The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s Vehicle Diagnostics Global Market Report 2024 offers crucial insights into the vehicle diagnostics market help businesses analyse and build stronger strategies.

The vehicle diagnostics market has seen impressive growth over the past few years and is poised for continued expansion. This blog explores the key factors driving this growth, market projections, notable trends, and significant developments in the industry.

Market Size and Growth Projections

Impressive Market Expansion

• 2023 to 2024 Growth: The market is projected to grow from $32.95 billion in 2023 to $38.09 billion in 2024, marking a CAGR of 15.6%.
• Future Projections: By 2028, the market is expected to reach $68.86 billion, with a CAGR of 16.0%.

Contributing Factors

• Regulatory compliance pressures.
• Increasing consumer demand for vehicle reliability.
• Cost pressures on vehicle maintenance.
• Globalization of automotive manufacturing.
• Rise in vehicle ownership and fleet management.

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https://www.thebusinessresearchcompany.com/report/vehicle-diagnostics-global-market-report

Rise in Vehicle Leasing Fuels Market Demand

Vehicle Leasing Trends

• Definition: Vehicle leasing is a contractual arrangement where a company or individual rents a vehicle for a specified period.
• Growth Drivers: Leasing provides access to newer vehicles, reduced maintenance costs, flexibility, and tax benefits.
• Impact on Diagnostics: Essential for maintaining leased vehicles, enabling lessors to monitor vehicle health, detect issues, and optimize fleet management.

Example

• Surge in Electric Vehicle (EV) Leasing: In the first half of 2022, 20% of new leasing clients in the UK were looking to lease battery electric vehicles (BEVs), marking a 1575% increase in BEV demand.

Major Players in the Market

Leading Companies

• Key players include DENSO Corporation, Continental AG, BorgWarner Inc., and Snap-on Incorporated.
• These companies drive innovation and technological advancements in vehicle diagnostics.

Advanced Technology Transforming the Market

Innovative Diagnostic Tools

• MDX-AI: A cutting-edge battery diagnostic tool developed by Midtronics Inc.
  • Features: Uses artificial intelligence to assess battery health and performance quickly and accurately.
  • Benefits: Eliminates ‘Charge and Retest’ decisions, provides instant battery health assessments, and supports critical functions in electric vehicles.

Example

• Midtronics Inc. Launch: In July 2024, the company introduced MDX-AI, enhancing accuracy and speed in battery diagnostics for automotive service equipment.

Strategic Acquisitions and Collaborations

Enhancing Capabilities

• KPIT Technologies and Somit Solutions: In May 2022, KPIT Technologies acquired Somit Solutions to strengthen its after-sales platform with cloud-based vehicle diagnostics expertise.
  • Impact: Provides a comprehensive solution for strategic clients and maximizes after-sales service efficiencies in the automotive and mobility industries.

Market Segmentation

Diverse Product Types and Applications

• Product Types: OBD2 scanners, multi-system auto diagnostic tools, OBDII scanner Bluetooth automotive ECU coding diagnostic tools, smartphone diagnostic tools, and more.
• Vehicle Types: Light-duty vehicles, commercial vehicles, and heavy commercial vehicles.
• Equipment Types: Exhaust gas analyzers, wheel alignment equipment, headlight testers, paint scan equipment, dynamometers.
• Applications: Automatic crash notification, vehicle tracking, vehicle health alerts, roadside assistance.

Regional Insights

Dominance of North America and Rapid Growth in Asia-Pacific

• North America: The largest region in the vehicle diagnostics market in 2023.
• Asia-Pacific: Expected to be the fastest-growing region during the forecast period, driven by rapid urbanization and increasing vehicle ownership.

Conclusion
The vehicle diagnostics market is on a robust growth trajectory, driven by technological advancements, rising consumer demand for reliable vehicles, and strategic industry collaborations. Innovations like AI-powered diagnostic tools and increased vehicle leasing further bolster this market’s expansion. As the automotive industry continues to evolve, the vehicle diagnostics market is set to play a crucial role in ensuring vehicle health, safety, and efficiency, providing significant opportunities for industry stakeholders and enhancing the overall driving experience.

Top of Form

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The Vehicle Diagnostics Global Market Report 2024  provides a comprehensive outlook of the vehicle diagnostics market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The vehicle diagnostics market forecast offers a thorough analysis on vehicle diagnostics market size, vehicle diagnostics market share, prominent players and their strategies.

The Table Of Content For The Vehicle Diagnostics Market Include:
1. Vehicle Diagnostics Market Executive Summary
2. Vehicle Diagnostics Market Segments
3. Vehicle Diagnostics Market Size And Vehicle Diagnostics Market Growth Rate
4. Key Vehicle Diagnostics Market Trends
5. Major Vehicle Diagnostics Market Drivers
……
25. Key Mergers And Acquisitions In The Vehicle Diagnostics Market
26. Top Vehicle Diagnostics Companies
27. Vehicle Diagnostics Market Opportunities And Strategies
28. Vehicle Diagnostics Market, Conclusions And Recommendations
29. Appendix

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