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 2023 to 2030, starting from US$ 21.69 Bn in 2021. The increase in sales of hybrid and electric vehicles shall primarily drive the remote diagnostic market. Remote diagnostic refer to the act of analyzing a certain symptom, issue or problem from a distance. The amalgamation of IoT and telematics technology shall contribute to the growth of the remote diagnostic market. Further, the escalating demand for luxury passenger vehicles, premium vehicles and emergency support shall support the remote diagnostic market. Therefore, we expect that the remote diagnostic market will show substantial growth during the forecast period.

Passenger Vehicle Segment will led the Market

In the previous year, global remote diagnostic market was segmented into commercial vehicle and passenger vehicle sub-segments based on vehicle type. The passenger vehicle is anticipated to dominate the market during the forecast period. Owing to increase in production of passenger vehicle in the emerging economies of China and India, the remote diagnostic market shall grow. 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 that the passenger vehicle segment will show dominance during the forecast period 2023-2030.

Asia Pacific to Continue Dominate the Market

In 2021, 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 a significant growth during the forecast period. The regional growth shall be backed by the rise in demand for passenger and commercial vehicles along with modified features and changing government policies. Owing to the growth in production of passenger cars in the region, it shall contribute significantly to the remote diagnostic market. As a result, we expect that Europe region will grow at a significant pace throughout the forecast period.

Some of the prominent players operating in the remote diagnostic market  Delphi Automotive, Magneti Marelli, Continental AG, Robert Bosch GmbH, and VOXX International Corporation, Hickok Incorporated, Actia SA, Etas GmbH, DG Technologies, Dsa Daten- und Systemtechnik GmbH, Vidiwave, General Technologies Corp, Fluke Corporation, and Kpit Technologies Ltd. among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Remote Diagnostic market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Remote Diagnostic market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Remote Diagnostic market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Remote Diagnostic market?
• Which is the largest regional market for Remote Diagnostic market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Remote Diagnostic market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Remote Diagnostic market worldwide?