Diagnostic Scan Tools Market To Surpass US$ 561.65 Bn By 2030 - Coherent Market Insights

The Global Diagnostic Scan Tools Market is estimated to account for US$ 32.71 Bn in terms of value by the end of 2022. An automotive scan tool used to interface with, diagnose and, sometimes, reprogram vehicle control modules. These tools help upgrade and reprogram vehicles control modules. On the basis of technology, these products include, handheld mobile device/pc/laptop based scan tools, data loggers, emission testing, vehicle telematics, and supplementary vehicle instrumentation.

Global Diagnostic Scan Tools Market: Drivers

The automotive diagnostic scan tools market is expanding due to a growth in the number of car workshops and an upsurge in vehicle production and sales. Adoption is expanding as a result of the increasing complexity of modern vehicle construction, increased passenger car sales, and severe regulatory rules governing emissions. Automotive software OEMs like as Continental AG, Delphi Technologies and other develop, manufacture diagnostic scan tools that are used in any vehicle electric, hybrid vehicles.

Further, increasing usage of electric, connected, and hybrid cars, the number of electronic sensors and software in vehicles is growing, as the automotive manufactures are focusing on offering  technologically advance hardware, software is likely to boost the market growth.

Global Diagnostic Scan Tools Market: Restraints

Lack of skilled professional

Lack of Skilled Workforce There is an impending shortage of skilled professionals available for the automotive industry. The limited availability of high-skilled workers and automotive engineers is adversely affecting the growth of the global automotive diagnostic tool market. In addition, the lack of training programs for automotive professionals and the limited availability of scholarships results in fewer admissions to the undergraduate and postgraduate automotive engineering programs than required. As per the US Bureau of Labor Statistics, only 620,110 automotive service technicians and mechanics were in the US in 2020 Persistent shortage of semiconductor across the globe

Global Diagnostic Scan Tools Market- Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 epidemic has had a significant influence on several industries throughout the world, including the automotive industry. Regular lockdown measures have shut down industrial activities, which has hampered the production of new cars, especially in developing markets like China. The disruption of many vehicle manufacturers' supply chains has had a significant impact on market expansion. The production of automotive diagnostic tools has also decreased in comparison to prior years due to a lack of raw materials caused by a labor shortage, supply chain issues, and tax increases, all of which have a negative impact on the market growth for automotive diagnostic tools. In addition, many automotive manufacturers have seen a decline in revenue.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/diagnostic-scan-tools-market-1185

Key Takeaways:

The global Diagnostic Scan Tools Market was valued at US$ 32.71 Bn in 2022 and is forecast to reach a value of US$ 561.65 Bn by 2030 at a CAGR of 7.0% between 2023 and 2030.

Passenger cars segment held dominant position in the global Diagnostic Scan Tools Market in 2022, accounting for 33.4% share in terms of value, increasing demand and production is expected to propel growth of the segment during the forecast period.

Global Diagnostic Scan Tools Market: Competitive Landscape   

Actia SA, AVL List GmbH, Continental AG, Delphi Automotive PLC, Denso Corporation, Hickok Incorporated, Kpit Technologies, Robert Bosch GmbH, Snap on Incorporated, and Softing AG

Global Diagnostic Scan Tools Market: Recent Developments

• In November 2021, SPX Corporation is a supplier of highly engineered products and technologies acquired Cincinnati Fan from Dominus Capital manufacturer of industrial fans and air moving solutions. This highly strategic acquisition expands HVAC cooling platform into an attractive engineered air movement market.
• In December 2021, Softing AG, Germany-based software and systems company launched a new version of the Softing TDX repair shop tester kit. The new version makes it possible to define mandatory updates for programs and content, handle VCI configurations more conveniently. In January 2022, Robert Bosch Gmbh signed a memorandum of understanding with Volkswagen Group to establish a battery equipment manufacturing unit in Europe.