According to a new market research report published by Credence Research “Remote Diagnostic Market ((Vehicle Type – Commercial, Passenger), (Application- Roadside Assistance, Vehicle Tracking, Vehicle Start Alert, Crash Notification, Training Assistance), (Connectivity- Bluetooth, 3G/4G, Wi-Fi)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall remote diagnostic market worldwide was valued at US$ 14.0 Bn in 2018 and is set to grow with a CAGR of 16.5% during the forecast period.
The acceptance and demand for remote diagnostics from the transport and logistics industry is fueling the global growth of the remote diagnostics sector. Remote diagnosis program allows problems to be detected and stops them from happening. The technique uses built-in sensors to inform users of any malfunctions.
The primary focus of OEMs (original equipment manufacturers) on the integration of remote diagnostics into vehicle models drives market demand. Implementation of regulatory changes and strict environmental safety standards has led to an increase in demand for the remote diagnostics industry. As a result, we expect the remote diagnostic market to show remarkable growth during the forecast period.
The remote diagnostic industry, based on connectivity, is led by the Bluetooth segment in 2018. Bluetooth technology makes it possible to connect to the internet via a cell phone for data transmission. Although 3G/4G technology has also advanced in the internet world and is expected to grow significantly during the forecast period. The Bluetooth or 3G/4G systems track current issues and avoid the occurrence of contingent problems.
However, mobile cellular network networks have been improved and offer higher speeds. It boosts the bar for 3G/4 G connectivity. As a result, we expect the 3G/4 G networking segment to have a significant increase in the mobile graphics market during the forecast period.
Based on geography, North America was dominant in the remote diagnostic market in 2018 and will continue to have the same position throughout the forecast period. This is largely due to strict road safety requirements and precautions in the area. On the other hand, Asia-Pacific is predicted to be the fastest-growing region in the forecast period. The area has a strong presence of the automotive industry. The region also has a large population and a high disposable income, thereby boosting the remote diagnostics market. For the reasons mentioned above, we expect the area to expand at a significant pace during the forecast period 2019-2027.
Some of the major companies profiled in the report include Delphi Automotive, Magneti Marelli, Continental AG, Robert Bosch GmbH, and VOXX International Corporation, Hickok Incorporated, Actia SA, Etas GmbH, DG Technologies, Dsa Daten- und Systemtechnik GmbH, Vidiwave, General Technologies Corp, Fluke Corporation, and Kpit Technologies Ltd. among others.