The Automotive Diagnostics Market is experiencing a notable surge in revenue growth, primarily propelled by the increasing implementation of cutting-edge technologies like Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT) within the automobile industry.
The global Automotive Diagnostics market size was estimated at USD 54.2 billion in 2023 and is projected to reach USD 106.8 billion in 2030 at a CAGR of 10.1% during the forecast period 2023-2030.
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These advanced technologies are revolutionizing diagnostic capabilities, enabling the development of sophisticated tools that can swiftly and reliably detect and diagnose issues by analysing massive amounts of real-time data. The integration of these technologies with diagnostic equipment is anticipated to be a key driver for future revenue growth in the automotive diagnostics market.
The prominent players in the Automotive Diagnostics market are:
· BMW
· Continental AG
· Delphi Automotive PLC
· Denso Corporation
· Harman International
· MAGNA International
· Pioneer Corporation
· Robert Bosch GmbH
· Snap-On Inc.
· Vector Informatik
· Bosch Automotive Service Solutions Inc.
· Continental AG
· Delphi Technologies PLC
· Denso Corporation
· General Motors Company
· Snap-On Incorporated
· Robert Bosch GmbH and More
Another significant factor contributing to revenue growth in the automotive diagnostics sector is the expansion of the market for aftermarket diagnostic tools. The aftermarket segment is poised for substantial growth due to the growing demand for affordable diagnostic instruments that can be effectively utilized for vehicle maintenance and repair. Additionally, the increasing number of vehicles on the road and the need for regular maintenance and repairs further bolster revenue growth in the aftermarket segment.
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Recent Developments:
In the year 2021, Continental AG made a public announcement regarding their investment in Cartica AI, an Israeli startup specializing in advanced driver assistance systems (ADAS) software based on artificial intelligence (AI). This strategic partnership was forged with the objective of bolstering the advancement of Continental's ADAS solutions and solidifying their standing in the market.
During the year 2020, Delphi Technologies PLC made a notable announcement regarding its acquisition by BorgWarner Inc., a prominent worldwide provider of cutting-edge automotive technology solutions. The strategic acquisition is set to establish a dominant presence in the power electronics sector, facilitating the development of comprehensive electrification solutions tailored for the global automotive industry.
Key Findings
· Type segment contains On-Board Diagnostics (OBD), focus of this segment lies on the incorporation of diagnostic tools and systems within vehicles, serving the purpose of monitoring and detecting potential issues. These systems, known as OBD (On-Board Diagnostics), offer real-time data regarding the functioning of diverse vehicle components, empowering technicians to diagnose and resolve problems with efficiency and precision. By seamlessly integrating into vehicles, these diagnostic tools contribute to the overall performance and reliability of automotive systems.
· Device segment sub segment Electric System Analyzer segment which is dedicated to the development of diagnostic tools tailored to analyze and test the electrical systems of vehicles. These specialized tools play a crucial role in identifying electrical faults, evaluating battery health, analyzing charging systems, and diagnosing issues associated with electronic components. By providing comprehensive insights into the intricate electrical systems of vehicles, these diagnostic tools empower technicians to ensure optimal performance, reliability, and safety of the electrical systems.The scan tool segment comprises diagnostic devices that can communicate with a vehicle's onboard computer system and retrieve diagnostic trouble codes (DTCs). These codes provide insights into specific problems or malfunctions within the vehicle's subsystems, enabling technicians to diagnose and resolve issues accurately.
· The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The Automotive Diagnostics Market in North America holds a significant position, and this dominance is expected to continue in the foreseeable future. The rising preference for connected cars and the stringent emission regulations in North America are key factors contributing to the increased demand for automotive diagnostics services. The growing population of connected vehicles in the region has further propelled the expansion of diagnostic solutions that enable remote identification of vehicle issues. As a result, the automotive diagnostics sector in North America is poised for sustained growth and innovation throughout the forecast period.
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