Impact of Covid-19 Outbreak on Automotive Diagnostic Scan Tools Market CAGR

21/mag/2020 10:27:09 Automotive Market Research Reports Contatta l'autore

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The global automotive diagnostic tool market size, according to the report by Market Research Future (MRFR), is slated to record a remarkable market valuation at a  CAGR of 5% over the assessment period.

Drivers and Restraints

The global automotive diagnostic tool market is poised to have noteworthy growth over the forecast period owing to factors such as the growing complexity in the structure of vehicles along with intensifying incursion of electronics. This results in an augmented demand for tools and equipment that facilitate the accurate diagnosis of automotive faults. The other influential factors for the market growth are an increase in demand for automotive workshops, a proclivity of consumers towards high-end technologically advanced cars, and the association of OEMs with automotive diagnostic tools market players.  The introduction of innovative vehicle models and severe government regulation for the lowering of vehicle emission levels have led to further advanced diagnostic scan tools by the diagnostic tool producers. On the other hand, the growth of this market is likely to be restrained by the high input costs and the immense need for maintaining a balance between the high cost and smart technology by the manufacturers.

Segmental Analysis

The global market for automotive diagnostic scan systems is segmented on the basis of the types of equipment, vehicle, product along with propulsion, and region.

The types of equipment available in the market are exhaust gas analyzer, paint scanner, wheel alignment, vehicle emission test system, dynamometer, and headlight tester. Amongst these, the vehicle emission test system is projected to the witness the fastest growth, owing to the escalation in the stringent government norms regarding vehicle emissions. The vehicles that are operative in the market are passenger vehicles and commercial vehicles. Based on the product type, the automotive diagnostic scan tools market has been bifurcated into diagnostic hardware and diagnostic software. Based on the propulsion type, the automotive diagnostic scan tools market has been bifurcated into ICEs and electric vehicles.

Regional Analysis

Based on the region, the market has been segmented into North America, Asia Pacific, Europe, and the rest of the world. North America is one of the most significant regions in the global automotive diagnostic scan systems market and is slated to reach a substantial market share over the review period.

North America is one of the major regions in the global automotive diagnostic scan tools market and is expected to witness substantial market share over the review period. This is attributed to the established automotive market in the region, with technological advancements and innovations constantly taking place in the region. The automotive diagnostic scan tools in North America has constant higher demand and this trend is expected to continue to surge over the assessment period.

The Asia Pacific region is likely to experience the highest growth in the automotive diagnostic tool market. The key factors driving the growth of the automotive diagnostic tool market in the Asia Pacific region is the growth in preference of consumers for automobiles with advanced technology. The strict government standards that focus on regulating the emission levels from the vehicles, also contribute to the market growth. The developing countries in the region such as India, China, and Japan, are more disposed to adopt the advanced and easy-to-use diagnosis equipment and tools, which also driving the growth of the market over the review period.

Competitive Landscape

The key market players identified by MRFR in the global automotive diagnostic scan tools market includes Softing AG (Germany), Delphi Automotive PLC (Ireland), Denso Corporation (Japan), Continental AG (Germany), Robert Bosch GmBH (Germany), Actia SA (France), Kpit Technologies (India), AVL List GmBH (Austria), Hickok Incorporated (US), SnapOn Incorporated (US).

 

Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.

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