Automotive Diagnostic Scan Tools Market 2022 Key Trends, Growth Opportunities & Forecasts To 2030
The automotive diagnostic scan tools market is slated to expand tremendously by 2030 owing to increasing consumer preference for high-end cars. In addition, an increase in emission norms to reduce carbon footprint, coupled with rising adoption of electric vehicles, is also likely to foster market growth in the forthcoming years.
During the COVID-19 pandemic, the market witnessed a decline in demand around the world. However, in the post-pandemic scenario, prevalent need for vehicle repair and maintenance on a regular basis has aided market development. Additionally, government and public companies have been promoting smart mobility solutions to green models that have zero carbon emissions, which has bolstered consumer interest, thereby fostering product outlook.
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Moreover, key players in the automotive diagnostic scan tools market have been focusing on product innovation and efficient growth strategies, which has favorably impacted the competitive landscape of the industry. In March 2022, for instance, Softing AG, a global industrial communications provider, introduced its high-voltage test adaptors, a solution for safe testing of HV components in electric and hybrid vehicles. The product is user-friendly and data-driven as all the queries are to be fed to the system for rapid diagnosis.
In another instance, in April 2022, Snap-on Incorporated, a global manufacturer of automotive tools and systems, upgraded its Snap-on diagnostic platforms software to offer improved platform capabilities. This innovation has better features and coverage that allow the user to take advantage of cutting-edge diagnostic solutions such as fast-track diagnostics, live battery voltage reading, smart data graph view, and so forth.
The automotive diagnostic scan tools market has been bifurcated based on tool type, offering, vehicle type, application, and region.
In terms of application, the market has been further divided into emission control, vehicle tracking, automotive crash notification, vehicle health alert and roadside assistance, and repair & maintenance. The automotive crash notification segment is expected to exhibit steady growth at around 5.9% CAGR through the forecast period since it offers necessary assistance to drivers in calling for help in the event of an accident. Additionally, vehicle health alert & roadside assistance captured nearly 20.2% market share in 2021 due to mounting demand for passenger safety and convenience.
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In the regional frame of reference, the Latin America automotive diagnostic scan tools industry is speculated to expand at over 6.6% CAGR through the study period as a result of the rising fleet parc age in LATAM countries. Meanwhile, the automotive diagnostic scan tools market in the Middle East & Africa region accounted for above 5.69% of the overall industry revenue in 2021 owing to increased purchase of luxury vehicles with complex electronic circuitry across MEA.
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