The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Vehicle Diagnostics Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Vehicle Diagnostics Industry (2024-2030):
According to the latest report, The Vehicle Diagnostics Market size is valued at USD 48.24 billion in 2023 and is projected to reach USD 88.22 Billion in 2030. Along with this, the market is estimated to grow at a CAGR of around 10.1% during the forecast period., says MarkNtel Advisors. The report demonstrates the prominent factors propelling the exponential growth of the Vehicle Diagnostics industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2019-22
- Base Year: 2023
- Forecast Period: 2024-30
- CAGR – 10.1%
- Market Value In (2023): USD 48.24 Billion
- Market Value By (2030): USD 88.22 Billion
What are the major Driver the Vehicle Diagnostics industry?
Rising Road Accidents Creating Immense Demand for Diagnostic Features in Vehicles– Fast urbanization and expansion of road networks have been increasing vehicle ownership and traffic density worldwide. With more vehicles on the road, the risk of accidents is also surging in developing countries where infrastructure development is usually not parallel to this growth in traffic. The poorly maintained vehicles and improper services of vehicles further lead to incidences such as brake failures, system crashes, airbags remaining closed, etc. This has resulted in severe road accidents and casualties across the globe. For Instance,
In 2023, according to the World Health Organization (WHO), the number of annual road traffic deaths was about 1.19 million globally.
To mitigate these situations, regular diagnosis is carried out to detect impending failures of the critical components like brakes, tires, and steering systems creating the demand for vehicle diagnosis systems. This proactive approach in the maintenance of vehicles greatly reduces the risks of an accident occurring due to mechanical failure. Furthermore, the integration of telematics and connected vehicle technologies in vehicle diagnostics solutions makes provision for real-time monitoring and diagnostics, which enables fleet operators and individual drivers to receive real-time alerts on impending safety issues. This not only helps in avoiding accidents but also in post-accident analysis by providing data of value in improving vehicle standards of safety and design. Hence, surging road accidents dictate the need for vehicle diagnostics, thereby proliferating the growth of the Global Vehicle Diagnostic Market.
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Vehicle Diagnostics Market Segmentation
The Vehicle Diagnostics Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Offering
- Hardware- Market Size & Forecast 2019-2030, USD Million
- Diagnostic Scanners- Market Size & Forecast 2019-2030, USD Million
- Handheld Devices- Market Size & Forecast 2019-2030, USD Million
- Adapters and Connectors- Market Size & Forecast 2019-2030, USD Million
- Others (Battery Testers, Analysers, etc.) – Market Size & Forecast 2019-2030, USD Million
- Software- Market Size & Forecast 2019-2030, USD Million
- Hardware- Market Size & Forecast 2019-2030, USD Million
- By Vehicle Type
- Passenger Vehicles- Market Size & Forecast 2019-2030, USD Million
- Commercial Vehicles- Market Size & Forecast 2019-2030, USD Million
- Light Commercial Vehicles- Market Size & Forecast 2019-2030, USD Million
- Medium & Heavy Commercial Vehicles – Market Size & Forecast 2019-2030, USD Million
- By Propulsion
- ICE (Internal Combustion Engine) – Market Size & Forecast 2019-2030, USD Million
- Electric – Market Size & Forecast 2019-2030, USD Million
- By Application
- Automatic Crash Notification- Market Size & Forecast 2019-2030, USD Million
- Vehicle Tracking – Market Size & Forecast 2019-2030, USD Million
- Vehicle Health Alert- Market Size & Forecast 2019-2030, USD Million
- Roadside Assistance- Market Size & Forecast 2019-2030, USD Million
- Others (Vehicle Telematics, Emission Testing, etc.) – Market Size & Forecast 2019-2030, USD Million
- By End User
- Automotive OEMs- Market Size & Forecast 2019-2030, USD Million
- Service Stations & Workshops- Market Size & Forecast 2019-2030, USD Million
- Fleet Operators- Market Size & Forecast 2019-2030, USD Million
- Government & Regulatory Bodies- Market Size & Forecast 2019-2030, USD Million
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
As per the regional aspect, the Vehicle Diagnostics Market is expected to be dominated by North America by capturing the potential market share.
Explore further details about this research report – https://www.marknteladvisors.com/research-library/vehicle-diagnostics-market.html
Top Companies in the Vehicle Diagnostics Market
Robert Bosch GmbH, Continental AG, Delphi Automotive PLC, Onstar LLC, Snap-On Inc., Magneti Marelli, Softing AG, VOXX International Corporation, Vector Informatic, Vidiwave Ltd., Pioneer Incorporation, Alpine Electronics Inc., Garmin Ltd., Harman International, and Denso Europe B.V, among others
Global Vehicle Diagnostics Industry Recent Development:
In 2023: Robert Bosch GmbH, a leading provider of vehicle technology, introduced the Bosch Car Doctor, a compact diagnostic tool equipped with advanced scanning capabilities and real-time data analysis features.
In 2023: Delphi Automotive PLC launched a new online configurator for their diagnostic products and related accessories to help workshops access market-leading diagnostic solutions so they can expand their service offering and repair quality.
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