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Automotive Diagnostic Scan Tools Market 2019-2025 Revenue, Forecast By Global Industry Players

Author : Rahul Varpe | Published Date : 2019-08-06 

According to a report by Global Market Insights, Inc., the automotive diagnostic scan tools market is estimated to surpass the renumeration mark of $49 billion by 2025.The automotive diagnostic tools industry is projected to witness substantial growth in coming years

Asia Pacific automotive diagnostic scan tools industry size is slated to witness a CAGR of around 8% over the projected period. The automotive manufacturing sector in the region is growing rapidly owing to an active push towards infrastructural development and growing industrialization, which has created plethora of opportunities for automobile OEMs. In addition, local OEMs are thriving with their in-depth understanding of regional consumers. Strategic advantages could certainly influence the ability of OEMs to place vital diagnostic solutions across dealerships, reinforcing automotive diagnostic scan tools market outlook over the forecast period.

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Today’s automobiles represent the most sophisticated electronic control units that are responsible for functions like infotainment control, automatic gear shifts and fuel injection. ECUs are also enabling advanced driver assistance technologies that meet consumer needs for convenience, comfort, and safety as well as improve performance and energy efficiency. Adoption of these technologies makes diagnosis of system failures or malfunction more difficult. Addressing these challenges, OEMs as well as their hardware and software partners will consistently seek developments in ECU diagnosis solutions, propelling automotive diagnostic scan tools market size.

Impact of automotive industry’s digital transformation on automotive diagnostic scan tools market

Automobiles have come a long way since their inception, evolving from the purely mechanical contraptions they were to the highly-sophisticated connected machines that incorporate facilities such as location-based services and other connected solutions.
 

The Drivers: As vehicles keep on incorporating more internal electronic components, the demand for sophisticated diagnostic services that help consumers maintain their vehicles is expected to witness a significant rise. This would irrefutably make the automotive industry’s digital transformation one of the biggest drivers fueling the growth of automotive diagnostic scan tools market in the forthcoming years.
 

The Potential: According to the World Economic Forum, the digitization of the automobile industry possesses the potential to generate substantial value for the society & the industry both. In fact, the organization estimates that there is approximately $0.67 trillion worth of value at stake for the automobile industry & an additional $3.1 trillion in societal benefits in the industry’s transformation by 2025, creating significant growth opportunity for the automotive diagnostic scan tools market in the forthcoming years.

Several prominent companies and manufacturers are augmenting the scope of their business by unveiling unique product portfolios equipped with the latest technologies. DG Technologies, Actia Group, Snap-on Incorporated, General Technologies Corp, Autel Intelligent Technology, BMW, Bosch Automotive Service Solutions, Delphi Automotive, Volkswagen and Volvo Group are some of the key players operating in the automotive diagnostic tools market.

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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