Remote Diagnostics Devices Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2108
Remote Diagnostics Devices Market size is anticipated to witness significant growth from 2017 to 2024. Increase in global sales of hybrid and electric vehicles will primarily drive the industry size. Rising demand for luxury passenger cars, increasing sales of premium vehicle, and need for emergency support will further escalate the growth of remote diagnostic devise market till 2024.
High acceptance from transport and logistics will positively impact the industry growth owing to the ability of these Devices to count on fleet tracking efficiency and service & management. Various government agencies issue emission standards to control hazardous vehicular emissions. These strict norms for fuel economy and emissions across the globe will provide huge growth prospects for the industry over the forecast timeframe.
One of the key challenges that the industry faces is privacy concerns and data security. Due to rising number of electronic components in the automobiles, an additional data has to be detected on an immediate basis. The requirement to provide real time information will result in threat of cybersecurity which will further hinder the growth of vehicle diagnostics market.
Key focus of original equipment manufacturers (OEMs) towards integration of telematics technology is providing the manufacturers with significant scope of opportunities. Bluetooth,3G/4G, and GPS are among the prominent connectivity technologies used in these Devices. These tools connect to the vehicle internal system, and then evaluate the code and information to determine the cause of the problem. They not only check the current issues, but also prevent the upcoming obstacles. These technological advancements in the automotive industry are responsible for inducing immense potential to the industry size till 2024.
By application, the industry is segmented into vehicle health alert, vehicle tracking, automatic crash notification, and roadside assistance. Roadside assistance is a vital application of remote vehicle diagnostics and its predicted to hold a significant revenue share over the next eight years. It provides emergency assistance services in case of a vehicle failure. Provision of the benefits such as automatic source diagnosis in case of vehicle failure and transmission of the analyzed data to the server along with the subjects real-time location will further support the industry dominance.
Based on vehicle type, the remote diagnostic market is segmented as commercial vehicles and passenger cars. Passenger car segment is forecasted to dominate the market over the coming years owing to its increase in production units globally and advancement in enhanced electric technology for vehicles escalating the remote diagnostic market.
Based on connectivity, the remote diagnostic market is segmented into Bluetooth, Wi-Fi, 3G/4G LTE. Bluetooth technology is expected to contribute to the largest revenue share in the remote vehicle diagnostics market over the forecast timeframe. This technology in remote diagnostics links the vehicle to internet via cellular phone for data transmission from the server. 3G /4G LTE connectivity technology is estimated to be the second largest segment of the remote vehicle diagnostics market owing to its advancements in broadband cellular network and high network speed that supports interactive broadband services which is needed in the application of remote diagnostic devices.
Asia pacific is forecasted to dominate the market over the next eight years since the region possess the major automobile industry in the world. The vehicle production is expected to grow over 40 million by 2025. China is the largest automotive market owing to increased adoption rate for hybrid electric vehicles. Chinas passenger vehicle market was 2,12,10,339 units in 2015 which has increased by 14.93 percent to 2,43,76,902 units in 2016.
The industry growth in China is attributed to its vast population in respect with rising disposable income for personal transportation that remains unmet using traditional technologies. the market is expected to grow at a high rate in countries such as China, India, South Korea, Japan. Due to its sizable population and increasing disposable income this region has the highest vehicle production in the world.
Europe, led by Germany, UK and France is anticipated to exhibit significant growth owing to increasing sale of electric vehicles in 2016.Gremany recorded 4.54% increase in production of passenger car units in 2016. Latin America is projected to be a significant contributor to the industry owing to the growth in relation to OEM sales in the region.
North America, dominated by U.S. is anticipated to capture substantial share in the market over the coming years due to regional growth that is associated to rising demand for passenger and commercial vehicles with enhanced features, government regulations for mandatory requirement of onboard diagnostic systems and presence and involvement of large automobile manufacturers in the region.
Delphi Automotive, Magneti Marelli, Continental AG, Robert Bosch GmbH, and VOXX International Corporation are among the prominent participants in the industry. Other notable players include Vector Informatik, Softing AG, Onstar LLC, Snap-On Inc, and Denso Corporation. Industry players focus on collaborating with major local organizations to focus on new product development to increase their presence in vehicle diagnostic market globally. For instance, in 2016 OnStar LLC entered Argentina market to broaden its presence in South America. Other notable players include Hickok Incorporated, Actia SA, Etas GmbH, DG Technologies, Dsa Daten- und Systemtechnik GmbH, Vidiwave, General Technologies Corp, Fluke Corporation, and Kpit Technologies Ltd.
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