PUBLISHER: BIS Research | PRODUCT CODE: 1160828
PUBLISHER: BIS Research | PRODUCT CODE: 1160828
“Global Vehicle Diagnostic Analytics Market to Reach $4,425.6 Million by 2031.”
The vehicle diagnostic analytics market is projected to reach $4,425.6 million by 2031 from $1,827.4 million in 2021, growing at a CAGR of 9.22% during the forecast period 2022-2031. The growth in the vehicle diagnostic analytics market is expected to be driven by the growing demand for vehicle diagnostic analytics in fleet management, rapid adoption of connected, autonomous, shared, and electric (CASE) strategies by original equipment manufacturers (OEMs) in the automotive industry, increasing focus on predictive maintenance for cost-savings and enhanced safety, and growing application of vehicle diagnostic by OEMs/automotive dealers in warranty analytics.
Globally, connected vehicles are moving the automotive industry into a new era. Vehicles are being deployed with extensive sensor platforms that generate vast amounts of data from different systems, such as telematics control units and on-board diagnostic (OBD) interfaces. At the same time, the advent of 5G and high bandwidth V2X technology have led to enhanced connectivity levels in the connected vehicles, providing the much-needed boost to the growth of the vehicle diagnostic analytics market.
The vehicle diagnostic analytics market is in the growth phase. The implementation of automotive diagnostics solutions is increasing in connected vehicles, internal combustion engine (ICE), as well as electric vehicles (EVs). As a result, the market is expected to flourish during the forecast period.
The vehicle diagnostic analytics market is driven by several factors, such as growing demand for vehicle diagnostic analytics in fleet management, rapid adoption of connected, autonomous, shared, and electric (CASE) strategies by OEMs in the automotive industry, increasing focus on predictive maintenance for cost-savings and enhanced safety, and growing application of vehicle diagnostic analytics by OEMs/automotive dealers in warranty analytics.
Vehicle diagnostic solution providers are working toward the development of advanced vehicle diagnostic analytics solutions to address the growing consumer needs of transforming the automotive industry. With automotive OEMs developing the next generation of connected and autonomous vehicles, the demand for such solutions is likely to increase multi-fold over the coming years.
The predictive maintenance segment is expected to dominate the vehicle diagnostics analytics market during the forecast period 2022-2031, owing to the benefits, such as cost savings and enhanced vehicle safety levels, and predictive maintenance solutions.
Based on vehicle propulsion type, the internal combustion engine (ICE) vehicles segment currently dominates the market; however, the electric vehicles (EVs) segment is likely to dominate the market toward the end of the forecast period.
Based on vehicle type, the commercial vehicles segment is likely to continue dominating the market during the forecast period.
The onboard diagnostics segment is expected to dominate the vehicle diagnostic analytics market during the forecast period, owing to the lack of infrastructure needed for remote diagnostics.
The vehicle diagnostic analytics market is slightly more dominated by the fleet owners segment, owing to the growing popularity of automotive diagnostics solutions among fleet owners for the cost-savings related to their fleet vehicles.
The on-premises segment is expected to continue dominating the vehicle diagnostic analytics market during the forecast period.
North America generated the highest revenue of $584.8 million in 2021, which is attributed to the increased sales of connected vehicles in the North America region. The vehicle diagnostic analytics market is attractive in North America due to the growing adoption of vehicle diagnostic analytics solutions by automotive OEMs and vehicle fleet owners. However, Europe is expected to overtake North America toward the end of the forecast period while growing at the highest rate as compared to other regions.
Following are the demand drivers for the vehicle diagnostic analytics market:
Following are the limitations for the vehicle diagnostic analytics market:
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
The top three market players who are leading the vehicle diagnostic analytics market include Bosch Mobility Solutions (Bosch Group), Continental Mobility Services (Continental AG), and Harman International. These players capture around 60% of the market share, whereas the remaining players in the market capture around 40% of the market share.
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Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable).