The Automotive Diagnostic Scan Tools Market is likely to witness a steady CAGR of over 5%, during the forecast period. Over the years, there has been an exceptional surge in the production and sales of vehicles along with a steady increase in the number of automotive workshops, which has simultaneously bolstered the automotive diagnostic scan tools market, across the globe. Further, the growing adoption of electric, connected, and hybrid vehicles has increased the number of electronic sensors and software in vehicles, ushering the automotive industry into a sea change, right from hardware machines to software electronic devices. And consequently, the transformations brought in by these machines have increased the impending risks of malfunctions, owing to errors in programming codes that run the vehicle control modules, thus positively creating a robust impact on the demand for the market.
What is an Automotive Diagnostic Scan Tools Market?
An automotive scan tool is an electronic device that is primarily used as a vehicular interface, in order to reprogram and diagnose the vehicular control modules.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
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Key Players
Some of the key players in the automotive diagnostic scan tools market are-
ACTIA Group, Autel Intelligent Technology Corp., Ltd., BorgWarner Inc., Bosch Automotive Service Solutions Inc., Continental AG, DENSO EUROPE, DG Technologies, Launch Tech UK, Snap-on Incorporated, and Softing AG.
Regional Analysis
In terms of regions, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world. Among these regions, Europe is expected to be dominant throughout the forecast period. The market growth in this region is majorly attributed to the presence of a large number of prominent automobile manufacturers and OEMs coupled with the rapid increase in the production and sale of vehicles. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
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