The Asia Pacific automotive diagnostic tools market is expected to register the highest growth, growing at a CAGR of around 8% between 2019 and 2025. This growth can be attributed to the presence of emerging countries (such as China and India), leading manufacturers, and significantly large consumption markets in the region. In addition, the infrastructural development and growing industrialization in the emerging economies are creating opportunities for automotive OEMs as well as professional automotive diagnostic solution providers.
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The global automotive diagnostic tools market, fueled by a number of technological advancements, is rapidly becoming an extremely lucrative investment avenue of the automotive industry. Environmental concerns and the digital transformation of the automobile sector are also being hailed as important factors that have helped expedite the prominence of automotive diagnostic tools industry.
The increasing population of in-vehicle electronic components is increasing the demand for professional diagnostic services frequently to maintain vehicles, helping the growth of the automotive diagnostic tools market. In contrary, the highly-priced diagnostic equipment and lack of skilled professionals may adversely affect the overall growth of the market. The increasing in-vehicle electronics is resulting in the complex architecture of automobiles, creating challenges for automotive manufacturers and professional diagnostic solution providers. Moreover, the demand for automotive diagnostic tools market is expected to increase significantly over the forecast timeline owing to the growth of the overall aftermarket automotive industry.
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The commercial vehicles segment shows a promising growth rate in the automotive diagnostic tools market during the forecast period. This segment is being influenced by the increasing number of commercial vehicles across the world. The increasing adoption of Mobility-as-a-Service (MaaS) is propelling the demand for commercial vehicles, increasing the diagnostic requirements.
The DIY diagnostic segment of automotive diagnostic tools market shows the highest growth rate during the forecast period. These diagnostic tools allow users to work independently by connecting vehicles’ diagnostics port to a smart device via Bluetooth. The users are expected to experience the desired comfort and flexibility with DIY diagnostic tools. For instance, Bosch OBD 1050, a mobile scan diagnostic tool offered by Bosch, can read diagnostic trouble codes, turn off vehicles’ check engine light, and run a full diagnostic scan via Bluetooth.
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Some of the key players operating in the automotive diagnostic tools market are Actia Group SA, Autel Intelligent Technology Corp., Ltd., AVL List GmbH, BMW AG, Bosch Automotive Service Solutions Inc., Continental AG, Daimler AG, Delphi Automotive PLC, Denso Corporation, DG Technologies, Fluke Corporation, General Technologies Corporation, Hickok Incorporated, Honda Motor Company, Ltd., KPIT Technologies, Launch Tech UK, Snap-on Incorporated, Softing AG, Volkswagen AG and Volvo Group.
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