Global Diagnostic Tools and Workshop Equipment Market
Diagnostic Tools and Workshop Equipment Market size was valued at USD 44.38 billion in 2023 and is likely to cross USD 70.29 billion by 2036, expanding at more than 3.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of diagnostic tools and workshop equipment is estimated at USD 45.66 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
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