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 20201