The recent analysis by Markntel Advisors (a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals) on Vehicle Diagnostics Market describes factors using drivers, Challenges, Opportunities, and Trends, that propel the market growth and expansion. Using this report, the readers can better understand various consumer types, purchasing intentions, wants and preferences, viewpoints on the product/service, how they react to a specific product that is currently on the market, and much more with the accurate and current information provided in this research report. The study also provides a thorough analysis of the measures that important stakeholders might take to lessen and avoid different economic repercussions.
Vehicle Diagnostics Market Growth Insights with Opportunities, Trends, Drivers, and Challenges for 2024-2030
According to the most recent analysisThe Global Vehicle Diagnostics Market size is valued at USD 48.21 billion in 2023 and is projected to reach USD 88.22 Billion in 2030. Along with this, the market is estimated to grow at a CAGR of around 10.1% during the forecast period. The stakeholders will gain in-depth knowledge about the market dynamics and competitive landscape from past, present, and future perspectives, enabling them to use this information to guide their use of money and resources. The Vehicle Diagnostics Market offers an overall analysis of the market size and development trends over the next five years (2024-2030) using both quantitative and qualitative methods.
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Market Report Scope:
Base year of the Analysis: 2023
Historic Period: 2019
Forecast Period: 2024-2030
Report Delivery Format: PDF, Excel, and PowerPoint formats, within 24 hours of the payment being successfully received
Global Vehicle Diagnostics Market Driver:
Rising Road Accidents Creating Immense Demand for Diagnostic Features in Vehicles– Fast urbanization and expansion of road networks have been increasing vehicle ownership and traffic density worldwide. With more vehicles on the road, the risk of accidents is also surging in developing countries where infrastructure development is usually not parallel to this growth in traffic. The poorly maintained vehicles and improper services of vehicles further lead to incidences such as brake failures, system crashes, airbags remaining closed, etc. This has resulted in severe road accidents and casualties across the globe. For Instance,
In 2023, according to the World Health Organization (WHO), the number of annual road traffic deaths was about 1.19 million globally.
To mitigate these situations, regular diagnosis is carried out to detect impending failures of the critical components like brakes, tires, and steering systems creating the demand for vehicle diagnosis systems. This proactive approach in the maintenance of vehicles greatly reduces the risks of an accident occurring due to mechanical failure. Furthermore, the integration of telematics and connected vehicle technologies in vehicle diagnostics solutions makes provision for real-time monitoring and diagnostics, which enables fleet operators and individual drivers to receive real-time alerts on impending safety issues. This not only helps in avoiding accidents but also in post-accident analysis by providing data of value in improving vehicle standards of safety and design. Hence, surging road accidents dictate the need for vehicle diagnostics, thereby proliferating the growth of the Global Vehicle Diagnostic Market.
Vehicle Diagnostics Market - Competitive and Segmentation Analysis:
The market is divided into key segments based on various categories. Analyzing the growth within these segments will highlight areas of limited growth in the industry and provide valuable insights and an overview to assist users in making informed strategic decisions for identifying core market opportunities.
By Offering
-Hardware
--Diagnostic Scanners
--Handheld Devices
--Adapters and Connectors
--Others (Battery Testers, Analysers, etc.)
-Software
- the hardware segment holds a considerable market share in the vehicle diagnostics market globally.
By Vehicle Type
-Passenger Vehicles
-Commercial Vehicles
--Light Commercial Vehicles
--Medium & Heavy Commercial Vehicles
By Propulsion
-ICE (Internal Combustion Engine)
-Electric
By Application
-Automatic Crash Notification
-Vehicle Tracking
-Vehicle Health Alert
-Roadside Assistance
-Others (Vehicle Telematics, Emission Testing, etc.)
By End User
-Automotive OEMs
-Service Stations & Workshops
-Fleet Operators
-Government & Regulatory Bodies
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By Region
-North America
-South America
-Europe
-Asia-Pacific
-Middle East & Africa
Europe is anticipated to dominate the market with the largest share during the forecast period.
Who Are the Leaders in the Vehicle Diagnostics Market?
The competitive landscape of the market offers insights into various competitors, including company overviews, financial performance, revenue generation, market potential, and investment in research and development. It also highlights new market initiatives, production sites and facilities, production capacities, as well as the strengths and weaknesses of each company. Additionally, the analysis covers product launches, product range, and application dominance. These data points specifically focus on the companies' strategies and positioning within the market.
Robert Bosch GmbH, Continental AG, Delphi Automotive PLC, Onstar LLC, Snap-On Inc., Magneti Marelli, Softing AG, VOXX International Corporation, Vector Informatic, Vidiwave Ltd., Pioneer Incorporation, Alpine Electronics Inc., Garmin Ltd., Harman International, and Denso Europe B.V, among others
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Why Markntel Advisor Report?
MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.
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