According to the report by Expert Market Research (EMR), the global vehicle diagnostics market reached a value of nearly USD 36.46 billion in 2023. Aided by technological advancements and the increasing complexity of vehicle design, the market is projected to grow at a CAGR of 15.0% between 2024 and 2032 to reach a value of around USD 128.24 billion by 2032.
The growing complexity of modern vehicles, with their advanced electronic systems and interconnected components, has made vehicle diagnostics an essential aspect of automotive maintenance and repair. The rise in consumer awareness regarding the importance of regular vehicle diagnostics to ensure safety and optimal performance has significantly contributed to the market growth. Additionally, the increasing adoption of electric and hybrid vehicles, which require specialised diagnostic tools and techniques, is expected to further propel the market.
The vehicle diagnostics market is also being driven by advancements in diagnostic technology, such as telematics and remote diagnostics, which enable real-time monitoring of vehicle health and performance. These technologies allow for preventive maintenance, reducing the likelihood of unexpected breakdowns and extending the lifespan of vehicles.
Get a Free Sample Report with Table of Contents:
https://www.expertmarketresearch.com/reports/vehicle-diagnostics-market/requestsample
Furthermore, government regulations and standards pertaining to vehicle emissions and safety are encouraging the adoption of diagnostic tools and services. Compliance with these regulations necessitates regular vehicle diagnostics to ensure that vehicles meet the required environmental and safety standards. This is expected to drive the vehicle diagnostics market expansion.
Moreover, the integration of artificial intelligence (AI) and machine learning (ML) in vehicle diagnostics is revolutionising the market. These technologies enable predictive maintenance, where potential issues are identified and addressed before they lead to major problems. AI-powered diagnostics can analyse vast amounts of data from various vehicle sensors, providing accurate and timely insights into the vehicle’s condition. This not only enhances the efficiency of diagnostics but also reduces downtime and maintenance costs. This is amongst the key vehicle diagnostics market trends.
Read Full Report with Table of Contents:
https://www.expertmarketresearch.com/reports/vehicle-diagnostics-market
The adoption of connected vehicles and the Internet of Things (IoT) is also significantly impacting the vehicle diagnostics market. Connected vehicles generate a wealth of data that can be used for real-time monitoring and diagnostics. This connectivity allows for remote diagnostics, where vehicle data is transmitted to a central server, and issues can be diagnosed and resolved without the need for physical inspection. This convenience and efficiency are driving the demand for connected vehicle diagnostics solutions.
In addition to technological advancements, the market is also influenced by changing consumer preferences and behaviours. The rise of ride-sharing and car-sharing services has led to an increased focus on vehicle maintenance and diagnostics to ensure the safety and reliability of shared vehicles. Furthermore, the growing trend of vehicle leasing and subscription services has emphasised the importance of regular diagnostics to maintain the value and performance of leased vehicles. This is expected to facilitate the vehicle diagnostics market growth.
Despite the promising growth prospects, the vehicle diagnostics market faces challenges such as the need for standardisation and compatibility across different vehicle models and diagnostic tools. Additionally, the high cost of advanced diagnostic equipment and the lack of skilled technicians to operate these tools can hinder market growth.
However, these challenges also present opportunities for market players. There is a growing demand for affordable and user-friendly diagnostic tools that can be used by vehicle owners and small repair shops. Training and certification programmes for technicians in advanced vehicle diagnostics can also create a skilled workforce to meet the market’s needs. This can result in significant vehicle diagnostics market development.
In conclusion, the global vehicle diagnostics market is on a growth trajectory, driven by technological advancements, increasing vehicle complexity, and a growing emphasis on vehicle safety and maintenance. The integration of AI, IoT, and connected vehicle technologies is transforming the diagnostics landscape, offering new opportunities for efficiency and innovation. As the automotive industry continues to evolve, the vehicle diagnostics market is poised to play a pivotal role in ensuring the safety, performance, and longevity of vehicles.
Market Segmentation
The market can be divided based on engine, connectivity, application, and region.
Market Breakup by Engine
- IC Engines
- Electric
Market Breakup by Connectivity
- 4G LTE
- 3G
- Wi-Fi
- Bluetooth
- Others
Market Breakup by Application
- Vehicle Tracking
- Automatic Crash Notification
- Vehicle Health Alert
- Roadside Assistance
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global vehicle diagnostics market. Some of the major players explored in the report by Expert Market Research are as follows:
- Borgwarner Inc.
- KPIT Technologies Limited
- Robert Bosch GmbH
- Continental AG
- Snap-on Incorporated
- Softing Automotive Electronics GmbH
- Vector Informatik GmbH
- Vidiwave Ltd
- ACTIA Group
- Denso Corporation
- General Technologies Corp
- Others
Media Contact:
Company Name: Claight Corporation
Contact Person: Emily Jacks, Corporate Sales Specialist – U.S.A.
Email: sales@expertmarketresearch.com
Toll Free Number: +1-415-325-5166 | +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website:www.expertmarketresearch.com
