Sunday, July 6, 2014

Automotive Diagnostic Scan Tools Market Worth $3.8 Billion by 2018

In recent times, Europe was the largest market for automotive diagnostic scan tools due to its large vehicle fleet equipped with complex electrical/electronic systems and the number of new vehicle models launched annually. This has increased the development of more advanced diagnostic scan tools which can diagnose faults in more than 40,000 vehicle models. Slowly, the gap between the European and U.S. markets has reduced in the last few years due to the increasing vehicle registrations, stringent emission norms, increased fuel efficiency standards, and advanced technologies equipped in the vehicles. All these factors call for the increased growth in the diagnostic scan tools market in the U.S. By 2018, it is estimated that U.S. would be very much near the European market in terms of value. The market in Europe is expected to grow at a CAGR of 5.23% over the period from 2013 to 2018, whereas U.S. would grow at a CAGR of 5.75%.
Diagnostic Software - To show high growth potential
The automotive diagnostic scan tools market in U.S. and Europe is dominated by the diagnostic equipment product type, followed by diagnostic software and repair & diagnostic data. In terms of growth rate, the market for diagnostic software is expected to show high CAGR of 8.51% in the next five years. This can be attributed to the increasing number of new vehicle models launched every year, the type of electronics present in the vehicles, and the increasing number of software updates rolled out every year.
The report covers the independent aftermarket for the automotive diagnostic scan tools in terms of value ($million) across regions such as U.S. and Europe. The report also highlights few qualitative trends identifying the future prospects in the Asia-Pacific and Rest of the World (ROW) markets. It explains the qualitative aspects of automotive diagnostic scan tools with respect to technology and advancements over the course of time. Apart from geographic segments, the U.S. and European markets are also segmented by product type (Diagnostic Equipment, Diagnostic Software, and Repair & Diagnostic Data).
This report also shows an overview of the technological aspects of the OBD II in automotive diagnostics. It also covers the value chain, Porter’s five forces analysis, competitive landscape, and company profiles for major players in the market for automotive diagnostic scan tools.
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