Automotive Diagnostic Scan Tools Market will be Worth 52.73 Billion
Diagnostic Scan Tool Market
According to a new market research report published by MarketsandMarkets, "Automotive Diagnostic Scan Tools Market by Workshop Equipment, Vehicle (Passenger & Commercial), Handheld Scan Tools is projected to reach a market size of USD 52.73 billion by 2025, growing at a CAGR (Compound Annual Growth Rate) of 5.02% during the forecast period.
As of now, the global market is estimated to be USD 37.42 billion in 2018 and
Some of the things that the report highlighted which would see an increase in the automotive industry are Scanners, Code Readers, Digital Pressure Testers, Battery Analyzers and other devices such as this.
One of the main reasons for the projected growth of this global market in Automotive Diagnostic Scan Tools is the growing complexity in connected cars, as well as stringent emission norms being introduced by the governments around the world, and the rising demand from increasing automotive workshops globally.
The handheld digital pressure tester segment is estimated to be the largest growing market in the Automotive Diagnostic Scan Tools Market in the world during the forecast period.
The digital pressure tester segment is estimated to witness the largest growth in the Automotive Diagnostic Scan Tools Market because of the rising demand from automotive repair shops in organized as well as unorganized markets. Also, the increasing demand for commercial vehicles is boosting the demand for digital pressure tester in the market globally.
During the period between now and 2025, it is estimated that within this market, the passenger car segment will be the fastest growing segment, by value, for Automotive Diagnostic Scan Tools.
It is believed that this massive global increase is due to the increase in consumer numbers for the passenger car segment. It is also understood that the high demand for premium passenger cars will also contribute to the growth of the passenger car segment in the Automotive Diagnostic Scan Tools Market.
Asia Pacific is estimated to be the fastest growing regional market for Automotive Diagnostic Scan Tools Market. The Asia Pacific region is projected to be the fastest growing market for automotive diagnostic scan tools during the forecast period. The market growth in the region can be attributed to the rapid growth of the automotive sector in countries such as China, Japan, India, Thailand, and South Korea.
Another contribution to the growth of automotive scanning tools is the improved lifestyle of consumers and rapid urbanization in those regions mentioned above. The report outlines that during the growth period there will be mergers, acquisitions, partnerships and collaborations, and product upgradations, adopted by major players in the automotive industry.
Some of these major scanning tool technology companies include Denso (Japan), Bosch (Germany), Delphi (UK), Continental (Germany), Snap-on (US), KPIT (India) and Siemens (Germany).
Author
Justin Kavanagh
Justin Kavanagh is a recognised leader
in automotive intelligence and vehicle
data supply to the entire motor industry.
He has almost 20 years experience in
building systems from the ground up.
As the Managing Director of Vehicle
Management System, he understands the
need and importance of trustworthy and
reliable vehicle history and advice to
both the trade and the public.
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