Automotive Diagnostics Market To Reach USD 55.6 Billion By 2026| Reports And Data
NEW YORK, April 15, 2019 (GLOBE NEWSWIRE) -- The global automotive diagnostics market is expected to reach USD 55.6 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with the increasing applications of cloud diagnostics, neural networks and artificial intelligence, governments initiatives, due to increasing environmental concerns, intense competition in the car manufacturing market, need for reduced recalls and warranty repairs by highlighting specific issues, offering oems a direct line of communication with the customer and rise in the use of electronics in vehicles due to digitalization and connected mobility across the automotive industry
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Automotive diagnostics refers to a vehicle's reporting and self-diagnostic capability, which gives access to the vehicle owner or repair technician regarding the status of the various vehicle subsystems.
In the future, automotive diagnostics will be benefitted from AI, to produce real-time models of vehicles in order to develop preventative maintenance routines. This may be a useful tool for developers of MaaS enterprises and fleet managers, since they aim to reduce the downtime and repair costs and streamline their services. It will also be beneficial as autonomous vehicles and driverless vehicles begin to penetrate the market, since they must have integrated safety systems which ensure perfect operation.
Cloud-based systems will play a key role in the development of these systems, as data is transmitted and analysed in real-time in the cloud.
Further key findings from the report suggest
The passenger vehicle type is going to have the highest growth in the coming years, and commercial vehicles will continue dominating the market for the next few years, due to the heavy competition among the car manufacturers. The technology allows passenger and commercial vehicle driving safer and efficient for everyone.
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The growth of the exhaust gas analyzer segment can be due to the increasing implementation of stringent emission regulations and policies in several countries. Exhaust gas analysis from combustion engines help in evaluating the engine performance and diagnose problems in vehicles, which can measure the level of Carbon Monoxide (CO), Oxygen (O2), Nitrogen Oxide (NO), Carbon Dioxide (CO2), Nitrogen Dioxide (NO2), and Hydrocarbons (HC’s) in the engine.
The growth of electric vehicles is expected to witness the highest growth during the forecast period, due to the adoption of the technology by many vehicle manufacturers.
The automotive diagnostic scan tool is the dominant segment of the market; which is expected to maintain the largest share during the forecast period.
Vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communications, a wireless technology, to witness the highest CAGR of 4.4%. These are based on a Wi-Fi derivative 5.9 GHz dedicated short-range communications, particularly defined for fast-moving objects.
North America dominates the market, and is forecasted to grow at a CAGR of 4.8% in the coming years. This is due to the fact that, North America is the hub for a number of manufacturers of the technology and aim for better infrastructure, has no budget constraints due to the region’s high income, favorable government policies and regulations for an effective transportation system.
Asia Pacific region is expected to have the highest growth for the market by 2026. The rise in the manufacturing of automobiles and automotive workshops in organized and unorganized markets are driving the market growth in this region.
Key participants include Snap-On Inc., Denso Corp., SPX Corp., Dg Technologies, Avl List GmbH, Actia Group SA, Softing AG, General Technologies Corp, Etas GmbH, Hickok Inc., Dsa Daten- Und Systemtechnik GmbH, Delphi Automotive PLC, Bosch Automotive Service Solutions Inc., Robert Bosch GmbH, Continental AG, Hickok Incorporated, Actia SA, Kpit Technologies, and Snap on Incorporated., among others.