Diagnostic Tools and Workshop Equipment Market: Key Vendors, Trends, Analysis, Segmentation, Forecast to 2020-2028
New York, USA, Wed, 30 Mar 2022 08:20:44 / Comserve Inc. / — The global diagnostic tools and workshop equipment market is segmented by vehicle type into two-wheeler, three- wheels and four-wheelers. Among these segments, in 2019, the four-wheeler segment recorded the largest share of 93.37%.
Research Nester released a report titled “diagnostic tools and workshop equipment market – Global Demand Analysis and Opportunity Outlook 2028″ which also includes some of the major market analysis parameters such as industry growth drivers, restraints, demand and supply risk, market attractiveness, year-on-year growth comparisons the other (YOY), market share comparisons, BPS analysis, SWOT analysis and Porter’s five forces comp.
The International Organization of Motor Vehicle Manufacturers (OICA), in one of its statistics, said that in 2019 the total number of registrations or sales of new passenger cars and commercial vehicles recorded 91.4 million, an increase of 25.8 million over the past decade.
The statistics describe the increase in vehicle sales around the world, which is also one of the main factors contributing to the increase in automobile pollution. With the growing concern for vehicle-borne air pollution, governments of nations around the world are developing strict standards to reduce this pollution. Due to such a factor, automakers are also increasingly focusing on adopting advanced automotive technologies for better vehicle performance. Owners of existing vehicles, consecutively, frequently diagnose their vehicles to meet updated emission standards. Alternatively, there is a growing demand for modern diagnostic tools and workshop equipment among vehicle repair shop owners to service their existing customers and upgrade their existing equipment to meet the standards of show updates. These factors are therefore expected to drive the growth of the market in the coming years.
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The global diagnostic tools and workshop equipment market is expected to grow with a CAGR of 3.7% over the forecast period, i.e., 2020-2028. Growing emergence of next-generation vehicles coupled with growing number of product launches and advancements in automotive technology are some of the significant factors that are expected to contribute to the growth of the market in the coming years. The market, which recorded a revenue of $39,540 million in 2019 and is further expected to exceed $49,000 million by the end of 2028.
The global diagnostic tools and workshop equipment market is segmented by vehicle type into two-wheeler, three-wheeler and four-wheeler. Among these segments, in 2019, the four-wheeler segment recorded the largest share of 93.37%. The segment is divided into passenger cars and commercial vehicles. Among these segments, the passenger car segment is expected to hold the largest market share by the end of 2028. The growth of the segment can be attributed to the government’s strict standards for vehicle testing, rising car sales passenger cars, as well as the increasing progress and adoption of advanced technologies in passenger cars.
Geographically, the global diagnostic tools and workshop equipment market is segmented by regions into North America, Latin America, Europe, Asia, Southeast Asia and Middle East & Africa. Among the market in these regions, the market in North America is expected to register the largest market share of 32.41% by the end of 2021. In addition, the market in Europe is expected to exceed USD 12,000 million by the end of 2021. the end of 2028, due to the increasing motorization rate in several countries in the region.
However, concerns over the high cost of advanced technological equipment designed for automotive applications is one of the major factors that is likely to hinder the growth of the market in the coming years.
“The final report will cover the impact analysis of COVID-19 on this industry.”
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This report also provides the existing competitive scenario of some of the major players in the Global Diagnostic Tools and Workshop Equipment Market which includes the company profile of BorgWarner Inc. BWARobert Bosch SA, AVL DiTEST GmbH, TEXA SpA, ACTIA Group ATIIncorporated snap-on ANSContinental SA VSand DENSO CORPORATION 6902.
Profiling contains key business information, which includes an overview of businesses, products and services, key financial data, and recent news and developments. In conclusion, the report entitled “Diagnostic tools and workshop equipment Marlet – Global Demand Analysis and Opportunity Outlook 2028″, analyzes the overall Diagnostic Tools and Workshop Equipment industry to help new entrants understand the market details. In addition to this, this report also guides existing players looking for expansion and major investors looking for investments in the global Diagnostic Tools & Workshop Equipment market in the near future.
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