According to information compiled by Reportlinker, which includes research and data from MarketsandMarkets, the automotive diagnostic scan tools market is estimated to be $41 billion in 2020 and is projected to grow at a CAGR of 5.2% during the forecast period, to reach a market size of $52.9 billion by 2025.
An increase in the number of automotive workshops in organized as well as unorganized markets has resulted in the increased demand for tools and equipment that provide quick and accurate diagnosis of a vehicle’s problems. The automotive diagnostic scan tools market is anticipated to see a substantial growth in countries such as China, India, and Mexico, owing to the introduction of stringent emission regulations and the growing number of automotive workshops. This has encouraged the manufacturers to develop different diagnostic scan tools per the requirements of the end-users. The diagnostic equipment/hardware segment is estimated to dominate the automotive diagnostic scan tools market in terms of value, followed by diagnostic software. However, the high cost of diagnostic equipment and deficiency of skilled laborers are inhibiting the growth of the automotive diagnostic scan tools market.
The Diagnostic Equipment/Hardware segment is estimated to be the largest segment of the automotive diagnostic scan tools market in terms of value.
The diagnostic equipment/hardware segment is estimated to be the largest segment, by value, of the automotive diagnostic scan tools market from 2020 to 2025. The growth of this segment can be attributed to the rise in the trend of integrating advanced features in vehicles and consumer preference for high-end cars.
However, the diagnostic software segment is projected to grow at the fastest rate during the forecast period. This growth is attributed to advancement in remote diagnostics which will demand sophisticated software shortly.
The passenger car segment is estimated to dominate the automotive diagnostic scan tools market.
The market for automotive diagnostic scan tools in passenger cars is expected to grow at a significant rate, particularly in the emerging economies of Asia Pacific. The growing economy, favorable financial environment, high disposable income, and increasing vehicle production are factors fostering the growth of the passenger car segment in Asia Pacific. The market growth in the region can also be attributed to the adoption of advanced features in vehicles, which has fueled the demand for diagnostic scan tools
Asia Pacific is estimated to be the largest growing region in the automotive diagnostic scan tools market.
Asia Pacific region is estimated to grow at the highest CAGR, by value, over the projected period from 2020 to 2025. The growing number of independent aftermarket repair shops, increasing complexity in-vehicle electronics, and stringent emission norms are the factors fostering the growth of the global automotive diagnostic scan tools market.
This report estimates and forecasts the global automotive diagnostic scan tools market size in terms of volume and value. The market volume is provided in terms of thousand units, whereas the market value is provided in terms of USD million.
The report also provides a comprehensive review of market drivers, restraints, opportunities, challenges, and critical issues in the global automotive diagnostic scan tools market.
Read the full report: https://www.reportlinker.com/p04331013/?utm_source=PRN
