LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive diagnostic scan tools market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report.
Development of integrated vehicle health management is one of the major trends being witnessed in the global automotive diagnostic scan tools market 2019-2023. Integrated vehicle health management refers to several approaches that are adopted to transform the system data of a complex vehicle system into information for supporting operational decisions and for assisting in maintenance. The concept shows different approaches that can help visualize a vehicle's health or that of an entire fleet. Automobile manufacturers are using diagnostic scan tools to monitor the functioning of key vehicle systems which are critical for operational efficiency.
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According to Technavio analysts, one of the key factors contributing to the growth of the global automotive diagnostic scan tools market is the rising number of vehicle workshops:
Global automotive diagnostic scan tools market: Rising number of vehicle workshops
In order to meet the growing demand for passenger cars and commercial vehicles, vehicle manufacturers are increasing their service network by opening new dealership centers and workshops. A strong aftersales network augments customer satisfaction and contributes to higher sales. The greater the number of aftersales vehicle service centers, the wider availability of spare parts for vehicles. Consumers feel secure when an aftersales vehicle workshop is available in the vicinity. Thus, a greater number of vehicle workshops will drive the demand for automotive diagnostic scan tools during the forecast period.
According to a senior analyst at Technavio for research on auto parts & equipment, “Automotive diagnostic tools help mechanics to detect an issue in minimal time and enhance service efficiency. In modern vehicles, the high number of electronic components require complex diagnostic scan tools to detect faults in a vehicle.”
Global automotive diagnostic scan tools market: Segmentation analysis
The global automotive diagnostic scan tools market research report provides market segmentation by product (PC-based scan tools and hand-held scan tools) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The PC-based segment held the largest market share in 2018, accounting for over 71% of the market. This product segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2018 and the region is expected to dominate the market through 2023.
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