Light commercial vehicles (LCVs) are witnessing an upheaval in demand, which remains the major growth lever of automotive remote diagnostics market. Fact.MR projects the revenue pool to grow 3.5X by the end of 2028. Further, the market growth will be invigorated by rising investments by both emerging and established players.
“Escalating demand for improved vehicle performance is driving the innovations in the automotive remote diagnostics market. More emphasis on enhanced safety of driver is supporting the market growth as well. Moreover, the integration of IoT is increasing the adoption of automotive remote diagnostics,” states Fact.MR analyst.
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Automotive Remote Diagnostics Market – Key Findings
- The LCV segment will lead the global automotive remote diagnostics market in terms of revenue share.
- Sales of heavy commercial vehicles will witness 3.5X growth through 2028.
- Europe and North America will collectively account for 62% share in the overall market stack.
- Asia Pacific automotive remote diagnostics market will register noteworthy growth over the forecast period.
Automotive Remote Diagnostics Market – Key Driving Factors
- Reduced downtime during maintenance is fuelling the demand for light commercial vehicles.
- Rapid urbanization in developing countries is propelling the growth of automotive remote diagnostics market.
- Rise of ecommerce platforms is contributing substantially to the growth of automotive remote diagnostics market in Asia Pacific.
- Heightening demand for logistics continues to drive the adoption of automotive remote diagnostics.
Automotive Remote Diagnostics Market – Key Restraints
- The automotive remote diagnostics system is available in few brands at present thereby limiting wider adoption.
- Possibility of misdiagnosis in the lack of physical inspection may restrain the market growth.
Impact of COVID-19 on Automotive Remote Diagnostics Market
The automotive remote diagnostics industry is combating a storm of challenges such as CO2 penalties, global political uncertainty, declining sales, and shifting consumer demands. The COVID-19 pandemic has exacerbated these circumstances, affecting each and every facet, right from dealers to suppliers in the automotive sector.
Prominent leaders in the global automotive remote diagnostics market are challenged by the growing uncertainty surrounding the pandemic. Factors such as disrupted supply chain, shutdown of manufacturing, low liquidity, and drop in sales of vehicles are constraining the growth of market. This downward trajectory is projected to continue until later half of 2020.
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Competitive Landscape
Some of the key stakeholders featured in this Fact.MR study include, but are not limited to, Bosh, Transics, and ACTIA. Prominent players continue to prioritize product expansion strategy for enhanced competitive edge. Major players are focusing on expanding and strengthening their presence in the global automotive remote diagnostics market. For instance, Bosh inaugurated Technical Center Expansion (2017) in Plymouth to scale up the production of automotive aftermarket components along with several mobility technologies. On the other hand, Transics launched TX-FLEX (2018), its latest app through which drivers can schedule follow-ups with the help of their smartphones.
About the Report
This 170-page study offers in-depth commentary on the global automotive remote diagnostics market. The study provides compelling insights on the automotive remote diagnostics market on the basis of product (diagnostics equipment, software), application (vehicle system & component access, vehicle health tracking & diagnosis, service assistance), vehicle (passenger cars, compact, mid-sized, luxury, SUV’s, light commercial vehicles, heavy commercial vehicles) across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa).
Press Release: https://www.factmr.com/media-release/1391/global-automotive-remote-diagnostics-market
Further, the market growth will be invigorated by rising investments by both emerging and established players.“Escalating demand for improved vehicle performance is driving the innovations in the automotive remote diagnostics market.
Moreover, the integration of IoT is increasing the adoption of automotive remote diagnostics,” states Fact.MR analyst.Request PDF sample of the 170-page report on the Automotive Remote Diagnostics Market- https://www.factmr.com/connectus/sample?flag=S_id=4629Automotive Remote Diagnostics Market – Key FindingsThe LCV segment will lead the global automotive remote diagnostics market in terms of revenue share.Sales of heavy commercial vehicles will witness 3.5X growth through 2028.Europe and North America will collectively account for 62% share in the overall market stack.Asia Pacific automotive remote diagnostics market will register noteworthy growth over the forecast period.Automotive Remote Diagnostics Market – Key Driving FactorsReduced downtime during maintenance is fuelling the demand for light commercial vehicles.Rapid urbanization in developing countries is propelling the growth of automotive remote diagnostics market.Rise of ecommerce platforms is contributing substantially to the growth of automotive remote diagnostics market in Asia Pacific.Heightening demand for logistics continues to drive the adoption of automotive remote diagnostics.Automotive Remote Diagnostics Market – Key RestraintsThe automotive remote diagnostics system is available in few brands at present thereby limiting wider adoption.Possibility of misdiagnosis in the lack of physical inspection may restrain the market growth.Impact of COVID-19 on Automotive Remote Diagnostics MarketThe automotive remote diagnostics industry is combating a storm of challenges such as CO2 penalties, global political uncertainty, declining sales, and shifting consumer demands.
The COVID-19 pandemic has exacerbated these circumstances, affecting each and every facet, right from dealers to suppliers in the automotive sector.Prominent leaders in the global automotive remote diagnostics market are challenged by the growing uncertainty surrounding the pandemic.
Factors such as disrupted supply chain, shutdown of manufacturing, low liquidity, and drop in sales of vehicles are constraining the growth of market.
This downward trajectory is projected to continue until later half of 2020.Explore 80 tables and 130 figures of the study.
Request ToC of the report at- https://www.factmr.com/connectus/sample?flag=RM_id=4629Competitive LandscapeSome of the key stakeholders featured in this Fact.MR study include, but are not limited to, Bosh, Transics, and ACTIA.
The global Automotive Remote Diagnostics market is all set to gain substantial demand opportunities from various end-use industries, according to a new report from Factor.
Detailed information on consumptions and demand ratio of diverse products/services linked to the growth dynamics of the Automotive Remote Diagnostics market is covered in this report.
This aside, the report presents reliable data on revenues and volumes of all key geographical regions during the forecast period 2019 to 2028.The report on the global Automotive Remote Diagnostics market works as a helpful guide that provides dependable data on various aspects such as challenges and opportunities in this market.
In addition to this, readers of this report will get an in-depth analysis of diverse trends together with technological and product developments in the global Automotive Remote Diagnostics market.
The analysts have used diverse business intelligence tools to present trustworthy data on diverse aspects such as statistics and facts on important aspects of the global Automotive Remote Diagnostics market.The global automotive remote diagnostics market surpassed a valuation of US$7.1 Bn in 2019 and is estimated to create an absolute $ opportunity of more than US$ 25.7 Bn by the end of forecast period.The report covers an analysis of the competitive landscape of the global Automotive Remote Diagnostics market together with a detailed study of the most important players working in this market.
The list of key players studied in this report includes:TransicsVerizon CommunicationsEatonIBM CorporationIn addition to this, the report sheds light on diverse strategies executed by market players to gain the leading position in the market for Automotive Remote Diagnostics.
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Fact.MR’s Report on Global Pea Fiber MarketPea fiber is a byproduct which is extracted from the seeds and pods of a pea plant.
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