According to The Business Research Company’s Automotive Diagnostic Scan Tools, The automotive diagnostic scan tools market size has grown strongly in recent years. It will grow from <b>$38.81 billion in 2023 to $41.09 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. </b> The growth in the historic period can be attributed to increased vehicle complexity, onboard diagnostics (obd) standards implementation, consumer awareness and demand, regulatory compliance requirements, growing complexity of modern vehicles.
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The automotive diagnostic scan tools market size is expected to see strong growth in the next few years. It will grow to <b>$52.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. </b> The growth in the forecast period can be attributed to growth in electric and hybrid vehicles, integration of artificial intelligence in diagnostics, increased connected car, emphasis on predictive maintenance, expansion of telematics systems. Major trends in the forecast period include wireless diagnostic scan tools, cloud-based diagnostics solutions, mobile app integration for diagnostics, real-time remote diagnostics, blockchain technology for secure diagnostic data sharing.The rise in vehicle production and sales is expected to propel the growth of the automotive diagnostic scan tools market. Automotive scan tools are used to quickly and accurately identify the problem areas in specific locations based on data extracted from sensors, microchips, and built-in-processors. As the number of vehicles increases, the demand for automotive diagnostics tools is expected to increase, as the repair and maintenance companies look for innovative diagnostics tools to increase the speed and efficiency of vehicle diagnostics activities. For instance, in May 2023, according to the European Aupatomobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Furthermore, in February 2022, according to Brand Finance plc, a UK-based brand valuation company, in 2022, the automobile sector achieved approximately 78 million unit sales, marking a substantial 10% increase compared to both 2021.Therefore, the rise in vehicle production and sales is driving the growth of the automotive diagnostic scan tool market.
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The automotive diagnostic scan tools market covered in this report is segmented –
1) By Type: On-Board Diagnostics (OBD), Electric System Analyzers, Other Types
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Offering Type: Diagnostic Equipment/Hardware, Diagnostic SoftwareTechnological advancement is a key trend gaining popularity in the automotive diagnostic scan tool market. The companies operating in the automotive diagnostic scan tool market are investing in the development of innovative technologies to increase the reach of their products to at-home customers. For instance, in October 2021, Continental AG launched Autodiagnos Drive, an innovative remote vehicle data solution for remotely diagnosing vehicular problems. The new product is a plug-and-play technology for accessing diagnostic information for vehicles.
The automotive diagnostic scan tools market report table of contents includes:
- Executive Summary
- Automotive Diagnostic Scan Tools Market Characteristics
- Automotive Diagnostic Scan Tools Market Trends And Strategies
- Automotive Diagnostic Scan Tools Market – Macro Economic Scenario
- Global Automotive Diagnostic Scan Tools Market Size and Growth
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- Global Automotive Diagnostic Scan Tools Market Competitive Benchmarking
- Global Automotive Diagnostic Scan Tools Market Competitive Dashboard
- Key Mergers And Acquisitions In The Automotive Diagnostic Scan Tools Market
- Automotive Diagnostic Scan Tools Market Future Outlook and Potential Analysis
- Appendix
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