What Is The Projected Growth For The Automotive Diagnostic Scan Tools Market?
The automotive diagnostic scan tools market has seen significant growth over recent years, growing from $40.51 billion in 2024 to a projected $42.64 billion in 2025, representing a compound annual growth rate (CAGR) of 5.3%. This growth can largely be attributed to factors such as increased vehicle complexity, the implementation of onboard diagnostics (OBD) standards, growing consumer awareness and demand, and regulatory compliance requirements.
Looking forward, the automotive diagnostic scan tools market is expected to continue its strong growth trajectory, reaching $55.93 billion by 2029 with a CAGR of 7.0%. This anticipated growth is due to factors like the increase in electric and hybrid vehicles, the integration of artificial intelligence into diagnostic tools, the prominence of connected cars, an emphasis on predictive maintenance, and the expansion of telematics systems.
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What Are The Key Drivers Of The Automotive Diagnostic Scan Tools Market?
The rise in vehicle production and sales is a crucial driver of the automotive diagnostic scan tools market. As the number of vehicles increases, so does the demand for automotive diagnostics tools. These tools help repair and maintenance companies to diagnose vehicle problems quickly and accurately, increasing efficiency. For example, in May 2023, the European Automobile Manufacturers Association reported that global vehicle production reached 85.4 million units in 2022, a 5.7% increase compared to 2021.
How Is The Automotive Diagnostic Scan Tools Market Segmented?
– By Type: On-Board Diagnostics (OBD), Electric System Analyzers, Other Types
– By Vehicle Type: Passenger Cars, Commercial Vehicles
– By Offering Type: Diagnostic Equipment/Hardware, Diagnostic Software
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Which Are The Major Players In The Automotive Diagnostic Scan Tools Market?
Major companies in the automotive diagnostic scan tools market include Nippon Denso Co. Ltd., Snap-On Inc., DG Technologies Inc., Softing AG, Actia Group SA, Dsa Daten-Und Systemtechnik GmbH, Hickok Inc., and many others.
What Are The Emerging Trends In The Automotive Diagnostic Scan Tools Market?
Technological advancements are among the key trends impacting the automotive diagnostic scan tool market. For example, in October 2023, Matco Tools launched the Maximus Plus, a diagnostic scan tool designed with budget in mind. The tool provides ultra-fast updates and a rugged design, proving to be an invaluable tool for automotive professionals.
Which Region Holds The Largest Share In The Automotive Diagnostic Scan Tools Market?
In 2024, the largest region for the automotive diagnostic scan tools market was Asia-Pacific, and it is also expected to be the fastest-growing region during the forecast period.
How Is The Automotive Diagnostic Scan Tools Market Defined?
Automotive diagnostic scan tools refer to hardware devices or software that read a vehicle’s computer system, analyzing major components like the transmission, engine, airbags, and others.
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