LONDON--(BUSINESS WIRE)--The automotive remote diagnostics market is expected to grow by USD 11.65 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technological developments in the field of vehicle connectivity and changing consumer demands have led automakers to introduce telematics applications and services such as e-call, interactive service schedule and planning, and vehicle tracking in their offerings. Besides, government bodies across the world are introducing various mandates regarding the use of connectivity solutions in automobiles. For instance, in 2015 the EU mandated that all cars should be equipped with automatic emergency call technology by 2018. Such mandates are compelling automotive OEMs to offer various telematics solutions as part of their standard services package. These factors are fueling the growth of the global automotive remote diagnostics market.
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As per Technavio, the increasing volume sales of hybrid and electric vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Remote Diagnostics Market: Increasing Volume Sales of Hybrid and Electric Vehicles
Globally the adoption of hybrid and electric vehicles has significantly increased over the years. Manufacturers of these vehicles are increasingly implementing remote diagnostics as a key differentiator to gain an edge over their competitors. The telematics systems used in these vehicles continuously tracks driving behavior, fuel efficiency, and fleet mechanisms to ensure efficient operation of the vehicle. With the growing popularity of self-driving and autonomous vehicles, the growth of the global automotive remote diagnostics market will accelerate during the forecast period.
“Use of telematics in fleet management and the increasing use of active safety systems in entry-level cars will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Automotive Remote Diagnostics Market: Segmentation Analysis
This market research report segments the automotive remote diagnostics market by Type (Passenger cars and Commercial vehicles) and Geography (North America, Europe, APAC, South America, and MEA).
The North American region led the automotive remote diagnostics market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increasing stringency of regulations regarding vehicle safety in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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