The Automotive Diagnostic Scan Tools Market is estimated to be USD 38.9 billion in 2019 and is projected to reach USD 57.4 billion by 2027, at a CAGR of 5.0% from 2019 to 2027.
Growing demand for onboard diagnostic tools
The demand for OBD testing has increased in recent years, owing to the self-diagnostic capability of OBD equipment. OBDs provide complete control over the engine. In addition to detecting vehicle faults, OBD tools also offer emission control by providing early warnings about potential component failure. The troubleshooting properties of OBD-II allow users or technicians to detect vehicle faults. With the help of OBD tools, the user can read the status of the engine and diagnose the problem himself, rather than going to the auto shop to detect the problem.
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Consumers tend to prefer application-based wireless devices such as smartphones. Testing tool developers have developed various applications to work with OBD-II systems. For instance, Actron (US), a company that provides repair and diagnostic equipment, has released an application called Torque Pro for mobile devices that is likely to allow users to perform vehicle diagnostics using their mobile phones. This application works wirelessly by connecting to the OBD-II serial port using Bluetooth technology. Torque Pro is also used to monitor the performance of the vehicle. Such developments in the OBD tool are attributed to the rising demand for diagnostic tools by the consumers for maintaining their vehicles. Thus, the rising demand for OBD tools may provide a fruitful opportunity for the Automotive Diagnostic Scan Tools Market.
Maintaining a balance between high cost & performance of smart diagnostic scan tools
The dilemma faced by the players operating in the Automotive Diagnostic Scan Tools Market, is between technological innovation and cost reduction. Technologies such as OBD-II come with an additional price tag as compared to the conventional OBD-I system. A technology takes time to become popular for its manufacturers to experience economies of scale. In the emerging economies, entry-level passenger cars are in demand, and automotive manufacturers need to provide their product at competitive prices. In this case, offering costly OBD tools can be a hindrance. There is always a trade-off between the incurring cost on product innovation and the cost reduction by manufacturing conventional products. The challenge, therefore, is to come up with such diagnostic scan tool equipment that are efficient and economical at the same time.
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Key Players:
The automotive diagnostic scan tools market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Denso (Japan), Bosch (Germany), Delphi (UK), Continental (Germany), and Snap-on (US).
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