Global Automotive Diagnostics Tools Market
Automotive Diagnostic Tools Market
The market is expected to grow at a CAGR of 7.58% and reach a market size of USD XX billion by the year 2022. Automobiles have become highly complex in the recent years. The function and role of the advanced electronic systems that control every aspect of the car have increased substantially. High-end vehicles have become fully automated and computer controlled. Subsequently, the market for electronic diagnostic tools has increased multifold in the recent years.
Asia-Pacific is the largest automobile market in the world but is not expected to have the highest market share in the diagnostic sector on account of the relatively lower electronic automation of vehicles sold in the region. The average segment of vehicles sold in the region is lower than that of the markets of North America and Europe. However, due to the fast growing sales of higher end vehicles in the Asia-Pacific region, especially in the markets of China and India, the Asia-Pacific market is anticipated to be the fastest growing.
The software needed for running diagnostics is highly variable and needs to keep on updating every few years. Also, the software space is seeing heavy research and development. This is expected to result in the software category achieving the highest growth rate in the forecast period. On account of the higher sales growth and technology in the overall passenger vehicle market, the diagnostic tools for passenger vehicles are projected to grow at a higher rate than that of commercial vehicles.
The market has been segmented by type (hardware, software), application (passenger vehicles, commercial vehicles), and geography (North America, South America, Europe, Middle East & Africa and Asia-Pacific).
Some of the key players in the market are:
General Technology Corporation
What the Report Offers
Market analysis Automotive Diagnostic Tools Market, specific assessments and competition analysis on the global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario and rising prospective opportunities along with the identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the Automotive Diagnostic Tools Market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries in which this industry is blooming and identification of the regions that are still untapped.