Global Diagnostic Tools and Workshop Equipment Market
Diagnostic Tools and Workshop Equipment Market size was over USD 45.98 billion in 2024 and is anticipated to cross USD 72.82 billion by 2037, witnessing more than 3.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of diagnostic tools and workshop equipment is estimated at USD 47.39 billion.
Growing advancements in automotive technology, along with the growing popularity of electric vehicles and the rising number of product launches w.r.t vehicle diagnostic equipment and professional automotive diagnostic software, are some of the key trends that are anticipated to create opportunities for the growth of the global diagnostic tools and workshop equipment market during the forecast period.
Automotive diagnostic tools and workshop equipment are designed to capture information with the aid of an on-board diagnostic (OBD) scanning system that can diagnose different vehicle subsystems and identify faults in them. The process of diagnosis also includes the utilization of additional hardware and software components that determine the faults by connecting to the vehicle through a data logger, laptop/desktop, and other tools. These vehicle scanning tools further aid the professional vehicle mechanic with live data, which helps them to identify the flaw of the engine, battery, fuel system, transmission, or any other electronic components of the vehicle systems.
The global diagnostic tools and workshop equipment market is further anticipated to grow during the forecast period on account of the numerous opportunities generated by the emergence of next-generation vehicles, along with the growing focus of automobile manufacturers for adopting advanced OBD diagnostic tools and software.
Author Credits: Richa Gupta
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?