The vehicle diagnostics market size is expected to see rapid growth in the next few years. It will grow to $68.86 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to increasing vehicle complexity, focus on predictive analytics, the shift towards subscription-based services, the rise of mobility-as-a-service (MaaS), growing focus on sustainability. Major trends in the forecast period include increasing adoption of connected diagnostic solutions, expansion of predictive maintenance solutions, integration of advanced sensor technologies, shift towards software-based diagnostics, and emergence of augmented reality (AR) diagnostics.
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Segmentation & Regional Insights
The vehicle diagnostics market covered in this report is segmented –
1) By Product Type: OBD2 Scanner, Multi-System Auto Diagnostic Tool, OBDII Scanner Bluetooth Automotive ECU Coding Diagnostic Tool, OBD2 Car Code Reader/scan Tool, OBD2 Adapter Check Engine Diagnostic Tool, Smartphone Diagnostic Tool, Other Products
2) By Vehicle Type: Light-Duty Vehicle, Commercial Vehicle, Heavy Commercial Vehicle
3) By Equipment Type: Exhaust Gas Analyzer, Wheel Alignment Equipment, Headlight Tester, Paint Scan Equipment, Dynamometer
4) By Application: Automatic Crash Notification, Vehicle Tracking, Vehicle Health Alert, Roadside Assistance
North America was the largest region in the vehicle diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vehicle diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rise in vehicle leasing is expected to propel the growth of the vehicle diagnostics market going forward. Vehicle leasing refers to a contractual arrangement where a company or individual (the lessee) rents a vehicle from a leasing company or financial institution (the lessor) for a specified period, typically months to years. The rise in vehicle leasing is due to access to newer vehicles, reduced maintenance costs, flexibility, and tax benefits for businesses. Vehicle diagnostics is essential in vehicle leasing to ensure the maintenance and performance of leased vehicles, enabling lessors to monitor vehicle health, detect issues, and optimize fleet management for efficient and reliable operation throughout the leasing period. For instance, in September 2022, according to MotorFinanceOnline, powered by Verdict Media Limited, a UK-based online news and analysis platform, in the initial six months of 2022, 1 out of every 5 (20%) new leasing clients were looking to lease a pure battery electric vehicle (BEV), marking a surge of 1575% in BEV demand compared to previous years. Therefore, the rise in vehicle leasing is driving the growth of the vehicle diagnostics market.
Key Industry Players
Major companies operating in the vehicle diagnostics market are DENSO Corporation, Continental AG, BorgWarner Inc., Snap-on Incorporated, ACTIA Group, AVL List GmbH, OnStar LLC, SPX Corporation, VOXX International Corporation, KPIT Technologies, Launch Tech Co. Ltd., Telemotive AG, Repairify Inc., ETAS GmbH, Magneti Marelli S.P.A., Softing AG, General Technologies Corporation, DSA Daten- und Systemtechnik GmbH, Autologic Diagnostics Ltd., Hickok Incorporated, AVL DiTEST GmbH, Vector Informatik GmbH, Vidiwave Limited, Autel Intelligent Technology Corp. Ltd., Robert Bosch GmbH
The vehicle diagnostics market report table of contents includes:
1. Executive Summary
2. Vehicle Diagnostics Market Characteristics
3. Vehicle Diagnostics Market Trends And Strategies
4. Vehicle Diagnostics Market – Macro Economic Scenario
5. Global Vehicle Diagnostics Market Size and Growth
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31. Vehicle Diagnostics Market Other Major And Innovative Companies
32. Global Vehicle Diagnostics Market Competitive Benchmarking
33. Global Vehicle Diagnostics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Vehicle Diagnostics Market
35. Vehicle Diagnostics Market Future Outlook and Potential Analysis
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