Report ID: 10347029 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
Global Diagnostics Tools and Workshop Equipment Market Analysis 2019-2028
Automotive diagnostic tools and workshop equipment are designed to capture information with the aid of an on-board diagnostic (OBD) scanning system that can diagnose different vehicle subsystems and identify faults in them. The global diagnostics tools and workshop equipment market is projected to grow with a CAGR of 3.7% over the forecast period, i.e., 2020-2028. Factors such as the growing popularity of electric vehicles, along with the numerous opportunities generated by the rising number of product launches w.r.t vehicle diagnostic equipment and professional automotive diagnostic software, and the emergence of next-generation vehicles, are anticipated to contribute to the market growth during the forecast period. Additionally, factors such as increasing motorization rate in several nations worldwide, coupled with the stringent government norms for curbing vehicular emission, which is raising the need amongst vehicle owners to frequently diagnose their vehicles and the automotive manufacturers to adapt advanced automotive technologies, are anticipated to drive the market growth in the coming years.
The global diagnostics tools and workshop equipment market consists of numerous segments, which include segmentation by category, product, application, vehicle type, sales channel, end-user, and by region. Based on category, the market is further bifurcated into hand-held and station-mounted, out of which, the hand-held segment is projected to grow with the highest CAGR of close to 4% during the forecast period. Code readers, professional OBD scanners, tire pressure gauges, multi-meters, circuit testers, and others, are some of the types of hand-held tools.
Based on regional analysis, the market is segmented into North America, Latin America, Europe, Asia, South East Asia and the Middle East & Africa. Among these regions, the market in Europe is projected to cross USD 12,000 million by the end of 2028. Increasing motorization rate in countries such as Luxembourg, Italy, Poland, Estonia, Slovenia, and Germany among others, is anticipated to drive the market growth in the region.
Some of the prominent players in the global diagnostics tools and workshop equipment market are BorgWarner Inc., Robert Bosch Ltd., AVL DiTEST GmbH, TEXA S.p.A., ACTIA Group, Snap-on Incorporated, Continental AG, and DENSO CORPORATION.
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Report ID: 10347029 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
