PUBLISHER: The Business Research Company | PRODUCT CODE: 1484730
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484730
Automotive remote diagnostics entail remotely monitoring and diagnosing the condition and performance of vehicles through advanced technological systems and tools. This involves gathering real-time data from vehicle sensors, onboard diagnostic systems, and other connected components, and transmitting this information to a centralized platform or remote location for analysis.
The primary products of automotive remote diagnostics comprise diagnostic equipment and software solutions. Diagnostic equipment encompasses specialized tools or devices utilized for identifying and analyzing issues within a system or object, thereby assisting in maintenance, repair, and optimization processes. These tools are typically connected via long-term evolution (LTE), Wi-Fi, and Bluetooth technologies, facilitating various applications including automatic crash notification, vehicle tracking, vehicle health alerts, and roadside assistance services. They find application across a spectrum of vehicle types, including passenger cars, compact, mid-sized, luxury, sports utility vehicles (SUVs), light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs).
The automotive remote diagnostics market research report is one of a series of new reports from The Business Research Company that provides automotive remote diagnostics market statistics, including automotive remote diagnostics industry global market size, regional shares, competitors with an automotive remote diagnostics market share, detailed automotive remote diagnostics market segments, market trends and opportunities, and any further data you may need to thrive in the automotive remote diagnostics industry. This automotive remote diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive remote diagnostics market size has grown rapidly in recent years. It will grow from $12.77 billion in 2023 to $14.49 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The expansion observed in the historical period can be attributed to several key factors. These include the increased complexity of automotive systems, which drove the need for more sophisticated diagnostic solutions, a rising demand for vehicle maintenance efficiency to reduce downtime and costs, the expansion of fleet management solutions to optimize vehicle operations, regulatory requirements and compliance mandates necessitating advanced diagnostic capabilities, and the globalization of the automotive industry, which led to the adoption of standardized diagnostic practices across different markets.
The automotive remote diagnostics market size is expected to see rapid growth in the next few years. It will grow to $24.34 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. Anticipated growth in the forecast period can be attributed to several key drivers, including the growing adoption of connected vehicles enabling remote diagnostics capabilities, a shift towards predictive maintenance strategies leveraging real-time data insights, increasing emphasis on fleet optimization to maximize operational efficiency, rising demand for enhanced customer experience through proactive vehicle health monitoring, and the emergence of subscription-based models offering convenient access to diagnostic services. Major trends expected in this period encompass the growing integration of artificial intelligence and machine learning algorithms for predictive analysis, the expansion of remote software update capabilities to ensure vehicles remain up-to-date with the latest diagnostic features, adoption of blockchain technology to secure data exchange between vehicles and diagnostic platforms, a shift towards cloud-based remote diagnostics platforms for scalability and accessibility, and an emphasis on delivering personalized diagnostic insights tailored to individual vehicle owners.
The escalating demand for electric vehicles (EVs) is poised to drive the growth of the automotive remote diagnostics market in the coming years. EVs, powered by electric motors and rechargeable batteries, are gaining momentum due to increased environmental awareness, advancements in battery technology, government incentives, and cost competitiveness. Given the complexity of electric drivetrains and battery systems in EVs, remote diagnostics play a vital role in ensuring efficient operation, maintenance, and optimization, necessitating timely intervention when issues arise. For example, data from May 2022 provided by the International Energy Agency (IEA) indicates a substantial doubling of electric vehicle sales in 2021 compared to 2020, reaching approximately 6.6 million units, with a further increase of 2 million electric cars sold worldwide in the first quarter of 2022, highlighting the pivotal role of growing electric vehicle demand in propelling the automotive remote diagnostics market.
Major players in the automotive remote diagnostics market are actively developing advanced solutions to gain a competitive edge. One such solution is the advanced automotive diagnostic tablet, a portable device equipped with specialized software and hardware tailored for diagnosing and troubleshooting vehicle issues. For instance, in February 2024, THINKCAR TECH Co. Ltd., a China-based automotive diagnostics company, introduced the ThinkTool Master X2, an automotive diagnostic tablet featuring a 10.1-inch touchscreen and operating on the Android platform. The Master X2 stands out for its video remote diagnosis technology, facilitating seamless connectivity with qualified online technicians for real-time expert assistance and support. Offering professional diagnostic capabilities for various vehicles, including passenger, commercial, hybrid, and electric vehicles, this tool provides comprehensive features such as video remote diagnostics, programming, maintenance, and full tire pressure monitoring system (TPMS) functions, addressing the evolving needs of automotive diagnostics.
In November 2021, Hearst Corporation made a strategic move by acquiring an 80% stake in Noregon Systems Inc., a US-based software development company specializing in connected vehicle solutions. This acquisition strengthens Hearst Corporation's foothold in the rapidly expanding connected vehicle solutions market, enhancing its portfolio and positioning the company for further growth and innovation in the transportation sector. Noregon Systems Inc. specializes in developing in-shop diagnostic and repair tools as well as remote diagnostics platforms, helping customers maximize vehicle uptime and efficiency through innovative connected vehicle solutions.
Major companies operating in the automotive remote diagnostics market are Mercedes-Benz AG, Verizon Enterprise, Robert Bosch GmbH, Continental AG, Aptiv PLC, BorgWarner Inc., Tech Mahindra Limited, Snap-on Incorporated, ACTIA Group, OnStar LLC, Voxx International Corporation, KPIT Technologies, MiX Telematics, ETAS GmbH, Magneti Marelli S.P.A., Softing AG, Transics, DSA Daten- und Systemtechnik GmbH, CarMD.com Corporation, Autologic Diagnostics Ltd., AVL DiTEST GmbH, Otonomo, Vector Informatik, Vidiwave Ltd., Autel Intelligent Technology Corp. Ltd.
North America was the largest region in the automotive remote diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive remote diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive remote diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive remote diagnostics market consists of revenues earned by entities by providing services such as predictive maintenance, telematics, tracking services, and analytics and reporting services. The market value includes the value of related goods sold by the service provider or included within the service offering. The automotive remote diagnostics market also includes sales of telematics devices, onboard diagnostic (OBD) devices, sensors and communication modules. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automotive Remote Diagnostics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive remote diagnostics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive remote diagnostics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive remote diagnostics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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