The global automotive diagnostic scan tools market is expected to post a CAGR of around 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The growing demand for passenger cars and commercial vehicles is encouraging automobile manufacturers to expand their service network by opening new dealership centers and workshops. This also helps automobile manufacturers to enhance customer satisfaction as well as drive sales. Thus, the growing number of aftersales vehicle service centers will drive the demand for automotive diagnostic scan tools during the forecast period.
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As per Technavio, the development of integrated vehicle health management will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Diagnostic Scan Tools Market: Development of Integrated Vehicle Health Management
Integrated vehicle health management presents various approaches to visualize a vehicle's health. Advancements in automotive electronics have increased the need for sophisticated vehicle diagnostic systems to quickly identify problems and warn the driver about the vehicle's health. For example, the rising adoption of luxury and high-performance vehicles has compelled automobile manufacturers to incorporate complex diagnostic scan tools for maintenance and repair activities. This trend of adopting integrated vehicle management is expected to boost the growth of the global automotive diagnostic scan tools market.
"The development of self-healing cars and smartphone connectivity with automotive diagnostic scan tools are other factors that will boost market growth during the forecast period," says a senior analyst at Technavio.
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Global Automotive Diagnostic Scan Tools Market: Segmentation Analysis
This market report segments the global automotive diagnostic scan tools market by product (hand-held scan tools and PC-based scan tools) and geography (Americas, APAC, and EMEA).
The EMEA region led the market in 2018, followed by the Americas and APAC, respectively. During the forecast period, the EMEA region is expected to maintain its dominance over the market. This is due to increased spending on R&D by automobile manufacturers in the region. However, the APAC region is expected to register the maximum incremental growth during the forecast period. There has been a growing adoption of technologically advanced high-performance vehicles in the region, thus necessitating the usage of automotive diagnostic scan tools.
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Five Forces Analysis
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