The global Automotive Diagnostic Scan Tools Market is expected to register significant growth during the forecast period. It is estimated to grow at a CAGR of 4.5% from USD 33.1 billion in 2021 to USD 41.4 billion by 2026. Increasing consumer preference for connectivity features in vehicles and the increasing automation in the driving functions have accentuated the need for high-end electronics architecture in the vehicles.
The rapid urbanization globally, especially in developing countries, is inflating the demand for commercial vehicles, which provides great potential to the automotive diagnostic scan tools market. Furthermore, the introduction of stringent emission norms to curb rising pollution is driving the growth of the Automotive Diagnostic Scan Tools market. Growing concerns over environmental pollution have led to the implementation of stringent emission norms and enhanced the demand for fuel-efficient vehicles.
The Asia Pacific market is estimated to be the largest during the forecast period. The increasing sales of passenger vehicles in the region is expected to drive the growth of the market. China is the largest producer of automobiles in the world. Recent infrastructure developments have boosted the commercial vehicles markets in China, thereby pushing the demand for efficient fleet solutions for transport.
The improved lifestyle of consumers and rapid urbanization have boosted the demand for passenger vehicles as well as commercial vehicles, which, in turn, would trigger the growth of the automotive diagnostic scan tools market in the region. Also, concerns over ecological imbalance caused by vehicle emissions have increased in the past decade in countries such as India, China, Malaysia, and Thailand. Hence, Asia Pacific is expected to show incremental growth in the Automotive Diagnostic Scan Tools market during the forecast period.
Europe is a hub for automotive manufacturers and premium vehicles. However, in recent years, it has witnessed a slump in production and increasing competition from emerging markets in Asia Pacific and the Rest of the World. Stringent emission regulation standards are implemented in the region to reduce the rising emission levels which is increasing the demand for exhaust gas analyzers.
Hence leading the growth of automotive diagnostic scan tools. Recent developments suggest that the UK has regained its pre-crisis production levels. The automotive market in the UK is expected to grow, given the rising demand for vehicles. Production activity in the UK has been boosted through investments made by OEMs such as Jaguar Land Rover, Nissan, BMW, and Honda. Moreover, the rising income of the population drives the demand for vehicles, which is expected to propel the growth of the automotive diagnostic scan tools market in the country.
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North America comprises developed countries such as the US, Mexico and Canada. North America is a regional hub for many renowned OEMs, which are known for delivering quality and high-performance vehicles. The US is estimated to lead the automotive diagnostic scan tools market and is expected to be the fastest-growing market during the forecast period. Strong hold on technology has enabled the US to introduce advanced diagnostic scan tools with sophisticated software.
Increase in the diagnostic software market in North America is also favored by stringent regulations pertaining to safety and fuel efficiency coupled with incorporation of electronics-based driving safety and comfort systems. These factors will drive the market for automotive diagnostic scan tools in North America.
Key Players:
The major market players include Robert Bosch GmbH (Germany), Siemens (Germany), Continental AG (Germany), Denso (Japan), Snap-on (US) among others
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