Demand for LCVs is set to Create Robust Opportunities for Automotive Remote Diagnostics
The increasing production of light commercial vehicles globally is expected to drive the automotive remote diagnostics market. The emergence of remote vehicle diagnostics equipment in the LCV segment is helping achieve reduced downtime during maintenance and service. This is expected to fuel the demand for automotive remote diagnostics. Furthermore, rapid urbanization has created new retail and e-commerce platforms which require efficient logistics thus creating demand for commercial vehicles. This is therefore anticipated to create significant opportunities for players in the automotive remote diagnostics market.
The market share of the light commercial vehicles segment is estimated to witness robust growth as compared to other vehicle categories and is foreseen to maintain its lead in the market throughout the forecast period. The light commercial vehicles segment is estimated to create an absolute $ opportunity worth US$ 21.2 Bn during the end of the forecast period (2019-2028). However, the heavy commercial vehicles segment is estimated to grow around 3.5X times as compared to its market value of 2019.
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Vehicle Health Tracking & Diagnosis Segment to Grow at a Significant Growth Rate of More than 20% during the Forecast Period
The latest innovations in automotive remote diagnostics is paving the way for improved vehicle performance along with improved driver safety as it allows to monitor real-time data through a wireless network. Furthermore, the rapid adoption of IoT in automobiles has enabled adoption of various advanced features such as vehicle health monitoring, alerts on due repair and maintenance, assessment of engine data, battery status, etc. Thus, various automobile manufacturers are installing vehicle health tracking systems to provide ideal vehicle experience to the users. Owing to the above mentioned facts, the global vehicle health tracking and diagnosis segment is estimated to create an absolute $ opportunity of more than US$ 12.2 Bn during the forecast period (2019-2028).
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North America and Europe to Remain in the Lead
North America and Europe are pegged to be the prominent markets for automotive remote diagnostics owing to the emergence of connected vehicle ecosystem coupled with the effective integration of technology and workflow in these regions. Over the past few years, European automotive sector has witnessed above average growth due to the significant adoption of remote diagnostics by the prominent automakers, especially for the premium and luxury vehicles segment. In addition, high volume sales of LCVs and luxury segment in North America is estimated to create robust demand for automotive remote diagnostics in the global market. Collectively, North America and Europe are estimated to account for over 62% of the overall incremental opportunity by the end of the forecast period.
Industry Players Focusing on Expansion for Business Opportunities
The prominent players in the automotive remote diagnostic market are focusing on product expansion as their key strategy to enhance their market presence and also to gain a competitive edge over the other market players on a global scale. For instance,
- In March 2019, ACTIA Group took a technological turn by investing in open source operating system for automotive with The Linux Foundation. This, in turn, will help the company to expand its offerings.
- In 2018, Transics expanded its offerings by introducing its latest driver app TX-FLEX which will enable the driver to schedule follow-ups via smartphones
- In 2017, Bosch hosted the inauguration ceremony of its Technical Center Expansion in Plymouth. Expansion of this technical center will enable the growth of several mobility technologies and automotive aftermarket parts and components
Global Automotive Remote Diagnostics Market - Scope of the Report
Fact.MR recently published a market study on the global market for automotive remote diagnostics. The study provides a detailed assessment on the key market dynamics, including drivers, trends, opportunities, restraints, and detailed information about the automotive remote diagnostics market structure. The market study presents exclusive information about how the automotive remote diagnostics market will grow during the forecast period of 2019-2028.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact. MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the automotive remote diagnostics market in the forecast period.
The study is relevant for stakeholders in the automotive remote diagnostics market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the automotive remote diagnostics market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the automotive remote diagnostics market. It also offers actionable insights based on future trends in the automotive remote diagnostics market. Furthermore, small businesses and new entrants in the automotive remote diagnostics market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of the Automotive Remote Diagnostics Market
Fact.MR’s study on the automotive remote diagnostics market offers information divided into four key segments— product, application, vehicle and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
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Key Questions Answered in Fact.MR’s Automotive Remote Diagnostics Market Report
- Which regions will continue to remain the most profitable regional markets for automotive remote diagnostics market players?
- Which factors will induce a change in the demand for automotive remote diagnostics during the assessment period?
- How will changing trends impact the automotive remote diagnostics market?
- How can market players capture the low-hanging opportunities in the automotive remote diagnostics market in developed regions?
- Which companies are leading the automotive remote diagnostics market?
- What are the winning strategies of stakeholders in the automotive remote diagnostics market to upscale their position in this landscape?
Automotive Remote Diagnostics Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the automotive remote diagnostics market, and reach conclusions on future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts during the preparation of the automotive remote diagnostics market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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Automotive Remote Diagnostics Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2019 to 2028