MarkNtel Advisors recently published a detailed industry analysis of the Vehicle Diagnostics Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Insights and Analysis of the Vehicle Diagnostics Market (2024-2030)
The Global Vehicle Diagnostics Market size is valued at USD 48.21 billion in 2023 and is projected to reach USD 88.22 Billion in 2030. Along with this, the market is estimated to grow at a CAGR of around 10.1% during the forecast period.
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What is driving the Vehicle Diagnostics Market?
Rising Road Accidents Creating Immense Demand for Diagnostic Features in Vehicles– Fast urbanization and expansion of road networks have been increasing vehicle ownership and traffic density worldwide. With more vehicles on the road, the risk of accidents is also surging in developing countries where infrastructure development is usually not parallel to this growth in traffic. The poorly maintained vehicles and improper services of vehicles further lead to incidences such as brake failures, system crashes, airbags remaining closed, etc. This has resulted in severe road accidents and casualties across the globe. For Instance,
- In 2023, according to the World Health Organization (WHO), the number of annual road traffic deaths was about 1.19 million globally.
To mitigate these situations, regular diagnosis is carried out to detect impending failures of the critical components like brakes, tires, and steering systems creating the demand for vehicle diagnosis systems. This proactive approach in the maintenance of vehicles greatly reduces the risks of an accident occurring due to mechanical failure. Furthermore, the integration of telematics and connected vehicle technologies in vehicle diagnostics solutions makes provision for real-time monitoring and diagnostics, which enables fleet operators and individual drivers to receive real-time alerts on impending safety issues. This not only helps in avoiding accidents but also in post-accident analysis by providing data of value in improving vehicle standards of safety and design. Hence, surging road accidents dictate the need for vehicle diagnostics, thereby proliferating the growth of the Global Vehicle Diagnostic Market.
What segments define the Vehicle Diagnostics market from 2024 to 2030? How do these segments contribute to market dynamics and growth?
By Offering
(Hardware, (Diagnostic Scanners, Handheld Devices, Adapters and Connectors, Others (Battery Testers, Analysers, etc.)), Software)),
By Vehicle Type
(Passenger Vehicles, Commercial Vehicles, (Light Commercial Vehicles, Medium Heavy Commercial Vehicles)),
By Propulsion
(ICE (Internal Combustion Engine), Electric),
By Application
(Automatic Crash Notification, Vehicle Tracking, Vehicle Health Alert, Roadside Assistance, Others (Vehicle Telematics, Emission Testing, etc.)),
By End User
(Automotive OEMs, Service Stations Workshops, Fleet Operators, Government Regulatory Bodies)
By Region
(North America, South America, Europe, Asia-Pacific, Middle East, and Africa)
Explore the Complete Vehicle Diagnostics Market Analysis Report – https://www.marknteladvisors.com/research-library/vehicle-diagnostics-market.html
Who are the leading key players shaping the Vehicle Diagnostics Market landscape?
Robert Bosch GmbH, Continental AG, Delphi Automotive PLC, Onstar LLC, Snap-On Inc., Magneti Marelli, Softing AG, VOXX International Corporation, Vector Informatic, Vidiwave Ltd., Pioneer Incorporation, Alpine Electronics Inc., Garmin Ltd., Harman International, and Denso Europe B.V, among others
Questions Addressed in this Study
1.What factors are driving the Vehicle Diagnostics Market growth?
2.How is the Vehicle Diagnostics Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Vehicle Diagnostics Market?
4.What is the current size of the Vehicle Diagnostics Market, and how is it projected to change in the future?
6.What is the future outlook for the Vehicle Diagnostics Market in terms of technological advancements and market expansion?
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