Diagnostic Tools and Workshop Equipment Market Forecasts to 2028 – Global Analysis By Connectivity (Electronics, Mechanical), Category (Station-Mounted, Hand-Held), Application, and By Geography

Diagnostic Tools and Workshop Equipment Market Forecasts to 2028 – Global Analysis By Connectivity (Electronics, Mechanical), Category (Station-Mounted, Hand-Held), Application, and By Geography

According to Stratistics MRC, the Global Diagnostic Tools and Workshop Equipment Market is accounted for $41470.45 billion in 2021 and is expected to reach $61131.31 billion by 2028 growing at a CAGR of 5.7% during the forecast period. Diagnostic tools and workshop equipment are designed to capture information with the aid of an onboard diagnostic scanning system that can diagnose different vehicle subsystems. It supports identifying errands made in engine, transmission, fuel system, battery, and many other electronic systems of vehicles.

Market Dynamics:

Driver:

Increasing sales of passenger cars

The market for diagnostic tools and workshop equipment is likely to grow with the increase in sales of passenger vehicles. Growing demand for low emission commuting and governments supporting vehicle inspection mandates have compelled the manufacturers to provide diagnostic tools and workshop equipment around the world. Passenger car is the fast-growing segment in the automotive market and is expected to witness significant growth during the forecast period. the passenger cars market is generally influenced by the distribution of wealth within a country or region and serves as a good indicator when it comes to financial stability. The growth of the diagnostic tools and workshop equipment market is driven by rapid urbanization in emerging economies that have led to the increase in demand for personal motor vehicles.

Restraint:

The high initial cost of advanced diagnostic tools

With continuous developments in-vehicle computer technology, workshops need more sophisticated scan tools to keep up, but most workshops cannot afford them all. Diagnostic scan tools have witnessed a decline in their overall price levels. Newer technologies are more expensive than conventional systems. This can reduce the demand for newer and innovative technologies. Diagnostic tools and workshop equipment manufacturers are under constant pressure from OEMs to limit the prices of diagnostic tools and workshop equipment. Many manufacturers are also hesitant to invest in R&D activities due to high costs, particularly in emerging countries, wherein OEMs are still launching new models with basic diagnostic scanning systems.

Opportunity:

Consumer preference for high-end cars

The in-progress trend in developed countries across the globe is inclined more toward purchasing premium segment cars, featuring accurate, improved, and quick diagnosis tools. A significant growth of tangible luxury offerings in vehicles, shifting consumer preferences from sedans to SUVs, and increasing disposable incomes of consumers have been driving the demand for luxury cars worldwide. The demand for OBD solutions continues to be high in personal and commercial vehicles, as there is the adoption of newer technologies in vehicles to make them more efficient and sustainable. Automotive trends such as connected cars and electric vehicles demand advanced diagnostic tools for managing and controlling high-tech vehicle components. The demand for high-end passenger vehicles is expected to grow at a substantial rate in the coming years, with major demand from the Asia Pacific region.

Threat:

Lack of awareness

Lack of awareness to deal with the latest technologies act as a major challenge in the growth of the diagnostic tools and workshop equipment market. The cost of the technology is immensely high, which may not be easily affordable to many consumers. Furthermore, the complexities involved in the functioning of such diagnostic scan tools may limit the growth of the market. Advanced OBD2 scanners are equipped with much more extensive and detailed diagnostic capabilities, clearly designed with serious pro mechanics. Higher quality OBD2 scanners, on the other hand, come equipped with a much greater range of capabilities.

The passenger cars segment is expected to be the largest during the forecast period

The passenger cars segment is estimated to have a lucrative growth owing to the standard of living of consumers having improved in the recent decade due to the rapid globalization and economic growth of emerging countries and the increase in disposable income of consumers. Passenger cars are major contributors to the amount of pollution caused due to vehicular emissions.

The advanced driver assistance systems (ADAS) calibration segment is expected to have the highest CAGR during the forecast period

The advanced driver assistance systems (ADAS) calibration segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the increasing demand for advanced driving-assisted features in all types of vehicles. Also, the few semiautonomous vehicles growing in demand will create advanced features and component requirements, increasing market growth.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to infrastructural developments and industrialization activities in emerging economies opening new avenues, and creating several opportunities for an automotive original equipment manufacturers. The growing automotive production levels in China have driven the demand for diagnostic tools and workshop equipment.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period owing to the increasing number of on-road vehicles, growth in the sales of new vehicles, along with the implementation of innovative, high-performance, and fuel-efficient technologies. Moreover, the increasing demand for connected vehicles in the region is anticipated to create numerous opportunities for both OEMs and workshop equipment providers.

Key players in the market

Some of the key players profiled in the Diagnostic Tools and Workshop Equipment Market include AVL DiTEST GmbH, TEXA S.p.A., Snap-on Incorporated, Robert Bosch Ltd., DENSO CORPORATION, Continental AG, BorgWarner Inc. and ACTIA Group.

Key Developments:

In November 2020, BorgWarner Inc. announced that it has expanded its Delphi Technologies Aftermarket portfolio by introducing a new vehicle diagnostic tool that would enable workshops to cater to new advanced driver-assistance systems (ADAS) technology.

In August 2021, Continental AG introduced an advanced, remote vehicle data solution, Autodiagnos Drive. Through this launch, the company aimed to offer advanced diagnostic information to fleet managers, repair facilities, and service providers for increasing their data-driven services.

Connectivity’s Covered:
• Electronics
• Mechanical

Categories Covered:
• Station-Mounted
• Hand-Held

Vehicle Types Covered:
• Two
• Three
• Four-Wheeler

Sales Channels Covered:
• Independent Aftermarket (IAM)
• Original Equipment Supplier (OES)

Products Covered:
• Measurement Tools
• Headlight Calibration
• Exhaust Emission Testing
• Advanced Driver Assistance Systems (ADAS) Calibration
• Battery Management
• Diagnostic Tools
• AC System Recharging

Applications Covered:
• Testing & Diagnostic
• Measurement & Calibration

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances