Pune, India, Aug. 24, 2021 (GLOBE NEWSWIRE) — According to the report by Fortune Business Insights, the global Automotive Diagnostic Scan Tools market size to reach USD 45.02 billion at CAGR of 5.1% by 2027. Automotive Diagnostic Scan Tools Market Will Reach Remarkable Heights Owing to Advent of Technologically Advanced Automobile Technology Worldwide. An electric scan tool for reprogramming, and diagnosing the control modules of a vehicle is known as an automotive diagnostic scan tool or scanner. They can view data readings through various sensors and be plugged into reading and clear codes, OBD-II or OBD-I socket. The increasing number of strict regulations on vehicular emission has propelled the demand for automotive diagnostic scan tools. These tools make it easier to identify any damage in the vehicle due to the presence of advanced electronic systems installed in it. The increasing demand to abide by the stringent regulations imposed on vehicular emissions is increasing the automotive diagnostic scan tools market size.
The global pandemic, COVID-19, has led to severe repercussion owing to its widespread effects across several economies. Several industries are facing unprecedented losses owing to the lockdown announced by several governments across the globe that has resulted in the complete shutdown of the businesses. The crippling economy, however, is being revived through collective efforts from the government as well as the industries and is expected to bounce back in the coming years.
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Technological Advancement IN Electronic Systems of Vehicles to Drive Market
Earlier, detecting the problem in an automobile was a time-consuming and lengthy procedure. It required expert advice from a mechanical professional, accompanied by several tools for analyzation of the vehicle. With the advancement in technology and electronic systems, it is now possible to diagnose vehicles within a short period. The time-saving and quick detection factors of the latest automotive detectors have propelled the automotive diagnostic scan tools market growth. Besides this, the efficiency of these devices to analyze complex codes while diagnosing the vehicle is expected to help attract high automotive diagnostic scan tools market revenue in the forecast duration. Analysts at Fortune Business Insights™ say, “strict rules imposed on vehicular emission by governments may propel the demand for vehicle diagnostic devices and thus help to increase the overall automotive diagnostic scan tools market size in the long run.”
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However, the expensive rate of the equipment used for automotive diagnosis may be a major threat to the market. This, accompanied by the data security concerns, may cause hindrance to the overall automotive diagnostic scan tools market growth.
Nevertheless, the benefits provided by insurance companies and fleet operators are likely to create lucrative automotive diagnostic scan tools market growth opportunities in the future. This, coupled with the increasing demand for comfort and luxury in vehicles and immediate vehicular assistance, will help the market gain traction in the forecast period.
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List of the Companies Operating in the Market:
- General Technologies Corp
- Denso Corp
- Hickok Inc.
- Dg Technologies
- SPX Corp.
- AVL List GmbH
- Actia Group SA
- Etas GmbH
- Snap-On Inc.
- Bosch Automotive Service Solutions, Inc.
- Softing AG
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Global Automotive Diagnostic Scan Tools Market Segmentation:
By Product Type:
- On-Board Diagnostics (OBD)
- Electric System Analyzers
By Vehicle Type:
- Passenger Car
- Commercial Vehicles
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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