The Automotive Diagnostic Scan Tools Market, in terms of value, is projected to grow at a CAGR of 5.02% from 2018 to 2025. The market was valued at USD 35.37 billion in 2017. In this study, 2017 has been considered the base year and 2018 to 2025 the forecast period for estimating the market size of the market. The market is projected to reach USD 52.73 billion by 2025. The market report analyzes and forecasts the market size, in terms of volume (thousand units) and value (USD million), for the diagnostic scan tools market.
Opportunities
Growing demand for onboard diagnostic tools
The demand for OBD testing has increased in recent years, owing to the self-diagnostic capability of OBD equipment. OBDs provide complete control over the engine. In addition to detecting vehicle faults, OBD tools also offer emission control by providing early warnings about potential component failure. The troubleshooting properties of OBD-II allow users or technicians to detect vehicle faults. With the help of OBD tools, the user can read the status of the engine and diagnose the problem himself, rather than going to the auto shop to detect the problem.
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Challenges
Maintaining a balance between high cost & performance of smart diagnostic scan tools
The dilemma faced by the automotive industry is between technological innovation and cost reduction. Technologies such as OBD-II come with an additional price tag as compared to the conventional OBD-I system. Technology takes time to become popular for its manufacturers to experience economies of scale. In the emerging economies, entry-level passenger cars are in demand, and automotive manufacturers need to provide their product at competitive prices. In this case, offering costly OBD tools can be a hindrance.
Critical Questions:
How will the trend of automotive diagnostic scan tools impact the overall EV market in the long term?
How will the implementation of emission norms and increasing adoption of EVs impact the market?
What are the upcoming trends in the automotive diagnostic scan tools market? What impact would they make in the coming years?
What are the key strategies adopted by the leading players in this market?
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