According to MarkNtel Advisors, the Global Vehicle Diagnostics Market is projected to grow at a CAGR of around 18.9% during 2021-26. Most of the market growth is backed by the advent of technological advancements and expanding automotive industry across different corners of the world, instigating the deployment of vehicle diagnostic solutions to identify & assess the operation of a vehicle & problems that affect smooth functioning.
Besides, constant improvement in the economic conditions of people, escalation in the private ownership of vehicles, and the need to attain latest technologies in vehicles for better experience are the other prominent aspects catering the high demand for vehicle diagnostic solutions and stimulating the overall market growth. In fact, the same aspects are also generating lucrative opportunities for the platers to increase their offerings and fulfill the burgeoning demands across the automotive industry throughout the world, driving the overall market growth.
Hybrid EVs to Attain a Substantial Share of the Vehicle Diagnostics Industry
The rapidly rising carbon emissions and growing concerns over greenhouse gases are instigating automakers to manufacture more & more HEVs in order to mitigate environmental degradation. In fact, even governments of different countries are supporting & encouraging the adoption of these vehicles, which, in turn, is generating lucrative opportunities for the vehicle diagnostics market to expand notably throughout the world.
Europe to Demonstrate the Fastest Market Growth through 2026
The swift expansion of the automotive industry across different countries in the region and their massive utilization of modern technology based solutions to maximize profits are driving the Europe Vehicle Diagnostics Market. Besides, since vehicle diagnostic solutions also help in early detection of problems and their timely repair, it tends to make a significant contribution in reducing carbon emissions. Because of this, the governments of many European countries are supporting & encouraging the deployment of vehicle diagnostic solutions and spurring growth in the regional market.
Rapidly Increasing Electric Vehicles Demand
The rapidly rising demand for electric vehicles, particularly from regions like Europe and Asia-Pacific, will be the main factor driving the global market for vehicle diagnostics over the projected period. This demand will greatly increase the need for vehicle diagnostics. Additionally, simple fleet operations and insurance are probably going to generate prosperous growth opportunities for the market’s players in the near future.
Key Market Competitors:
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 Study:
- What are the current and future trends in the Global Vehicle Diagnostics Market?
- How has the industry been evolving in terms of geography and services adoption?
- How has the competition been shaping across various countries, followed by their comparative factorial indexing?
- What are the key growth drivers & challenges for the Global Vehicle Diagnostics Market?
- What are the customer orientation, purchase behavior, and expectations from the Global Vehicle Diagnostics Market service providers across various regions?
- By Application (Automatic Crash Notification, Vehicle Tracking Market, Vehicle Health Alert, Roadside Assistance Market, Others)
- By Engine (IC Engine, (Cars, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle), Electric (BEV & HEV))
- By Connectivity (4G LTE, 3G, Wi-Fi, Bluetooth, Others)
- By Region (North America, South America, Europe, Asia-Pacific, Middle East, and Africa)
- By Countries (US, Canada, Mexico, Brazil, Germany, France, UK, Spain, Italy, Netherlands, Scandinavia, GCC, China, India, South Korea, Japan, Others)