As cited by the research report titled ‘Global Automotive Diagnostic Market Size study, by Type (On-board and Off-board), Device (Hand-held Tools, Mobile-based Tools, PC-based Tools, and Others), and Application (Passengers Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Electric Vehicles) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global automotive diagnostic market is projected to grow with a strong CAGR to garner significant returns over 2021-2027.
 

Expanding automotive sector, rising demand for IoT-based technologies, and increasing demand for safety features in cars are the major factors driving global automotive diagnostics market growth. Advancements in semi-autonomous and autonomous cars along with introduction of multifunctional systems are generating lucrative prospects for the market development.
 

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For the record, automotive diagnostics is the process of assessing a vehicle's status to see if it and associated components are in good functioning order. A range of hardware and software components are used to develop devices that offer exact information about the component or vehicle part in order to perform vehicle diagnostics.
 

A vehicle-specific diagnostic system can detect problems with the engine, transmission, exhaust system, brakes, and other major components, as well as fuel injector, air flow & coolant, ignition coils, and throttle performance issues.
 

Speaking of negativities, complexity in setup, high installation costs, frequent need for troubleshooting and expensive maintenance of automotive software, are likely to act as bottlenecks for the market progression over the projected timespan.
 

Based on type, worldwide automotive diagnostic industry space is segmented into on-board and off-board. Speaking of device type, the marketplace is divided into hand-held tools, pc-based tools, mobile-based tools, and others. Considering the application range, the business space is categorized into passenger cars, heavy commercial vehicles, light commercial vehicles, and electric vehicles.
 

The geographical analysis of the industry extends to Asia Pacific, Europe, North America, and Latin America.
 

Experts cite that North America market is expected to expand at a significant growth rate over the assessment period, as the region is home to many major technology firms that work for improved infrastructure, and no financial limitations due to the high wealth, and  favorable government laws & regulations for an efficient transportation system.
 

Meanwhile, Asia Pacific market is anticipated to obtain notable gains over the analysis period, on account of increasing vehicle production and automotive workshops in organized as well as unorganized markets.
 

Prominent players swaying the worldwide automotive diagnostic industry trends are Vector Informatik GmbH, Snap-On Inc., Robert Bosch GmbH, Pioneer Corporation, Magna International Inc., Harman International Industries Inc., Denso Corporation, Delphi Automotive PLC, Continental AG, and Bayerische Motoren Werke AG.