About this market
Development of self-healing cars to gain traction in the market. Vehicle manufactures are working to develop diagnostic systems that detects and automatically carries out certain plausible repair functions to ensure mobility till the vehicle reaches the nearest workshop. Such a system enhances the reliability of a vehicle and builds brand image. ’ s analysts have predicted that the automotive diagnostic scan tools market will register a CAGR of over 5% by 2023.
Market Overview
Rising number of vehicle workshops
Vehicle manufacturers are ramping up their service network by opening new dealership centers and workshops for meeting growing demand for passenger cars and commercial vehicles. A strong aftersales network enhances customer satisfaction and contributes to higher sales. Customers feel assured about their vehicles getting adequate care from the proximity of an aftersales vehicle workshop. Therefore. a greater number of vehicle workshops will drive demand for automotive diagnostic scan tools during the forecast period.
Frequent need for updating automotive diagnostic scan tools
Most cars today are equipped with advanced electronic systems that feature new lines of codes and updated software. which require timely updates of diagnostic scan tools to detect issues in vehicle systems. The frequency of technological obsolescence is high in the automotive diagnostic scan tools market as vehicle manufacturers constantly upgrade vehicle systems to improve safety and performance. Hence. effective safety measures have to be taken by manufacturers to ensure the integrity of vehicle control systems.
For the detailed list of factors that will drive and challenge the growth of the automotive diagnostic scan tools market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Bosch and CarMD.com the competitive environment is quite intense. Factors such as the development of self-healing cars and the rising number of vehicle workshops, will provide considerable growth opportunities to automotive diagnostic scan tools manufactures. Bosch, CarMD.com, Continental, Delphi Technologies, and DENSO are some of the major companies covered in this report.