The automotive remote diagnostics market is estimated to grow at a CAGR of around 18 per cent through 2028
Bolstered by growing integration of Internet of Things (IoT), emergence of connected car ecosystems and increasing focus of automotive manufacturers on reducing maintenance cost and downtime, the automotive remote diagnostics market will witness a healthy growth in the next decade, according to a latest study by Future Market Insights.
The automotive remote diagnostics market is estimated to grow at a compound annual growth rate (CAGR) of around 18 per cent through 2028, the study says.
In view of the value-added benefits of the technology, the automotive remote diagnostic solutions have gained universal popularity among the vehicle owners as well as automakers.
Factors pushing the demand
Some of the major benefits of automotive remote diagnostics that are pushing their demand are reduced service and maintenance downtime, detection of bottlenecks beforehand and enabler of on-point, efficient solutions.
In addition, the attributes of automotive remote diagnostics that are beneficial for the vehicle owners, with regards to detecting potential defects, downturns and shortcomings of the vehicle beforehand, and cutting down the total time and cost spent during maintenance, are further estimated to push growth of automotive remote diagnostics market, the report states.
The increasing growth in vehicle electrification has had a huge and direct impact on the automotive remote diagnostics growth. In addition, recent upsurge in the connected-car ecosystem, combined with proliferation of IoT and connected devices in automotive industry, will continue to favour the growth of automotive remote diagnostics market in the near future.
Region-wise, Europe will remain the most lucrative market for automotive remote diagnostics, after North America. On the other hand, East Asia will continue to be an attractive market for automotive remote diagnostics, with sales estimated to grow at a CAGR of more than 20 per cent through 2028.
According to the major players in the automotive remote diagnostics market include Tech Mahindra Limited, Robert Bosch GmbH, Continental AG, Vector Informatik GmbH, OnStar LLC, Transics, Verizon, Softing AG, ACTIA Group, IBM, Magneti Marelli S.p.A. and Harman International, among others.