Global Vehicle Diagnostics Market Report and Forecast 2024-2032

Global Vehicle Diagnostics Market Outlook

The global vehicle diagnostics market attained a value of nearly USD 36.46 billion in 2023. The market is projected to grow at a CAGR of 15.0% between 2024 and 2032 to reach a value of around USD 128.24 billion by 2032.

Key Trends in the Market

Vehicle diagnostics refers to a mechanism which involves the identification and assessment of vehicular problems that can impede vehicles’ normal operations. Vehicle diagnostic is carried out using digital technologies, systems, and hardware and software components.

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• Stringent road safety regulations across emerging economies, coupled with surging cases of accidents and car crashes, are driving the vehicle diagnostics market growth.

• Increasing sales of passenger and commercial vehicles, owing to the thriving transportation sector, rising disposable incomes, and rapid urbanisation, are further fuelling the growth of the market for vehicle diagnostics.

• Increasing investments towards developing advanced intelligent diagnostic systems that can determine and optimise fuel utilisation of vehicles while reducing the risk of internal or external errors are bolstering the vehicle diagnostics market growth.

• Over the forecast period, the anticipated increase in the demand for high-end luxury vehicles, especially across highly developed economies, is expected to boost the applications of vehicle diagnostics.

Market Analysis

Based on engine, the market is segmented into IC engines and electric. The IC engines segment is further divided based on type into light commercial vehicle, cars, and medium and heavy commercial vehicle, while the electric segment, based on type, is bifurcated into HEV and BEV.

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On the basis of connectivity, the market is classified into 4G LTE, 3G, Wi-Fi, and Bluetooth, among others. By application, the market is categorised into vehicle tracking, automatic crash notification, vehicle health alert, and roadside assistance. The major regional markets for vehicle diagnostics are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global vehicle diagnostics market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Borgwarner Inc.

• KPIT Technologies Limited

• Robert Bosch GmbH

• Continental AG

• Snap-on Incorporated

• Softing Automotive Electronics GmbH

• Vector Informatik GmbH

• Vidiwave Ltd

• ACTIA Group

• Denso Corporation

• General Technologies Corp

• Others

Market Share by Engine

HEVs account for a healthy share of the vehicle diagnostics market. This can be attributed to the growing environmental concerns and rapid transition from conventional automobiles towards advanced hybrid cars.

HEVs can encounter several types of faults, such as drive line faults, wiring harness faults, wheel faults, and gearbox faults, among others, making diagnostics crucial for these vehicles. In addition, vehicle diagnostic systems are used to monitor lithium-ion battery health and meet the safety requirements of HEVs while enhancing their fuel efficiency.

Market Share by Region

North America is expected to significantly contribute to the market in the forecast period due to innovations and technological developments. These developments include the incorporation of on-board diagnostic systems (OBD) into new vehicles to virtually monitor vehicle components and emission performance.

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Moreover, the strong foothold of major automotive manufacturers across well-established economies such as the United States and Canada is likely to aid the market for vehicle diagnostics in the forecast period.

Competitive Landscape

Borgwarner Inc. is a leading automotive company which designs and manufactures innovative and sustainable mobility systems. The company was founded in 1928 and is headquartered in Michigan, the United States.

KPIT Technologies Limited is a multinational corporation which offers end-to-end vehicle diagnostics solutions and services and is dedicated towards advancing mobility ecosystems. It was established in 1990 and is headquartered in Maharashtra, India.

Robert Bosch GmbH is a multinational engineering company which offers a complete range of special service tools, vehicle diagnostic solutions, and workshop equipment, among others. It was founded in 1886 and is headquartered in Gerlingen, Germany.

Other market players include Continental AG, Snap-on Incorporated, Softing Automotive Electronics GmbH, Vector Informatik GmbH, Vidiwave Ltd, ACTIA Group, Denso Corporation, and General Technologies Corp, among others.

Key Highlights of the Report