Automotive Remote Diagnostics Market is Estimated to Grow at a CAGR of 18.9% in Terms of Value During the Forecast Period

Pune, India, September 2019, MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Automotive Remote Diagnostics Market.

Overview

The Global Automotive Remote Diagnostics Market is expected to gain an unprecedented value of USD 32823.3 Million by 2032 with a CAGR of 18.9% during the forecast period (2023–2032).

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The report covers segmentation and the market dynamics for a better glimpse of the market in the coming years. The automotive remote diagnostics is a solution to monitor the health of a vehicle, figure the root cause of the issues, and enable the customer to access information about the vehicle. It is used in passenger and commercial vehicles to gain information regarding the health of the vehicle. The diagnostic data is available with the dealer and is further shared with the occupant through the same dashboard. The service from the automotive service repair dealers are easily shared on a real-time basis and the workshops can assist remotely, around the globe. The information of vehicle issues is shared through wire or wireless platforms.

Regional Analysis

On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America is anticipated to lead the automotive remote diagnostics market during the forecast period, followed by Europe. North America is expected to witness remarkable growth in the automotive remote diagnostics market, owing to increase adoption and implementation of connected services across vehicle applications. The stringent regulations in the region governed by the Commercial Vehicle Safety Alliance (CVSA) are expected to play a significant role in the demand for automotive remote diagnostics. Moreover, the domestic presence of leading vehicle manufacturers in the region is expected to further increase the developments in automotive remote diagnostics technologies during the forecast period.

The Global Automotive Remote Diagnostics Market is expected to reach USD 39,273.7 million at a CAGR of over 15% by the end of the forecast period.

Segmental Analysis

The global automotive remote diagnostics market is segmented based on product type, connectivity, vehicle type, application.

On the basis of product type, the global automotive remote diagnostics market is segmented as diagnostic equipment and software. The diagnostic equipment segment is expected to dominate the market, owing to the growing requirement of equipment in automotive remote diagnostics.

In terms of value the diagnostic equipment segment accounted for the larger market share of 83.8% in 2018, with a market value of USD 12,721.1 million; it is expected to register a CAGR of 15.15% during the forecast period. The software segment was valued at USD 2,465.2 million; it is projected to register the higher CAGR of 11.99%.

On the basis of connectivity, the global automotive remote diagnostics market is segmented into Bluetooth, 4G LTE, Wi-Fi, and 3G. In 2018, the Bluetooth segment held the largest market share of 42.7% in 2018, with a market value of USD 6,479.8 million. This value is projected to reach USD 15,390.0 Million by 2025. This segment is expected to grow with the fastest CAGR of 13.22% during the forecast period.

On the basis of vehicle type, the global automotive remote diagnostics market is segmented as passenger car and commercial vehicles. In 2018, the passenger car segment held the larger market share of 58.0% in 2018, with a market value of USD 8,807.6 million. This value can rise to USD 23,063.4 Million by 2025. This segment is expected to grow with the fastest CAGR of 14.85% during the forecast period.

Competitive Analysis

Some of the prominent players operating in the global automotive remote diagnostics market report are Continental AG (Germany), Delphi Technologies (UK), Onstar LLC (US), Tech Mahindra Limited (India), Magneti Marelli S.p.A. (Italy), Snap-on Incorporated (US), Softing AG (Germany), Vidiwave Ltd (UK), Vector Informatik GmbH (Germany), Otonomo (Israel), and DSA Daten- und Systemtechnik GmbH (Germany), and Robert Bosch GmbH (Germany).

Continental AG focuses on enhancing experience for users by innovating its products to increase its brand recognition. It aims to expand its product portfolio by investing in research and development, acquisitions, and joint ventures. In 2018, the company invested USD 3.8 billion in research and development activities, which had increased by 8% from the previous year. The company plans to penetrate the markets across developing countries such as China and India.  The company aims to enhance its production capability across connected mobility solutions and automotive remote diagnostics and other services in the coming years.

Delphi Technologies strategizes to expand in the global market. The company targets to expand its global presence and enhance its clientele. Furthermore, it focuses on strengthening the growth of its aftermarket solutions segment in countries, such as China, India, and the US. Furthermore, the company invests in the partnership program for the distribution of aftermarket products and enhance its supply chain process. It focuses on the lean and flexible cost structures to enhance earnings and cash flow in the coming years.