused on entering the region due to the growing demand for automobile vehicles, rapid urbanization, and economic developments in the region. As a result, the automotive diagnostic scan tools market is likely to grow significantly in the region during the forecast period.
Some of the prominent players in the global automotive diagnostic scan tools market include DENSO WAVE INCORPORATED., Robert Bosch GmbH, Continental AG, Delphi Technologies, Snap-on Incorporated. ACTIA Group, Softing AG, OBDSPACE Ltd., Intelligent Technology Corp., Ltd., OBD Solutions, LLC, and others.
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