DIAGNOSTIC SCAN TOOLS MARKET ANALYSIS

Diagnostic Scan Tools MarketSize and Trends

The global Diagnostic Scan Tools Market size was valued at US$ 32.71 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 7.0% from 2023 to 2030. Automotive industry has witnessed momentous transformations in the past couple of years. Moreover, the automotive repair and maintenance industry has also seen significant advancements. Automotive diagnostic tool is an essential resource for any automotive repair and maintenance shop. A proper automotive diagnostic tool market could help in saving a lot of time while diagnosing any complex part of the vehicle. Various automotive diagnostic tool manufacturers are trying different approaches to integrate innovative technologies along with the cost reduction.

Global Diagnostic Scan Tools Market Trends:

Growing technological advancement

The trend towards wireless and cloud-based solutions May diagnostic scan tool have ability to connect wirelessly to a vehicles onboard computer allowing faster and more convenient diagnostic. Additionally many diagnostic scan tools now offer cloud-based diagnostic services that allows technicians to access and analyze data from multiple vehicle and locations

Global Diagnostic Scan Tools Market Opportunities:

Growing trend towards vehicle tracking management

Growing trend towards vehicle tracking in fleet management In Japan, the vehicle tracking application is anticipated to showcase a substantial growth rate during forecast period as vehicle owners in the japan are transitioning toward leveraging automotive diagnostic scan tools market. In addition, Stringent government regulations related to passenger and vehicle safety are driving the market demand for integrated vehicle tracking in new vehicles. Additionally, old vehicles are being retrofitted with vehicle tracking systems in service stations owing to increasing customer requests, further fostering the revenues of vehicle tracking is expected to create more opportunities in the market.

Global Diagnostic Scan Tools Market Drivers:

Rising demand and sale of passenger cars

The market for diagnostic scan tools is expected to grow with the increase in sales of passenger vehicles. Passenger vehicle sales have surged, with growth in all three top auto markets: China, the US, and Europe. Factors such as growing demand for low emission commuting and governments supporting vehicle inspection mandates have compelled the manufacturers to provide automotive diagnostic scan tools around the world. Passenger car is the fast-growing segment in the automotive market and is expected to witness significant growth during the forecast period. According to Coherent Market Insights, in India, sports utility vehicle (SUV) sales in 2022 were 1.47 million units, and SUV market share went from 38.2 percent to 41.7 percent in 2022. Hence, the increasing sales of passenger vehicles such as sedans, hatchbacks, sports utility vehicles, and others are driving the growth of the global commercial fleet tire market.  This has led to a growing demand for automotive diagnostic tools in the market. The Passenger Cars market is generally influenced by the distribution of wealth within a country or region and serves as a good indicator when it comes to financial stability. The growth of automotive diagnostic scan tools market is driven by rapid urbanization in emerging economies that have led to the increase in demand for personal motor vehicles.

The global Diagnostic Scan Tools Market report is segmented into deployment, tool, organization size, and end user.

Based on type includes hardware and software. Diagnostics hardware includes tester, code reader, analyser, scanner and others. Diagnostics software includes vehicle system testing software, Based on the product type, diagnostic equipment (hardware) segment was dominant in the global diagnostic scan tools market share in 2021, and is expected to continue its dominance over the forecast period. This aids in fault detection reliance on the analog and digital components to enable functionality of such devices. However, software segment is expected to witness highest growth over the forecast period, as software analyzes the complex codes to perform diagnosis of powertrain, chassis, and the body. Additionally, introduction of compact tools to reduce space footprint and incorporation of wireless communications is expected to significantly contribute to growth of the market.