Rise of Connected Vehicles and IoT Integration Surges Growth in the Automotive Remote Diagnostic Market; FMI Analysts Predict Industry Valuation to Surpass USD 108,163.40 million by 2034

The increasing production of light commercial vehicles globally is expected to drive the automotive remote diagnostics market. The emergence of remote vehicle diagnostics equipment in the LCV segment is helping achieve reduced downtime during maintenance and service.

/EIN News/ -- NEWARK, Del, July 17, 2024 (GLOBE NEWSWIRE) -- The automotive remote diagnostic market is anticipated to surpass USD 21,747.60 million in 2024 and is likely to attain a valuation of USD 108,163.40 million by 2034. The automotive remote diagnostic market size is projected to expand at a CAGR of 17.40% from 2024 to 2034.

The automotive industry's transition to connected automobiles is a deliberate response to the changing market scenario. Vehicles outfitted with sensor-rich components are utilizing the Internet of Things (IoT) to create a constant flow of real-time data on performance indicators.

The abundance of data turns into a useful resource for remote diagnostic systems. Businesses can gather useful data, enable predictive maintenance, and maximize operational efficiency through smooth integration with IoT solutions. Companies can leverage data-driven benefits and strengthen their competitive edge in the ever-changing automotive industry by strategically aligning with linked ecosystems.

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OEMs are intentionally integrating remote diagnostic capabilities into automobiles as an essential feature of their value offering. This strategic approach aims to improve services, build brand loyalty, and distinguish products in an increasingly competitive market. By proactively addressing vehicle health problems, OEMs establish themselves as partners in the total ownership experience.

This strategic alignment meets changing consumer expectations and places OEMs as experts in pursuing innovation and customer-centred solutions.

Further, many vehicle manufacturers are expected to adopt these solutions to prevent upcoming failures, minimize the service time, and assess the vehicle performance efficiently. In addition, surging production and sales of commercial vehicles and passenger cars is set to boost the growth as these solutions will be used for roadside assistance, automatic crash notification, vehicle health alert system, and vehicle location tracking purpose.

Key Takeaways from the Automotive Remote Diagnostic Market Report:

• The market size expanded at a 13.72% CAGR from 2019 to 2023.
• The equipment segment holds 74.00% of market shares in 2024.
• The LCV segment captured 71.90% of market shares in 2024.
• The market size in the United States is projected to rise at a 17.00% CAGR through 2034.
• The market size in Germany is anticipated to develop at a 17.30% CAGR through 2034.
• The market size in Japan is estimated to surge at a 16.30% CAGR through 2034.
• The market size in India is expected to increase at a 22.70% CAGR through 2034.
  

"Agility, creativity, and smart alliances are essential for success in the rapidly expanding automotive remote diagnostic market. The three main tactics for differentiation are technological innovation, worldwide growth, and personalization. Businesses must adapt to eco-friendly solutions as customer preferences change toward sustainability." says a Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).”

Country-Wise Insights:

Which Factors are Driving the U.K. Automotive Remote Diagnostics Market?

The ongoing digital transformation of the automotive industry is likely to propel the growth in the U.K. over the forecast period. As per FMI, Germany automotive remote diagnostics market is expected to account for 17.30% CAGR through 2034

The new ecosystem of the U.K. automotive sector contains various OEMs that are consistently striving to deploy the next-generation technologies, such as driver assistance, vehicle management, mobility management, and safety technologies in their vehicles. In addition to this, many new entrants are engaging in mergers and acquisitions to broaden their connected car data services.

In June 2021, Wejo, a connected car data company, merged with Virtuoso Acquisition in a US$ 1.1 billion deal. The company aims to source live data directly from the integrated vehicle sensors across numerous tier 1 auto part suppliers and OEMs, thereby enabling real-time data analysis and collection. Such developments are expected to accelerate the demand for automotive remote diagnostics in the U.K.

How is the U.S. Automotive Remote Diagnostics Market Faring?

Rising development of new solutions by reputed companies in the U.S. to attract more customers through user-friendly policies is estimated to drive the market. North America automotive remote diagnostics market is projected to hold about 30.4% of the share in 2022, says FMI.

For instance, in January 2022, Hyundai Motor America, a wholly owned subsidiary of Hyundai Motor Company based in California, introduced a novel solution to make it easy for lessees and owners of Hyundai vehicles to control, understand, and check how data from their connected cars can be shared, used, and collected. The company aims to provide its customers with a better understanding of their data usage and privacy.

What is the India Automotive Remote Diagnostics Market Demand Outlook?

The emergence of Bluetooth technology is anticipated to fuel the market in India as it is set to be extensively used to enable in-car connectivity between electronic gadgets, such as tablets, laptops, and smartphones and a vehicle’s dashboard. South Asia automotive remote diagnostics market is anticipated to procure approximately 22.70% CAGR Through 2034, predicts FMI.

Besides this, high demand for unique smartphone-related features in vehicles, such as infotainment, diagnostics, and navigation from customers is another factor likely to bolster the market in India.

In January 2022, for instance, Bajaj Auto, multinational two-wheeler and three-wheeler manufacturing company based in Pune, used US-based Sibros’ cloud-based Deep Connected Platform in its Chetak electric scooter fleet.

It will offer safe OTA firmware and software updates, as well as vehicle-to-cloud data insights for battery diagnostics, analytics, and embedded sensors. The launch of such solutions by two-wheeler companies is projected to propel the market in India.

Competitive Landscape:

The automotive remote diagnostic market is fiercely competitive, with global players including Bosch Automotive Service Solutions Inc., Continental AG, and Delphi Technologies. These firms rely on vast knowledge and worldwide reach. Innovative firms such as Maventic and Autologic Diagnostics Ltd. add to the changing landscape.

Collaboration and partnerships are prevalent, which promotes innovation and market growth. Key success elements include technological innovation, easy-to-use interfaces, and a twin strategy of worldwide expansion and localized adaptation. As demand rises, businesses prioritize customer-centric strategies to acquire market traction and build brand loyalty.

Key Company of the Automotive Remote Diagnostic Market:

1. Bosch Automotive Service Solutions Inc.
2. Continental AG
3. Delphi Technologies
4. OnStar Corporation
5. Magneti Marelli S.p.A.
6. Snap-on Incorporated
7. Softing AG
8. Vector Informatik GmbH
9. Autologic Diagnostics Ltd.
10. Texa S.p.A.
11. AVL List GmbH
12. Voxx International Corporation
13. Maventic
14. CarMD.com Corporation
15. Autel Intelligent Technology Corp., Ltd.
    

Recent Developments

• In February 2024, THINKCAR, a leading provider of automotive diagnostic solutions, introduced the ThinkTool Master X2. This cutting-edge 10.1-inch touchscreen tablet, running Android, is the Master X's successor. With strong features and complex capabilities, the Master X2 is designed to meet the diverse needs of automotive experts worldwide.
• In October 2023, Reliance Jio introduced JioMotive, a pocket-sized onboard diagnostics (OBD) device that can turn an ordinary vehicle into a'smart car'.

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Automotive Remote Diagnostic Market Segmentation:

By Product Type:

• Equipment
• Software

By Vehicle Type:

• Passenger Cars
• Compact
• Mid-Sized
• Luxury
• SUVS
• Light Commercial Vehicles (LCVs)
• Heavy Commercial Vehicles (HCVs)
  

By Application:

• Vehicle System & Component Access
• Vehicle Health Tracking & Diagnosis
• Service Assistance
  

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific (APAC)
• Middle East & Africa (MEA)
• Japan
  

Authored by:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.  

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.  

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times. 

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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