According to the latest report by IMARC Group, titled “Automotive Remote Diagnostics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global automotive remote diagnostics market reached a value of US$ 10 Billion in 2021. Automotive remote diagnostics are equipment and automobile solutions responsible for monitoring onboard vehicle status and overall performance during operations through a wireless network. It is integrated with third-generation (3G), fourth-generation (4G), and a Wi-Fi-based platform that assists in recording data-related vehicle conditions. Automotive remote diagnostics improves vehicle integral part condition, examines their performance in real-time, and enhances customer relationship management through automated repair and service schedules. Along with this, they provide reliable insights for engineering vehicle parts and minimize service time by mitigating failures. Consequently, they are extensively incorporated in passenger, commercial, and electronic vehicles (EVs) for location tracking, roadside support, and automatic crash notifications.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive Remote Diagnostics Market Trends:
With a considerable expansion in the automotive sector, there has been an increasing demand for lightweight commercial and electric and hybrid vehicles (E/HV) with advanced health tracking systems to prevent upcoming failures, minimize service time, and assess vehicle performance efficiently. Additionally, growing consumer awareness regarding the availability of various technologies, including automobile diagnostics and monitoring systems to track maintenance requirements, repair operations, and engine oil temperature, is acting as another growth-inducing factor. In line with this, the shifting inclination of original equipment manufacturers (OEMs) toward the solution to gain extensive insights regarding vehicle health is contributing to the market growth. Moreover, the large-scale integration of telematics, global positioning systems (GPS), the Internet of Things (IoT), and Bluetooth technologies that can be connected with an electronic control unit (ECU) and operated through smartphones is positively stimulating the market growth. Other factors, such as the escalating sales of luxurious automobiles and ongoing strategic collaborations amongst key players to enhance product efficacy, are creating a positive outlook for the market. On account of the aforementioned factors,?the market is anticipated to reach a value of US$ 25.4 Billion by 2027, growing at a CAGR of 17% during 2022-2027.
- On the basis of the product type, the market has been bifurcated into diagnostic equipment and software.
- Based on connectivity, the market has been categorized into 3G, 4G LTE, Wi-Fi, and Bluetooth.
- On the basis of the vehicle type, the market has been bifurcated into passenger cars and commercial vehicles.
- Based on the application, the market has been classified into automatic crash notification, vehicle tracking, vehicle health alert, and roadside assistance.
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Aptiv PLC (BorgWarner Inc.), AVL DiTEST GmbH (List Capital & Consulting GmbH), Continental Aktiengesellschaft, Magneti Marelli S.p.A. (KKR & Co. Inc.), Mercedes-Benz AG (Daimler AG), OnStar Corporation (General Motors Company), Robert Bosch GmbH (Robert Bosch Stiftung Gmbh), Snap-On Incorporated, Softing AG, Tech Mahindra Limited (Mahindra Group) and Vector Informatik GmbH.
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