Vehicle Diagnostics are machines that identify & assess the operation of a vehicle & problems that affect these operations.
The “Global Vehicle Diagnostics Market” is projected to grow at a CAGR of around 18.9% during the forecast period, i.e., 2021-26, says MarkNtel Advisors. The prime factors backing the rapid growth include the rapid technological advancements and expanding automotive industry. Besides, the increasing adoption of vehicle diagnostics due to a significant decline in service downtime & the effective prediction of faulty components is also anticipated to drive the market during 2021-26.
Moreover, the government support and participation of leading players to combat carbon emissions shall further lead the market to observe a significant rise in the forecast period.
|Study Period||Historical Data: 2016-20|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America:USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain, Netherlands, Scandinavia|
|Asia-Pacific: China, India, Japan, South Korea|
|South America: Brazil|
|Middle East & Africa: GCC|
|Key Companies Profiled||Robert Bosch GmbH, Continental AG, Delphi Automotive PLC, Onstar LLC, Snap-On Inc., Magneti, Marelli, Softing AG, VOXX International Corporation, Vector Informatik, Vidiwave Ltd|
|Unit Denominations||USD Million/Billion|
Covid-19 Severely Impacted the Global Vehicle Diagnostics Market
The outbreak of the Covid-19 pandemic negatively impacted almost all types of markets, including the Global Vehicle Diagnostics Market. The market underwent a decelerating effect, principally due to the imposition of lockdown & movement restrictions, which brought the market to its slowest growth rate.
Additionally, the Global Vehicle Diagnostics market witnessed disruptions in supply chain & logistics, coupled with reduced production from manufacturing units due to the unavailability of raw materials & labor. Besides, the demand decline for new vehicles further deterred people from buying non-essential products & services, resulting in massive financial loss.
However, with the gradual upliftment of restrictions, the Global Vehicle Diagnosis Market is expected to regain its traction in the forecast period. The market potential also hints toward the lucrative growth opportunities for leading market players in the coming years.
Hybrid Electric Vehicle (HEV) to Hold the Largest Share of the Global Vehicle Diagnostics Market
Based on the Engine, the Global Vehicle diagnostics Market segments into IC Engines and Electric Engines. The IC Engine further bifurcates into Cars, Light Commercial Vehicles, and Medium & Heavy Commercial Vehicles, while Electric Engine bifurcates into BEV & HEV.
Of them all, Hybrid Electric Vehicle (HEV) is more likely to dominate the market with the largest share in the forecast period.
It owes primarily to the rapidly increasing environmental concerns, coupled with government regulations to combat them. The significant sale of these vehicles, especially across Europe & Asia-Pacific regions, is likely to surge the demand for HEVs and fuel the market growth in the forecast period.
Wi-Fi to Witness the Fastest Growth in the Global Vehicle Diagnostics Market
Based on the Connectivity, the Global Vehicle Diagnostics Market segments into 4G LTE, 3G, Wi-Fi, Bluetooth, and Others. Of them all, Wi-Fi is more likely to witness the fastest growth in the forecast period. It owes to the increasing technological advancements & dependency on easy-to-access devices and connectivity mediums for vehicle diagnostics.
Since a Wi-Fi connection enables the user to provide an uninterrupted connection with the vehicle diagnostics and access the real-time status of the vehicle, the demand for Wi-Fi connectivity is rising significantly. Hence, it leads the segment to display the fastest market growth in the forecast period, states MarkNtel Advisors in their research report, “Global Vehicle Diagnostics Market Analysis, 2021-26.”
The prime factor that shall drive the Global vehicle Diagnostics Market in the forecast period is the rapidly increasing demand for Electric Vehicles, especially from regions like Europe & Asia-Pacific, which shall propel the demand for vehicle diagnostics significantly. Furthermore, easy fleet operations & insurances are also likely to create lucrative growth opportunities for the market players in the coming period.
Of all the factors supporting the market growth, some aspects might restrain the expansion of the Global Vehicle Diagnostics Market in the forecast period. These market restraints include the skyrocketing prices of technologically advanced vehicle diagnostics machines and the complex functioning that requires skilled technicians. Furthermore, the rising concerns about privacy & location sharing shall also restrain the market growth in the coming years.
Europe to Attain the Largest Share of the Global Vehicle Diagnostics Market
Based on the region, the Global Vehicle Diagnostics Market expands across North America, South America, Europe, Middle East & Africa, and Asia-Pacific regions. Of them all, Europe is more likely to observe the fastest market growth in the forecast period.
It owes primarily to the early adoption of technologically advanced vehicle diagnostics by various end-users across Europe. In addition, the stringent regulations to reduce carbon emissions are expected to encourage people to shift toward employing these diagnostics tools in vehicles and monitor the operation. The governments are actively participating in the market and mandating the need to install these tools in vehicles, thereby surging their demand significantly across the region.
Nonetheless, the increasing number of service stations & automotive workshops, especially for vehicle diagnostic tools, shall also fuel the market in Europe in the forecast period.
According to MarkNtel Advisors, the leading players in the Global Vehicle Diagnostics Market 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 Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Global Vehicle Diagnostics Market is likely to grow at a CAGR of around 18.9% in the forecast period of 2021-26.
A. Robert Bosch GmbH, Continental AG, Delphi Automotive PLC, Onstar LLC, Snap-On Inc, Magneti Marelli, Softing AG, VOXX International Corporation, Vector Informatik, Vidiwave Ltd are a few leading players in the Global Vehicle Diagnostics Market.
A. Hybrid Electric Vehicles (HEV) are expected to attain the highest CAGR and maintain their significant market share during the forecast period.
A. The rising demand for electric vehicles with modern technology shall surge the demand for Vehicle Diagnostics, coupled with facilities like fleet & insurances, which are expected to create remunerative growth opportunities in the forecast period.
A. Owing to the gradual upliftment of restrictions, the Global Vehicle Diagnosis Market shall rapidly regain its traction & recover from the loss in the forecast period. It also hints toward the lucrative growth opportunities for leading market players in the coming years.