The global automotive remote diagnostics market surpassed a valuation of US$7.1 Bn in 2019 and is estimated to create an absolute $ opportunity of more than US$ 25.7 Bn by the end of forecast period. The demand for automotive remote diagnostics is on the rise owing to the need for improved vehicle performance coupled with connected services across myriad vehicle applications. Furthermore, increasing focus of automotive manufacturers towards IoT (Internet of Things) in vehicles has enabled them to offer various features like remotely monitoring the condition of the vehicle which is foreseen to bolster the growth of the automotive remote diagnostics market.
Furthermore, the governments of various countries are setting up regulations for connected car systems which in turn is expected to have an intermediate effect on the demand for the automotive remote diagnostics equipment. For instance, in 2018, the European Union made it mandatory to have an emergency call (eCall) alert system fitted in cars and light commercial vehicle. Fact.MR in its latest report projects that the global automotive remote diagnostics market is projected to grow at an astounding value CAGR of ~17.8% during the forecast period (2019-2028).
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Key Takeaways of Automotive Remote Diagnostics Market
- The global vehicle health tracking and diagnosis segment is estimated to create an absolute $ opportunity of more than US$12.2 Bn and is foreseen to contribute a value CAGR of 20.5% during the forecast period (2019-2028)
- East Asia is projected to witness a higher growth rate as compared to the rest of the regions in the markets, with a CAGR of 20.8% between 2019 and 2028.
- Light Commercial Vehicles (LCV) are projected to be valued at US$25.9 Bn and is expected to be value 7.7X more than Heavy Commercial Vehicles (HCV)
- Europe is anticipated to be the market leader in the global automotive diagnostics market by 2028 end with a 33% market share in terms of value
“Growing focus on improving vehicle safety and performance coupled with effective integration of technology is foreseen to open new growth avenues for automotive remote diagnostic market” says the Fact.MR analyst
Vehicle Health Tracking & Diagnosis Segment to Grow at a Significant Growth Rate of More than 20% during the Forecast Period
The latest innovations in automotive remote diagnostics is paving the way for improved vehicle performance along with improved driver safety as it allows to monitor real-time data through a wireless network.
Furthermore, the rapid adoption of IoT in automobiles has enabled adoption of various advanced features such as vehicle health monitoring, alerts on due repair and maintenance, assessment of engine data, battery status, etc.
Thus, various automobile manufacturers are installing vehicle health tracking systems to provide ideal vehicle experience to the users.
Owing to the above mentioned facts, the global vehicle health tracking and diagnosis segment is estimated to create an absolute $ opportunity of more than US$ 12.2 Bn during the forecast period (2019-2028).
North America and Europe to Remain in the Lead
North America and Europe are pegged to be the prominent markets for automotive remote diagnostics owing to the emergence of connected vehicle ecosystem coupled with the effective integration of technology and workflow in these regions.
Over the past few years, European automotive sector has witnessed above average growth due to the significant adoption of remote diagnostics by the prominent automakers, especially for the premium and luxury vehicles segment.
In addition, high volume sales of LCVs and luxury segment in North America is estimated to create robust demand for automotive remote diagnostics in the global market.
Collectively, North America and Europe are estimated to account for over 62% of the overall incremental opportunity by the end of the forecast period.
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Industry Players Focusing on Expansion for Business Opportunities
The prominent players in the automotive remote diagnostic market are focusing on product expansion as their key strategy to enhance their market presence and also to gain a competitive edge over the other market players on a global scale. For instance,
- In March 2019, ACTIA Group took a technological turn by investing in open source operating system for automotive with The Linux Foundation. This, in turn, will help the company to expand its offerings.
- In 2018, Transics expanded its offerings by introducing its latest driver app TX-FLEX which will enable the driver to schedule follow-ups via smartphones
- In 2017, Bosch hosted the inauguration ceremony of its Technical Center Expansion in Plymouth. Expansion of this technical center will enable the growth of several mobility technologies and automotive aftermarket parts and components
Key Segments of the Automotive Remote Diagnostics Market
Fact.MR’s study on the automotive remote diagnostics market offers information divided into four key segments— product, application, vehicle and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
· By Product :
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- Diagnostics Equipment
- Software
· By Application :
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- Vehicle System & Component Access
- Vehicle Health Tracking & Diagnosis
- Service Assistance
· By Vehicle :
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- Passenger Cars
- Compact
- Mid-Sized
- Luxury
- SUV’s
- Light Commercial Vehicles
- Heavy Commercial Vehicles
· By Region :
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- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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