Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global diagnostic scan tools market, by product type (Diagnostic Equipment (Hardware), Diagnostic Software, and Repair & Diagnostic Data), by technology (Handheld Scan Tool, Mobile Device Based Scan Tool, PC/Laptop Based Scan Tool, Data Loggers, Emission Testing, Drivers’ Supplementary Vehicle Instrumentation, and Vehicle Telematics), by vehicle type (Passenger Cars and Commercial Vehicles), by end-use (Workshop & Service Centers and In-house Test Centers), was assessed at US$ 463.1 million in 2016 and is projected to reach US$ 720.3 million over the forecast period, demonstrating a decent CAGR of 5.02%.
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Diagnostic scan tools are electronic tools that are integrated with software or hardware to enable accurate, real-time examination of automobiles. These tools find extensive usage in automotive workshops, in-house OEM test centers, and service centers. These devices are therefore are gaining major traction worldwide owing to the benefits offered by them, such as reduced time and lesser efforts of consumers in the detection of internal fault conditions of vehicles.
In terms of product type, the diagnostic scan software segment is poised to grow significantly over the forecast period, supported by the introduction of new automotive models, increasing vehicle electrification, and rising number of upgrades introduced every year to enhance the functionality of these systems. The mobile device-based scan tools segment is another segment projected to witness speedy growth in the upcoming years, owing to the easier mobility of operations offered by these devices. Furthermroe, the PC/Laptop-based tools segment is foreseen to accumulate a major market share in the global market, owing to the growing penetration of these tools and their expanding application spectrum in upgrading and reprograming of the vehicles control module.
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Introduction of advanced technologies, such as vehicle electrification, collision warning system, automatic braking, and adaptive cruise control, have consequently augmented automotive costs. These equipment enhance the lifetime of the vehicle in conjunction to the added complexity of the maintenance. According to the European Automobile Manufacturers Association, the average age of cars in the European region has increased drastically from 8.4 years in 2007 to 10.7 years in 2015. However, the surging need to increase he average life cycle of the automotive and proliferation of similar technologies are further predicted to present ample growth prospects to the global diagnostic scan tools market in the near future.
In contrast, lack of skilled workforce for troubleshooting, fault finding, and maintenance of the vehicles are some of the major aspects restricting the growth of the global market. Availability of DIY kits for problem identification in automotive is another restraining factor for the global market.
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Key Takeaways of the Market:
- The Asia Pacific diagnostic scan tools market is expected to witness highest growth over the forecast period. Increasing production and sales of vehicles in the region is expected to be among the prominent factors fueling the regional growth. China, India, Japan, Indonesia, and South Korea are expected to significantly contribute to the regional growth over the forecast years.
- The well-known companies trading in the global diagnostic scan tools market include Actia SA, AVL List GmbH, Continental AG, Delphi Automotive PLC, Denso Corporation, Hickok Incorporated, KPIT Technologies, Robert Bosch GmbH, Snap on Incorporated, and Softing AG.
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