Automotive Diagnostics Market Size, Share, Growth Report 2032

Automotive Diagnostics Market

Global Automotive Diagnostics Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2026

Category: Technology & Media Report Format : PDF Report Code: ZMR-6643 Status : Upcoming
Market Size in 2023 Market Forecast in 2032 CAGR (in %) Base Year
USD 40.59 Billion USD 153.04 Billion 15.89% 2023

Description

Automotive Diagnostics Market Insights

According to the report published by Zion Market Research, the global Automotive Diagnostics Market size was valued at USD 40.59 Billion in 2023 and is predicted to reach USD 153.04 Billion by the end of 2032. The market is expected to grow with a CAGR of 15.89% during the forecast period. The report analyzes the global Automotive Diagnostics Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Labeling Equipment Market industry.

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Global Automotive Diagnostics Market: Overview

Automotive diagnostic solutions disclose glitches in relation to the car's engine, exhaust system, transmission, brakes, and other essential components. It also aims at improving any lagging performance issues with the ignition coils, fuel injector, air flow & coolant, and throttle system.

One of the prominent contributors includes the rising number of car accidents across the globe. For instance, in 2018, an approximate of 2,841 people died in the US owing to distracted driving methods. Moreover, out of the nearly 40,000 fatal accidents per year in the US, 25% of such accidents are a result of distracted driving. Thus, such strategies are set to boost the automotive diagnostics market growth in the near future.

Automobile companies have started launching new models of electric vehicles. The rising inclination towards electrics cars is fueling the market growth of automotive diagnostics. For instance, in 2017, Dubai purchased 200 Teslas to expand the city's airport taxi fleet, including some Model X's.

Global Automotive Diagnostics Market: Overview

With the swelling of remote diagnostics and vehicle automation in developing and underdeveloped countries, original equipment manufacturers (OEMs) are persuaded to provide remote support to the clients. For instance, Tesla rolled out major updates to the vehicles through the Air update method, and other OEMs are succeeding the same in consideration to the rise in economic profits.

The global automotive diagnostics market growth is rising at a tremendous pace owing to the factors such as the rising demand for automobiles, rapid urbanization in most developing as well as underdeveloped regions, and the inclination of key players towards creating awareness on the essentiality of auto insurance policies.

Furthermore, the rise in road accidents and the severity of claims is another prominent factor pushing the market growth. For instance, according to the data published in June 2021 by World Health Organization (WHO), an approximate of 1.3 million people die each year as a result of road traffic crashes. Road traffic crashes cost most countries 3% of their gross domestic product. According to the same source, 93% of the world's fatalities on the roads befall in the low- and middle-income countries, even though such countries have about 60% of the world's vehicles. Similarly, the United Nations General Assembly has set a determined target of halving the worldwide figure of deaths and injuries from road traffic crashes by 2030.

The COVID-19 outbreak has forced the auto diagnostic players to reexamine its role and eliminate the grey areas in the industry. The automotive diagnostic tools market remained relatively immune to the effect of Covid-19 outbreak to a certain extent. The rise in remote diagnostics aided in the use of such tools in the grime of the pandemic. The outbreak also augmented the digitization process.

Global Automotive Diagnostics Market: Segmentation

The global automotive diagnostics market is classified based on type, vehicle type, and region. Based on the type, the global automotive diagnostics market is segmented into onboard diagnostics (OBD), electric system analyzers, and scan tools. On the basis of vehicle type, the global automotive diagnostics market is bifurcated into passenger car and commercial vehicle.

Automotive Diagnostics Market: Report Scope

Report Attributes Report Details
Report Name Automotive Diagnostics Market
Market Size in 2023 USD 40.59 Billion
Market Forecast in 2032 USD 153.04 Billion
Growth Rate CAGR of 15.89%
Number of Pages 201
Key Companies Covered Continental AG, Robert Bosch, Snap-on, Delphi Automotive, KPIT, Carman, General Technologies Corporation, and Pico Technology, among others
Segments Covered By type, By vehicle type and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2023
Historical Year 2018 to 2022
Forecast Year 2024 - 2032
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Global Automotive Diagnostics Market: Regional Analysis

The North American region is estimated to hold the largest share in the global automotive diagnostics market over the forecast period. The rise in government initiatives, growing concerns regarding car accidents & injuries, rise in vehicle sales, and the increase in the number of prominent insurance providers are the major factors that drive the growth of the market in this region. For instance, in 2019, nearly 22,800 people were killed in road accidents in the European Union. In the same year, Romania had 96 people killed per million inhabitants in road accidents, which was the highest among all the European Union countries.

Moreover, Asia Pacific region is projected to be the fastest growing region owing to the increasing inclination towards the use of automotive diagnostic tools. The government authorities have also levied several regulations for the safety and compliance issues to avoid any discrepancies in the industry. For instance, the China 6 OBD provisions are similar to that of California OBD II regulations but with minor changes that exempt a few monitoring requirements to facilitate compliance burdens for vehicle manufacturers. In addition to that, the China 6 standards have provisions for deficiencies in the OBD systems, exempting the automobile manufacturers from installing all the monitoring systems. Thus, such promising strategies indirectly point towards the significant share of this region in the global automotive diagnostics market.

Moreover, the European region is projected to witness considerable growth in the market due to the growing competition among the manufacturers to launch new tools to lure customers. The rising medical costs in relation to accidents as well as the booming cost of vehicle physical damage repairs pushes the demand for automotive diagnostics, thereby surging the growth of the European automotive diagnostics market in the anticipated period.

Global Automotive Diagnostics Market: Competitive Players

Some of the key players in the global automotive diagnostics market are Continental AG, Robert Bosch, Snap-on, Delphi Automotive, KPIT, Carman, General Technologies Corporation, and Pico Technology, among others.

Global Automotive Diagnostics Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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FrequentlyAsked Questions

Factors such as increasing road accidents, the launch of top-notch coverage policies, as well as the presence of established players are the key factors that are driving the growth of the market. Furthermore, an increasing number of vehicle sales across the world will offer lucrative opportunities for the growth of the global automotive diagnostics market during the forecast period.

Some of the key players in the global automotive diagnostics market are Continental AG, Robert Bosch, Snap-on, Delphi Automotive, KPIT, Carman, General Technologies Corporation, and Pico Technology.

The North American is estimated to hold the largest share in the global automotive diagnostics market over the forecast period. The rise in government initiatives, increasing awareness and high adoption of new vehicular advancements are the major factors that are boosting the growth of the market in this region.

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