According to a new study of Future Market Insights (FMI),
the automotive
remote diagnostics market is projected to record a
CAGR of nearly 18.9% through 2028. Growth of the automotive
remote diagnostics market will continue to remain bolstered
by a plethora of factors, which range from increasing focus
of automakers on reducing maintenance cost & downtime
and growing integration of IoT, to the emergence of
connected car eco-systems in
vehicles.
Automotive remote diagnostics
market are slated to top US$ 11.6 Bn in 2022.
Expanding at an impressive 18.9% CAGR, the
market size is projected to total US$ 32.9
Bn by 2028.
Automotive remote diagnostic
solutions have gained pervasive popularity among automakers
and vehicle owners alike, in light of the value-added
advantages of the technology. Reduced maintenance and
service downtime, along with the identification of the
bottlenecks beforehand, and enabler of on-point, efficient
solutions, are some of the key benefits of the automotive
remote diagnostics that are driving their
demand.
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Additionally,
attributes of the automotive remote diagnostics, beneficial
for vehicle owners, in terms of identifying potential
downturns, defects, and shortcomings of the vehicle in
advance, and reducing the total time and cost spent during
maintenance, are further expected to drive growth of the
automotive remote diagnostics market.
The upward trend
of vehicle electrification has had a massive and direct
influence on growth of the automotive remote diagnostics.
Additionally, recent rise in the connected-car ecosystem,
along with the proliferation if IoT and connected devices in
the automotive industry, will continue to favor growth of
the automotive remote diagnostics market in the foreseeable
future.
Automotive Remote Diagnostics
Equipment to Account for Leading Market
Shares
While equipment and software both form
integral parts of an automotive remote diagnostics, the
study finds that equipment will continue to account for
leading shares of the market, owing to associated periodical
replacement and maintenance activities. On the other hand,
software are installed in the equipment as first fit, and
are renewed on the basis of subscriptions. This further
alludes high-growth potential of software solutions in the
automotive remote diagnostics market.
Automotive
remote diagnostics market will continue to witness robust
gains from the light commercial vehicles, compared to other
vehicle categories. As the logistics and transportation
sector gains increased traction, vis-à-vis growth of the
ecommerce and warehousing industry, light commercial
vehicles are expected to record relatively greater sales
compared to their past statistics. This will create
significant opportunities for players in the automotive
remote diagnostics market.
Automotive remote
diagnostics are expected to witness high demand in vehicle
system & component access, and health tracking &
diagnosis applications. These application requirements are
comparatively higher in commercial vehicles, and with the
rise in construction and infrastructure development
activities, demand for the commercial vehicles, and in turn
the automotive remote diagnostics will also rev up in the
near future.
Europe to Remain Most Attractive
Market for Automotive Remote Diagnostics
The
study finds that Europe will continue to be the most
lucrative market for automotive remote diagnostics, trailed
by North America. The economic vigor and robust
infrastructure development activities in the region allude
at significant sales of commercial vehicles, along with
passenger cars, which in turn continue to drive demand for
advanced solutions such as the automotive remote
diagnostics. According to the study, East Asia will also
remain an attractive market for automotive remote
diagnostics, with sales projected to grow at a CAGR of over
20% through 2028.
The automotive remote diagnostics
market continues to remain consolidated, with leading
players accounting for bulk shares of the market.
Additionally, the complexity and extensive R&D
investments required to provide a total solution continue to
present significant entry barriers to new market entrants,
which further underpins the supremacy of leading players in
the automotive remote diagnostics
market.
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AUTOMOTIVE
REMOTE DIAGNOSTIC MARKET TAXONOMY
The
global automotive remote diagnostics market is segmented in
detail to cover every aspect of the market and present a
complete market intelligence approach in front of the
reader.
By Product
Type
By
Vehicle Type
- Passenger
Cars - Compact
- Mid-Sized
- Luxury
- SUVS
- Light
Commercial Vehicles (LCVs) - Heavy Commercial Vehicles
(HCVs)
By
Application
- Vehicle System &
Component Access - Vehicle Health Tracking &
Diagnosis - Service Assistance
By
Region
- North America
- Latin
America - Europe
- East Asia
- South
Asia - Oceania
- Middle East &
Africa
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Key
players operating in the automotive remote diagnostics
market include Robert Bosch GmbH, Tech
Mahindra Limited, Continental AG, OnStar LLC, Vector
Informatik GmbH, Transics, Verizon, ACTIA Group, Softing AG,
Magneti Marelli S.p.A., IBM, and Harman International, among
others.
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About Future Market Insights
(FMI)
Future Market
Insights (ESOMAR certified market research organization
and a member of Greater New York Chamber of Commerce)
provides in-depth insights into governing factors elevating
the demand in the market. It discloses opportunities that
will favor the market growth in various segments on the
basis of Source, Application, Sales Channel and End Use over
the next
10-years.
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Market Insights Inc.
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Website: https://www.futuremarketinsights.com
Report: https://www.futuremarketinsights.com/reports/automotive-remote-diagnostic-market
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Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, UAE, and has its global delivery center in India. In addition to these, FMI also carries out business development and client engagement through its US and UK offices.
