Connected Automotive Ecosystem to Boost Adoption of Automotive Remote Diagnostic Services, Says Fact.MR
Published : 19 Mar 2020 Industry: Automotive
The global automotive remote diagnostics market surpassed a valuation of US$7.1 Bn in 2019 and is estimated to create an absolute $ opportunity of more than US$ 25.7 Bn by the end of forecast period. The demand for automotive remote diagnostics is on the rise owing to the need for improved vehicle performance coupled with connected services across myriad vehicle applications. Furthermore, increasing focus of automotive manufacturers towards IoT (Internet of Things) in vehicles has enabled them to offer various features like remotely monitoring the condition of the vehicle which is foreseen to bolster the growth of the automotive remote diagnostics market.
Furthermore, the governments of various countries are setting up regulations for connected car systems which in turn is expected to have an intermediate effect on the demand for the automotive remote diagnostics equipment. For instance, in 2018, the European Union made it mandatory to have an emergency call (eCall) alert system fitted in cars and light commercial vehicle. Fact.MR in its latest report projects that the global automotive remote diagnostics market is projected to grow at an astounding value CAGR of ~17.8% during the forecast period (2019-2028).
Key Takeaways of Automotive Remote Diagnostics Market
- The global vehicle health tracking and diagnosis segment is estimated to create an absolute $ opportunity of more than US$12.2 Bn and is foreseen to contribute a value CAGR of 20.5% during the forecast period (2019-2028)
- East Asia is projected to witness a higher growth rate as compared to the rest of the regions in the markets, with a CAGR of 20.8% between 2019 and 2028.
- Light Commercial Vehicles (LCV) are projected to be valued at US$25.9 Bn and is expected to be value 7.7X more than Heavy Commercial Vehicles (HCV)
- Europe is anticipated to be the market leader in the global automotive diagnostics market by 2028 end with a 33% market share in terms of value
“Growing focus on improving vehicle safety and performance coupled with effective integration of technology is foreseen to open new growth avenues for automotive remote diagnostic market” says the Fact.MR analyst
Industry Players Focusing on Regional Expansion
The report reveals some of the prominent key players, including Robert Bosch GmbH, Continental AG, Luxoft, ACTIA Group, Tech Mahindra Limited, Softing AG, HARMAN International, Infineon Technologies AG, Vector Informatik GmbH, OnStar, Transics, Verizon Communications, Eaton and IBM Corporation, among others. Prominent manufacturers are focusing on expansion to strengthen their global presence. For instance,
- In February 2019, ACTIA Group invested US$ 12.6 Mn in its Colomiers (France) facility for the deployment of industry 4.0 plant
- In 2018, ACTIA Group inaugurated its new facility in the United States that will help the company to meet their customer expectations and reach them effectively
Find More Valuable Insights on Automotive Remote Diagnostics Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global automotive remote diagnostics market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2028. The study divulges compelling insights on the automotive remote diagnostics market based on product type (diagnostics equipment, software), application (vehicle system & component access), and vehicle type (passenger cars (compact, mid-sized, luxury, SUV’s), light commercial vehicles, heavy commercial vehicles) across seven major regions.
>>> To Get more insights on automotive remote diagnostics market, visit-https://www.factmr.com/report/4629/automotive-remote-diagnostics-market
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automotive team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.