Global Automotive Remote Diagnostics Market to Create an Absolute $ Opportunity of US$ 25.7 Bn by 2028

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.

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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).

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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

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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.

Product
• Diagnostics Equipment
• Software

Application
• Vehicle System & Component Access
• Vehicle Health Tracking & Diagnosis
• Service Assistance

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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.

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This release was published on openPR.