LONDON, March 23, 2020 /PRNewswire/ -- Market and Volume Forecasts by Offering Type (Diagnostic Equipment/Hardware and Diagnostic Software), by Handheld Scan Tools (Scanners, Code Reader, Digital Pressure Tester, TPMS Tools, Battery Analyzer and Others), by Workshop Equipment Type (Exhaust Gas Analyzer, Paint Scan Equipment, Wheel Alignment Equipment, Dynamometer, Headlight Tester and Others), by Vehicle Type (Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles), by Propulsion (ICE Vehicle and Electric Vehicle (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV) and Fuel Cell Electric Vehicle (FCEV)) with Regional and National Market Analysis and Financial Analysis of Leading Companies
The global market for automotive diagnostic scan tools is projected to grow with a CAGR of 5.1% during the forecast period from 2020-2030 and is estimated to reach $68.9 billion by 2030. The major drivers of growth for this market are rising vehicle production and consumptions especially electric vehicles, technology advancement along with investment in R&D, and rising number of automotive workshops.
Asia Pacific region is expected to be the largest market for automotive diagnostic scan tools due to presence of major developing countries including China, India, and South Korea, leadership in vehicle production and consumption, and adoption of technological advancement by OEMs.
Passenger cars segment is anticipated to be the largest market by vehicle type in automotive diagnostic scan tools market. The increasing demand of passenger cars globally and stringent government regulations which mandate safety and emission reductions are the prime factors contributing in the demand of diagnostic scan tools in passenger cars segment.
Leading companies featured in the Automotive Diagnostic Scan Tools Market Report 2020-2030 Visiongain report include Continental, Bosch, Denso Corporation, Delphi, Hickok, Horiba, SGS, Siemens, Snap-On, and Softing among others. Mergers & acquisitions, expansion, and joint ventures constitute some of the industry players' common strategies for reducing product price overall and maintaining extremely competitive conditions. In order to guarantee continued raw material supplies and ease of installation services, many players in the sector create alliances with raw material providers.
The comprehensive report provides market estimates and forecasts for leading domestic markets across the world for the period from 2019 to 2030. In addition, the report includes dedicated leading companies covering 10 leading automotive diagnostic scan tools industry producers.
The report on the Automotive Diagnostic Scan Tools Market Report 2020-2030 will appreciate anyone who wants to better understand the market in various segment verticals. It will be useful for companies that want to better understand the part of the market in which they are already involved or those that want to enter or expand into another regional or technical part of the automotive diagnostic scan tools industry.
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