According to MarkNtel Advisors, the Global Vehicle Diagnostics Market is likely to grow at a CAGR of 18.9% in the forecast period of 2021-2026. It owes primarily to the increasing need to install emergency support to monitor, identify, and assess the problems affecting vehicle operations beforehand.
Additionally, escalating safety & security concerns among people are likely to remain a prominent factor to surge the demand for vehicle diagnostics globally in the coming period. Besides, the stringent government regulations to combat growing environmental concerns are also likely to increase the need for these machines to monitor carbon emission, thereby providing the necessary assessments to the vehicle on time. Furthermore, the enhancing living standard & rising disposable income of the consumers is escalating the sales of premium & luxury vehicles, subsequently propelling the demand for vehicle diagnostics.
Automatic Crash Notification to Witness the Fastest Market Growth During 2021-26
Based on the Application, the Global Vehicle Diagnostics Market segments into Automatic Crash Notification, Vehicle Tracking Market, Vehicle Health Alert, Roadside Assistance Market, and Others. Of them all, the Automatic Crash Notification application is more likely to display the fastest market growth in the forecast period.
The prime factor supporting the rapid growth includes the rising safety & security concerns propelling people to install vehicle diagnostics with automatic crash notification applications to monitor vehicle sensors, notify about the crash, and direct the crash location & severity.
Besides, the application also comes with a feature to call emergency services at the accident scene, thereby increasing its demand & popularity. Furthermore, with the rising cases of road accidents, various governments are pertaining consumers to install vehicle diagnostics with the Automatic Crash Notification application, thereby leading the segment to observe the fastest growth in the forecast years.
North America to Dominate with the Largest Share of the Global Vehicle Diagnostic Market
Based on the Geography, North America is expected to dominate the Global Vehicle Diagnostics Market with the largest share in the forecast period. The region possesses the highest adoption rate for innovative & advanced technology and presents skyrocketing demand for vehicle diagnostics in premium & luxury cars for high-tech safety & security.
Moreover, various governments are actively implementing stringent norms to reduce carbon emissions and improve the fuel economy. Furthermore, with the active participation of leading players, North America shall dominate the Global Vehicle Diagnostics Market with the largest share in the forecast period, reveals MarkNtel Advisors in their research report, "Global Vehicle Diagnostics Market Analysis, 2021-2026."
Key Market Competitors:
According to MarkNtel Advisors, the leading Global Vehicle Diagnostics Market players are Robert Bosch GmbH, Continental AG, Delphi Automotive PLC, Onstar LLC, Snap-On Inc. Magneti Marelli, Softing AG, VOXX International Corporation, Vector Informatik, Vidiwave Ltd.
Key Questions Answered in the Study