Bluetooth Segment is Estimated to Lead the Vehicle Diagnostics Market

September 3, 2018 | Author: | Posted in Automotive

The report “Vehicle Diagnostic Market by Vehicle Type, Application (Automatic Crash Notification, Vehicle Tracking, Vehicle Health Alert & Roadside Assistance), Connectivity (3G, 4G LTE, Wi-Fi, Bluetooth), Region, & Aftermarket (Vehicle Type & Region) – Forecast to 2021″, The vehicle diagnostics market is projected to reach a market size of USD 30.22 Billion by 2021, growing at a CAGR of 16.79% from 2016 to 2021. Stringent emission norms, the rising demand for increased safety and security in vehicles, and the growing inclination towards premium vehicles will likely propel the growth of the remote vehicle diagnostics market.

Browse 81 market data tables and 53 figures spread through 144 pages and in-depth TOC on “Vehicle Diagnostics Market by Vehicle Type, Application (Automatic Crash Notification, Vehicle Tracking, Vehicle Health Alert & Roadside Assistance), Connectivity (3G, 4G LTE, Wi-Fi, Bluetooth), Region, & Aftermarket (Vehicle Type & Region) – Forecast to 2021”

“Bluetooth to lead the remote vehicle diagnostics market, by connectivity, in terms of value”

Bluetooth technology is expected to constitute the largest segment of the remote vehicle diagnostics market, by connectivity (value). Market growth can be attributed to the advantages offered by Bluetooth connectivity, such as enabling devices and smartphones to be connected to the vehicle. The key application of Bluetooth connectivity technology in remote vehicle diagnostics is connecting the vehicle to the internet via the cellular phone to transfer and receive data from the server. 3G connectivity technology is estimated to be the second largest segment of the remote vehicle diagnostics market.

“Roadside assistance: Fastest growing segment of the remote vehicle diagnostics market, by application”

Roadside assistance is an essential application of remote vehicle diagnostics, as it provides emergency assistance services in case of a vehicle breakdown. If the vehicle breaks down, the remote vehicle diagnostics solution automatically diagnoses the cause of the vehicle failure and sends analyzed data to the server, along with the vehicle’s real-time location, for required roadside assistance. North America is estimated to lead the roadside assistance application market, in terms of volume, followed by Europe and Asia-Oceania, owing to the increasing demand for safety and security features in these regions.

The global vehicle diagnostics market is projected to grow at a CAGR of 16.79% from 2016 to 2021, to reach a market size of USD 30.22 Billion by 2021. Stringent emission norms, the rising demand for safety and security in vehicles, and the growing inclination towards premium vehicles are expected to propel the growth of the vehicle diagnostics market.

The vehicle diagnostics market, by application, is dominated by the roadside assistance segment, which is estimated to be the largest market, in terms of volume, during the forecast period. The high demand for roadside assistance as a standard feature in vehicles is attributed to the advantages it offers, including  assistance at the time of a vehicle breakdown, emergency support, and sending a mechanic in case of critical failure. The market for such applications is witnessing substantial growth, with regulatory bodies planning to mandate some of the applications.

Bluetooth technology is estimated to hold the largest share in the vehicle diagnostics market, by connectivity. This trend is expected to continue during the forecast period. Bluetooth technology is primarily used to enable in-car connectivity between a vehicle’s dashboard and electronic gadgets such as smartphones, laptops, and tablets. Given the increasing demand from end-users to incorporate smartphone features such as navigation, diagnostics, and infotainment inside the vehicle, Bluetooth technology has become an essential feature in vehicles.

The research methodology used in the report involves several primary and secondary sources. Secondary sources include industry association publications, technical handbooks, directories, World Economic Outlook, technical articles, trade websites, and paid databases such as Factiva and Bloomberg. Experts from OEMs, Tier I, II, and III companies, related industries, and suppliers of vehicle diagnostics solutions have been interviewed to understand the future trends in the vehicle diagnostics market. The bottom-up approach has been used to estimate the market size, in terms of volume. Vehicle models with vehicle diagnostics solutions have been identified at a country level to derive the vehicle diagnostics market. The value derived has then been summed up to acquire the total value of the vehicle diagnostics market at a country level. The summation of the country-wise market size, in terms of value, has provided the regional market size, and further summation of the regional level market size has resulted in the global vehicle diagnostics market size.

“Asia-Oceania: Fastest growing market for remote vehicle diagnostics”

The Asia-Oceania remote vehicle diagnostics market is projected to grow at the highest CAGR during the forecast period. The market is expected to grow at a high rate in countries such as India, China, Japan, and South Korea.This region has the highest vehicle production in the world, due to its sizable population and increasing disposable income. The growing population, increasing per capita income, and improving standard of living have contributed to the growth of the automotive industry in Asia-Oceania. The increasing per capita income has resulted in increasing sales of high-end vehicles among consumers. As a result, Asia-Oceania will likely be the fastest growing market for remote vehicle diagnostics. China is the key automotive market in this region, as it produces the highest number of passenger cars in the world.

The report analyzes major players in the remote vehicle diagnostics industry, including Robert Bosch GmbH (Germany), Continental AG (Germany), OnStar LLC (U.S.), Magneti Marelli S.p.A (Italy), Delphi Automotive PLC (U.K.), Softing AG (Germany), Voxx International Corporation (U.S.), Snap-On Inc. (U.S.), and Vector Informatik GmbH (Germany).

North America to be Largest Market for Vehicle Diagnostic

The North American region is estimated to be the largest market for vehicle diagnostics during the forecast period. This can be attributed to the high adoption rate of innovations and advanced technology in the region. Additionally, the demand for premium cars with advanced safety and security features is high in this region. North America has some of the most stringent regulations for vehicle safety, emissions, and fuel economy in the world; this is expected to boost the market for vehicle diagnostics in the region.

About MarketsandMarkets

MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors.

M&M’s flagship competitive intelligence and market research platform, “RT” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.

 

 

Please follow and like us:
0
About Author
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository. Contact: Mr. Shelly Singh MarketsandMarkets™ INC.  630 Dundee Road  Suite 430  Northbrook, IL 60062  USA : 1-888-600-6441  sales@marketsandmarkets.com

Author:

Tech enthusiast

This author has published 60 articles so far.

Leave a Reply

Enjoy this blog? Please spread the word :)