REMOTE VEHICLE DIAGNOSTICS MARKET ANALYSIS

Remote Vehicle Diagnostics MarketSize and Trends

Emergence of autonomous vehicles is supporting growth of the market

The key factor responsible for the growth of the global remote vehicle diagnostics market is advent of autonomous vehicle. Remote vehicle diagnostics solution can be utilized to provide detailed status of a vehicle including vehicle tracking, summary, and analysis of a trip. It provides hardware configuration, which includes event configuration and parameters for echo cancellation. Remote vehicle diagnostics solutions are essential part of automotive industry especially for electric vehicles due to better vehicle performance and real time driving emission testing. In electric vehicles this solution is responsible for monitoring working status of the vehicle, control, and providing overall status of the vehicle, which includes status of battery and remote vehicle operations such as door locking and HVAC, by sending updates via email or SMS to the owner.  Therefore, such features are expected to boost the growth of global remote vehicle diagnostics market by 2015. For instance, according to IHS Markit, an automotive database provider, the global autonomous vehicles sales is expected to cross over 600,000 units in 2025 increasing at a CAGR of 43% between 2025 and 2035.

Market players are focused on development and manufacturing of autonomous vehicles. According to HIS Markit, autonomous vehicle sale in China is expected to reach around 5.7 million by 2035 and in the U.S. around 4.5 million vehicles. Considering these statistics, the automotive industry especially electric vehicles market is expected to grow at a significant rate, which in turn is expected to propel the growth of global remote vehicle diagnostics market during forecast period.