Automotive Diagnostic Scan Tools Market to Hit USD 45.02 Billion by 2027; Merger and Acquisition by Denso Corporation and SPX Corporation to Strengthen Their Market Position, states Fortune Business Insights™
Key companies covered in the automotive diagnostic scan tools market are ACTIA Group (Toulouse, France), Snap-on Incorporated (Wisconsin, U.S.), Softing AG (Haar, Germany), Robert Bosch GmbH (Gerlingen, Germany), Delphi Technologies (London, U.K.), Denso Corporation (Aichi, Japan), SPX Corporation (North Carolina, U.S.), Continental AG (Hanover, Germany), SGS SA (Geneva, Switzerland), Horiba, Ltd. (Kyoto, Japan), and more players profiled
/EIN News/ -- Pune, Oct. 13, 2020 (GLOBE NEWSWIRE) -- The global automotive diagnostic scan tools industry report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market that would affect its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
The global automotive diagnostic scan tools market size is expected to gain momentum by exhibiting a CAGR of 5.1% between 2020 and 2027. This is attributable to the increasing demand for passenger vehicles and the growing technological advancement in the automotive industry across the globe. Fortune Business Insights, published this information, in its report, titled, “Automotive Diagnostic Scan Tools Market Size, Share & Industry Analysis, By Product Type (On-Board Diagnostics (OBD), Electric System Analyzer, Others), By Vehicle Type (Passenger Car, Commercial Vehicles), and Regional Forecast, 2020-2027.” The report mentions that the market was worth USD 38.72 billion in 2019 and is expected to reach USD 45.02 billion by 2027.
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List of the Companies Operating the Global Automotive Diagnostic Scan Tools Market are:
- ACTIA Group (Toulouse, France)
- Snap-on Incorporated (Wisconsin, U.S.)
- Softing AG (Haar, Germany)
- Robert Bosch GmbH (Gerlingen, Germany)
- Delphi Technologies (London, U.K.)
- Denso Corporation (Aichi, Japan)
- SPX Corporation (North Carolina, U.S.)
- Continental AG (Hanover, Germany)
- SGS SA (Geneva, Switzerland)
- Horiba, Ltd. (Kyoto, Japan)
Disruption in Manufacturing Operations Amid COVID-19 to Restrain Growth
COVID-19 has resulted in unprecedented economic loss across several industrial sectors. The automotive industry has been one of the most hit owing to the total shutdown of the manufacturing process across the globe. In addition to this, the shutdown has led to a complete halt of essential services such as car sales and repair services. The drying up investments in this sector is further impacting the growth of the market. However, collective efforts from the government and the private companies to revive the sector will ensure that the manufacturing operations resume once again whilst taking the necessary precautions.
Automotive diagnostic scan tools are electronic tools that are beneficial to diagnose and reprogram several vehicle control modules. They are a vital part of automotive as they efficiently determine if the vehicle has issues with its exhaust, ignition coils, engine, transmission, throttle, and oil tank, among others. An on-board diagnostics (OBD) code reader is usually adopted to troubleshoot several systems and features of the vehicle that include suspension, airbag, anti-lock braking system, and other components.
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DRIVING FACTORS
Increasing Demand for Passenger Vehicles to Bolster Growth
Rapid Industrialization and the rising consumer disposable income are driving the demand for automotive across the globe. In recent times, there has been an increasing need for personal mobility that is expected to contribute to the increasing sales of passenger vehicles in the forthcoming years. According to the International Organization of Motor Vehicle Manufacturers (OICA), around 459115 passenger vehicles were sold in 2019. The increasing demand for passenger vehicles drives the demand for efficient automotive diagnostic scan tools to prevent malfunctions in the vehicle system. This is expected to bode well for the growth of the global automotive diagnostic scan tools market during the forecast period.
SEGMENTATION
OBD Segment to Experience Considerable Growth Owing to High Adoption in Europe and the U.S.
The segment on-board diagnostics (OBD), based on the product type, is expected to showcase significant growth owing to the mandatory implementation of OBD-II ports to facilitate the adoption of efficient automotive diagnostic scan tools for automotive in the U.S. and Europe.
REGIONAL INSIGHTS
Growing Number of Automotive Workshops in Asia-Pacific to Aid Growth
Among all the regions, Asia-Pacific was worth USD 18.95 in 2019 and is expected to hold the highest global market share for automotive diagnostic scan tools in the forthcoming years. This is attributable to the increasing number of workshops and service stations owing to the high production of vehicles in countries such as India and China. The market in Europe is expected to showcase a significant growth owing to the stringent regulations on vehicular emission and early adoption of telematics technology in automotive between 2020 and 2027.
COMPETITIVE LANDSCAPE:
Merger and Acquisition by Major Companies to Strengthen Their Market Position
The global automotive diagnostic scan tools market comprises of several small, medium, and large companies striving to consolidate their positions in the global marketplace. The adoption of strategies such as merger and acquisition to strengthen automotive diagnostic scan tools portfolio by the companies is expected to favor market growth during the forecast period. Additionally, strategies such as partnership, collaboration, and the introduction of a new product by key players will contribute to the market growth during the foreseeable future.
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Key Industry Development:
January 2020: Drew Technologies, Inc., a division company of Opus IVS, announced the acquisition of AutoEnginuity, LLC, a leading aftermarket automotive diagnostic scan tools software provider. The acquisition is worth USD 20 million and is expected to strengthen Opus IVS position by providing efficient diagnostic technology and support services in the market.
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