Rise in Sales of Hybrid and Electric Vehicles to Boost the Remote Diagnostic Market
The remote diagnostic Market worldwide is expected to grow with a CAGR of 16.5% during the forecast period from 2019 to 2027, starting from US$ 14.0 Bn in 2018. The increase in sales of hybrid and electric vehicles shall primarily drive the remote diagnostic Market. Remote diagnostic refers to analyzing a certain symptom, issue, or problem from a distance. The amalgamation of IoT and telematics technology shall contribute to the remote diagnostic Market's growth. Further, the escalating demand for luxury passenger vehicles, premium vehicles, and emergency support shall support the remote diagnostic Market. Therefore, we expect the remote diagnostic Market to show substantial growth during the forecast period.
Market Synopsis
The passenger Vehicle Segment will led the Market
In the previous year, the global remote diagnostic Market was segmented into a commercial vehicle and passenger vehicle sub-segments based on vehicle type. The passenger vehicle is anticipated to dominate the Market during the forecast period. The remote diagnostic Market shall grow due to the increase in production of passenger vehicles in the emerging economies of China and India. Notably, China is the principal automotive Market due to augmented acceptance of hybrid electric vehicles. The expansion in heightened electric technology of vehicles shall further nurture the remote diagnostic Market. Thus, we expect the passenger vehicle segment to dominate during the forecast period 2019-2027.
The Asia Pacific to Continue to Dominate the Market
In 2018, North America led the remote diagnostic Market. The United States shall hold a substantial share in the North American Market. On the other hand, Asia-Pacific is expected to have significant growth during the forecast period. The regional growth shall be backed by the rise in demand for passenger and commercial vehicles, modified features, and changing government policies. In addition, the growth in the production of passenger cars in the region will contribute significantly to the remote diagnostic Market. As a result, we expect the Europe region to grow significantly throughout the forecast period.
Some of the prominent players operating in the remote diagnostic Market are Delphi Automotive, Magneti Marelli, Continental AG, Robert Bosch GmbH, VOXX International Corporation, Hickok Incorporated, Actia SA, Etas GmbH, DG Technologies, Dsa Daten- und Systemtechnik GmbH, Vidiwave, General Technologies Corp, Fluke Corporation, and Kit Technologies Ltd. among others.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. In addition, compounded Annual Growth Rate (CAGR) for each respective segment was calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The remote diagnostic market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global remote diagnostic Market based on vehicle type, application, connectivity, and geography.
Frequently Asked Questions:
The market for Remote Diagnostic is expected to reach US$ 14.0 Bn in 2028.
The Remote Diagnostic market is expected to see significant CAGR growth over the coming years, at 16.5%.
The report is forecasted from 2019-2027.
The base year of this report is 2021.
Delphi Automotive, Magneti Marelli, Continental AG, Robert Bosch GmbH, VOXX International Corporation, Hickok Incorporated, Actia SA, Etas GmBH, DG Technologies, Dsa Daten- und Systemtechnik GmbH, Vidiwave are some of the major players in the global market.
