Automotive Diagnostic Scan Tools Market USD 7.24 Bn by 2021

Monday 14 November 2016, Amsterdam

The report, now available on ASDReports, "Automotive Diagnostic Scan Tools Market by Type (Diagnostic Equipment, Diagnostic Software, Repair & diagnostic data), Workshop Equipment, Vehicle Type (PC & CV), Application, & Geography - Global Trends and Forecast to 2021", The global automotive diagnostic scan tools market is projected to grow at a CAGR of 5.9% from 2016 to 2021, to reach a market size of USD 7.24 Billion by 2021.

The major factors behind the growth of the global automotive diagnostic scan tools market are the growing complexity in connected cars, stringent emission norms being introduced by the government and rising security concerns among end-users.

North America: High volume market for automotive diagnostic scan tools market
The demand for technologically advanced cars has also witnessed a boost recently in North American region with the convergence of the ICT sector, the automotive sector, and the transportation sector resulting in the emergence of the connected vehicle ecosystem. Fully touch screen and self-automated diagnostic tools are being adopted in developed countries of North America like the U.S. The emergence of connected technology has given a new factor to OEMs to remain relevant in a reduced demand in the market. Customers’ demand for an improved, accurate, and quick diagnosing tools are driving the automotive diagnostic scan tools market in North America.

Diagnostic Software- To show high growth potential
The automotive diagnostic scan tools market across the globe is dominated by the diagnostic equipment product type, followed by diagnostic software and repair & diagnostic data. In terms of growth rate, the market for diagnostic software is expected to grow at the highest CAGR in the next five years. This can be attributed to the increasing number of new vehicle models launched every year, the type of electronics present in the vehicles, and the increasing number of software updates rolled out every year.

Asia-Pacific: Projected to witness highest CAGR for Automotive Diagnostic Scan Tools Market
Increase in consumer preference for advanced technology automobiles and stringent government norms to focus on emission levels are the major factors for Asia-Pacific to be the fastest growing market for automotive diagnostic scan tools. Additionally, countries like China, India, and Japan are more inclined towards adopting more advanced and easy to use diagnosis equipment and tools, which has also accounted for such huge growth in this market.