Diagnostic Tools and Workshop Equipment Market Trends

Growth Indicators

• Stringent Norms to Reduce Carbon Footprint from Vehicles to Drive the Market Growth
  Backed by the growing sales of vehicles worldwide, there is a growing concern for reducing exhaust emissions from vehicles. As a result, there is a rising need amongst vehicle owners to frequently diagnose their vehicles, which in turn is driving the increase in the adoption of advanced diagnostic tools and workshop equipment. On the other hand, vehicle manufacturers are increasingly adopting advanced automotive technologies for better vehicle performance, which is raising the need amongst the vehicle diagnostic workshop owners to upgrade their existing diagnostic equipment. Automobile workshop equipment suppliers are also focusing on delivering modern diagnostic tools to the workshop owners, which is also anticipated to drive the market growth in the coming years. Moreover, varying emission standard norms across countries worldwide, along with the need amongst automotive manufacturers to comply with the emission regulations and standards are some of the additional factors anticipated to drive the market growth in the coming years.

Challenges

• High Cost of Advanced Technology Equipment for Automotive Application
  The cost of equipment used for the diagnostics of automobiles has increased significantly over the years, backed by the growing use of electronic systems and model-based development in the automotive industry. Diagnostic software and tools, such as OBD2 (OBD-II) software, antilock braking system (ABS) calibration systems, electronic brake-force distribution (EBD) testing, and calibration systems, and others, along with automotive diagnostic scan tools, such as automotive paint inspection equipment, vehicle emission testing systems, and others, often cost very high and also require high assistance cost, which is further anticipated to hamper the diagnostic tools and workshop equipment market growth in the coming years.