How Is The Global Vehicle Diagnostics Market Defined?
Vehicle diagnostics refers to the process of identifying, analyzing, and troubleshooting issues or problems within a vehicle's systems, components, and subsystems to diagnose and troubleshoot issues in vehicles. This process enables mechanics, technicians, and automotive professionals to accurately diagnose and repair issues related to the engine, transmission, braking system, electrical system, emissions system, and other critical components of a vehicle.
Vehicle Diagnostics Global Market Report 2024 provides data on the global vehicle diagnostics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The vehicle diagnostics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global Vehicle Diagnostics Market Projected?
The vehicle diagnostics market has experienced rapid growth, increasing from $32.95 billion in 2023 to $38.09 billion in 2024, with a CAGR of 15.6%. Historical growth drivers include regulatory compliance, consumer demand for vehicle reliability, cost pressures in maintenance, globalization of automotive manufacturing, increased vehicle ownership, and fleet management. The market is projected to grow to $68.86 billion by 2028, with a CAGR of 16.0%. Future growth will be fueled by vehicle complexity, predictive analytics, subscription-based services, mobility-as-a-service (MaaS), and sustainability initiatives. Key trends include connected diagnostic solutions, predictive maintenance, advanced sensor integration, software-based diagnostics, and the use of augmented reality (AR) in diagnostics.
What Are The Primary Growth Drivers In The Vehicle Diagnostics Market?
The rise in vehicle leasing is expected to stimulate the growth of the vehicle diagnostics market. Vehicle leasing allows individuals or companies to rent vehicles for a specified period, providing access to newer models with fewer maintenance costs. Vehicle diagnostics are crucial in leasing to ensure proper maintenance and monitor the condition of leased vehicles, enabling better fleet management. According to MotorFinanceOnline, one in five new leasing customers in 2022 chose to lease a battery electric vehicle, marking a significant rise in demand for electric vehicles. As such, the increasing trend of vehicle leasing is driving the growth of the vehicle diagnostics market.
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What Is The Segmentation Of The Global Vehicle Diagnostics Market?
The vehicle diagnostics market covered in this report is segmented –
1) By Product Type: OBD2 Scanner, Multi-System Auto Diagnostic Tool, OBDII Scanner Bluetooth Automotive ECU Coding Diagnostic Tool, OBD2 Car Code Reader/scan Tool, OBD2 Adapter Check Engine Diagnostic Tool, Smartphone Diagnostic Tool, Other Products
2) By Vehicle Type: Light-Duty Vehicle, Commercial Vehicle, Heavy Commercial Vehicle
3) By Equipment Type: Exhaust Gas Analyzer, Wheel Alignment Equipment, Headlight Tester, Paint Scan Equipment, Dynamometer
4) By Application: Automatic Crash Notification, Vehicle Tracking, Vehicle Health Alert, Roadside Assistance
What Emerging Trends Are Shaping The Vehicle Diagnostics Market Landscape?
In the vehicle diagnostics market, companies are developing battery diagnostic technology like MDX-AI to gain a competitive advantage. MDX-AI is an advanced tool that uses AI to assess the health and performance of vehicle batteries. For example, in July 2024, Midtronics Inc., a US-based company, launched MDX-AI, a battery diagnostic technology for automotive service equipment. MDX-AI provides instant, accurate assessments of battery health, helping technicians make informed decisions and ensuring the reliability of critical functions in electric vehicles.
Which Region Has The Fastest Expansion In The Vehicle Diagnostics Market?
North America was the largest region in the vehicle diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vehicle diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
