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Research Nester has released a report titled “ Diagnostic Tools and Workshop Equipment Market – Global Demand Analysis & Opportunity Outlook 2028″ which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter's five force model.
The International Organization of Motor Vehicle Manufacturers (OICA), in one of its statistics, stated that in 2019, the total registrations or sales of new passenger cars and commercial vehicles recorded 91.4 million, which was increase by 25.8 million since the past decade.
The statistics portray the increasing sales of vehicles globally, which is also one of the major factors that is contributing to the increasing vehicular pollution. With the increasing concern for air pollution transmitted through vehicles, government of nations worldwide are developing stringent norms to curb such pollution. Owing to such a factor, vehicle manufacturers are also focusing increasingly on to adopt advanced automotive technologies for better vehicle performance. Existing vehicle owners, consecutively, are frequently diagnosing their vehicles to meet the updated emission standards. Alternatively, there is a growing demand for modern diagnostic tools and workshop equipment amongst the vehicle repairing workshop owners so as to serve their existing customers and upgrade their existing equipment to meet the updated emission standards. Such factors are therefore anticipated to drive the market growth in the coming years.
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The global diagnostic tools and workshop equipment market is projected to grow with a CAGR of 3.7% over the forecast period, i.e., 2020-2028. Growing emergence of next-generation vehicles, coupled with the rising number of products launches and the advancements in automotive technology are some of the significant factors anticipated to contribute to the market growth in the coming years. The market, which registered a revenue of USD 39,540 million in 2019 and is further projected to cross USD 49,000 million by the end of 2028.
The global diagnostic tools and workshop equipment market is segmented by vehicle type into two-wheeler, three-wheeler, and four-wheeler. Out of these segments, in the year 2019, the four-wheeler segment recorded the largest share of 93.37%. The segment is further divided into passenger cars and commercial vehicles. Among these segments, the passenger cars segment is projected to hold the largest market share by the end of 2028. The growth of the segment can be attributed to the stringent norms of the government for vehicle testing, higher sales of passenger cars, along with the increasing advancements and adoption of advanced technologies in passenger cars.
Geographically, global diagnostic tools and workshop equipment market is segmented by regions into North America, Latin America, Europe, Asia, South East Asia and the Middle East & Africa. Among the market in these regions, the market in North America is anticipated to register the largest market share of 32.41% by the end of 2021. Further, the market in Europe is anticipated to cross USD 12,000 million by the end of 2028, on the back of the growing motorization rate across several countries in the region.
However, concerns regarding the high cost of advanced technological equipment that are designed for automotive application, is one of the major factors anticipated to hinder the market growth in the coming years.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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This report also provides the existing competitive scenario of some of the key players of the global diagnostic tools and workshop equipment market, which includes company profiling of BorgWarner Inc. (NYSE: BWA), Robert Bosch Ltd., AVL DiTEST GmbH, TEXA S.p.A., ACTIA Group (EPA: ATI), Snap-on Incorporated (NYSE: SNA), Continental AG (ETR: CON), and DENSO CORPORATION (TYO: 6902).
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “ Diagnostic Tools and Workshop Equipment Market – Global Demand Analysis & Opportunity Outlook 2028″ , analyses the overall diagnostic tools and workshop equipment industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global diagnostic tools and workshop equipment market in the near future.
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