According to the report by Expert Market Research (EMR), the global vehicle diagnostics market size reached a value of USD 31.7 billion in 2022. Aided by the growing demand for optimised fuel efficiency and the rising need for vehicular safety and security, the market is projected to further grow at a CAGR of 15% between 2023 and 2028 to reach a value of USD 73.32 billion by 2028.
Vehicle diagnostics refers to the comprehensive assessment of various parts of a vehicle to ensure its optimal operation. It entails scanning and identifying potential issues and providing appropriate solutions to prevent accidents or severe damage to the vehicle. Vehicle diagnostics have proven to be instrumental in the early detection of malfunctions, enhancing fuel efficiency, and reducing the likelihood of costly repairs. They play a vital role in vehicle maintenance, ensuring safety, efficiency, and longevity of automobiles.
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The increasing consumer awareness regarding vehicle maintenance and the significance of regular diagnostics checks is propelling the global vehicle diagnostics market growth. With the escalating understanding of the advantages of these services, such as improved fuel efficiency, enhanced vehicular safety, and timely detection of potential issues, there has been a significant rise in the demand for diagnostic services. Additionally, the surge in vehicle production and sales worldwide, alongside the growing trend of vehicle electrification, has further amplified the necessity for vehicle diagnostics.
The expanding applications of vehicle diagnostics in the automotive industry also contribute to the vehicle diagnostics market expansion. In the manufacturing sector, these services are used to monitor the quality and performance of vehicles before they reach consumers. Repair shops employ diagnostics to identify issues and conduct necessary repairs efficiently. Moreover, with advancements in technology, there has been a significant rise in the adoption of remote diagnostics, enhancing the convenience and speed of these services.
Furthermore, the integration of advanced technologies like Artificial Intelligence (AI) and the Internet of Things (IoT) in vehicle diagnostics has revolutionised the vehicle diagnostics market. These technologies provide real-time updates, predictive maintenance alerts, and advanced analytics, making diagnostics more effective and accurate.
Moreover, the rising focus on minimising carbon emissions has resulted in heightened demand for diagnostic services. Vehicle diagnostics aid in optimising fuel consumption and reducing exhaust emissions, aligning with the global push towards environmentally friendly practices, thus propelling the vehicle diagnostics market demand.
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Vehicle Diagnostics Market Segmentation
The market can be divided based on engine, connectivity, application, and region.
Market Breakup by Engine
- IC Engines
- Light Commercial Vehicle
- Medium and Heavy Commercial Vehicle
Market Breakup by Connectivity
- 4G LTE
Market Breakup by Application
- Vehicle Tracking
- Automatic Crash Notification
- Vehicle Health Alert
- Roadside Assistance
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global vehicle diagnostics companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Borgwarner Inc.
- KPIT Technologies Limited
- Robert Bosch GmbH
- Continental AG
- Snap-on Incorporated
- Softing Automotive Electronics GmbH
- Vector Informatik GmbH
- Vidiwave Ltd
- ACTIA Group
- Denso Corporation
- General Technologies Corp
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