Automotive Diagnostic Scan Tools Market worth $41.4 billion by 2026 – Exclusive Report by MarketsandMarkets™
Chicago, Aug. 31, 2023 (GLOBE NEWSWIRE) — Automotive Diagnostic Scan Tools Market is estimated to be USD 33.1 billion in 2021 and is projected to reach a market size of USD 41.4 billion by 2026, growing at a CAGR of 4.5% during the forecast period, according to a new report by MarketsandMarkets™.
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| Report Attributes | Details |
| Market size value in 2021: | USD 33.1 billion |
| Projected to reach 2026: | USD 41.4 billion |
| CAGR: | 4.5% |
| Base Year Considered: | 2020 |
| Forecast Period: | 2021-2026 |
| Largest Market: | Asia Pacific |
| Region Covered: | Asia Pacific, North America, Europe, and RoW |
| Segments Covered: | By offering, Workshop Equipment Type, By Vehicle Type, Connectivity, Handheld Scan tools and Type |
| Companies Covered: | Robert Bosch GmbH (Germany), Siemens (Germany), Denso (Japan), Continental AG (Germany) and Snap-on (US) |
The major factors behind the growth of the global Automotive Diagnostic Scan Tools Industry are the growing preference of consumers for high-end cars, rising stringent emission norms and an increase in the number of automotive workshops globally. With rise in demand for vehicle repair and maintenance demand for diagnostic equipment would also rise. The installation of electronics components in vehicles is increasing with advancements in vehicle technology which will further increase the market for automotive diagnostic scan tools.
By Vehicle Type: The passenger car segment is estimated to be the largest growing market in the Automotive Diagnostic Scan Tools Market during the forecast period
The market for automotive diagnostic scan tools is expected to grow with the increase in sales of passenger vehicles. Passenger vehicle sales have surged, with growth in all three top auto markets: China, the US, and Europe. Factors such as growing demand for low emission commuting and governments supporting vehicle inspection mandates have compelled the manufacturers to provide automotive diagnostic scan tools around the world. Passenger car is the fast-growing segment in the automotive market and is expected to witness significant growth during the forecast period. According to Business Insider, the total number of passenger cars on the road will double by 2040 as passenger cars are projected to reach 2 billion by 2040. The global passenger car sales is estimated to reach 72.5 million units in 2025 from 64.1 million units in 2021. This has led to a growing demand for automotive diagnostic tools in the market.
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By Connectivity: USB is estimated to be the largest market during the forecast period
The USB connectivity is widely used in all vehicles equipped with OBD-II. OBD-II is an on-board computer that monitors emissions, mileage, speed, and other data about a vehicle. It is connected to the Check Engine light, which illuminates when the computer detects a problem. USB is cost-effective, and user friendly. It is an adapter that turns tablet, laptop, or netbook into a sophisticated diagnostic scan tool, and real-time performance monitor. However, with higher demand for wireless diagnostic scan tools, the USB connectivity is expected to be replaced by Bluetooth and Wi-Fi.
North America is expected to be the fastest growing market
North America comprises developed countries such as the US, Mexico and Canada. North America is a regional hub for many renowned OEMs, which are known for delivering quality and high-performance vehicles. The US is estimated to lead the automotive diagnostic scan tools market and is expected to be the fastest-growing market during the forecast period. Strong hold on technology has enabled the US to introduce advanced diagnostic scan tools with sophisticated software. Increase in the diagnostic software market in North America is also favored by stringent regulations pertaining to safety and fuel efficiency coupled with incorporation of electronics-based driving safety and comfort systems. These factors will drive the market for automotive diagnostic scan tools in North America.
Key Market Players
The major market players in Automotive Diagnostic Scan Tools Companies include Robert Bosch GmbH (Germany), Siemens (Germany), Continental AG (Germany), Denso (Japan), Snap-on (US) among others
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