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Remote Diagnostics Market Worth $30.22B by 2021
October 31, 2016 | PRNewswireEstimated reading time: 3 minutes
The report "Remote Diagnostics Market by Vehicle Type, Application (Automatic Crash Notification, Vehicle Tracking, Vehicle Health Alert & Roadside Assistance), Connectivity (3G, 4G LTE, Wi-Fi, Bluetooth), Region, & Aftermarket (Vehicle Type & Region) - Forecast to 2021", The market is projected to reach a market size of USD 30.22 Billion by 2021, growing at a CAGR of 16.79% from 2016 to 2021.
Stringent emission norms, the rising demand for increased safety and security in vehicles, and the growing inclination towards premium vehicles will likely propel the growth of the Remote Vehicle Diagnostics Market.
"Bluetooth to lead the Remote Vehicle Diagnostics Market, by connectivity, in terms of value"
Bluetooth technology is expected to constitute the largest segment of the Remote Vehicle Diagnostics Market, by connectivity (value). Market growth can be attributed to the advantages offered by Bluetooth connectivity, such as enabling devices and smartphones to be connected to the vehicle. The key application of Bluetooth connectivity technology in remote vehicle diagnostics is connecting the vehicle to the internet via the cellular phone to transfer and receive data from the server. 3G connectivity technology is estimated to be the second largest segment of the Remote Vehicle Diagnostics Market.
"Roadside assistance: Fastest growing segment of the Remote Vehicle Diagnostics Market, by application"
Roadside assistance is an essential application of remote vehicle diagnostics, as it provides emergency assistance services in case of a vehicle breakdown. If the vehicle breaks down, the remote vehicle diagnostics solution automatically diagnoses the cause of the vehicle failure and sends analysed data to the server, along with the vehicle's real-time location, for required roadside assistance. North America is estimated to lead the roadside assistance application market, in terms of volume, followed by Europe and Asia-Oceania, owing to the increasing demand for safety and security features in these regions.
"Asia-Oceania: Fastest growing market for remote vehicle diagnostics"
The Asia-Oceania Remote Vehicle Diagnostics Market is projected to grow at the highest CAGR during the forecast period. The market is expected to grow at a high rate in countries such as India, China, Japan, and South Korea.This region has the highest vehicle production in the world, due to its sizable population and increasing disposable income. The growing population, increasing per capita income, and improving standard of living have contributed to the growth of the automotive industry in Asia-Oceania. The increasing per capita income has resulted in increasing sales of high-end vehicles among consumers. As a result, Asia-Oceania will likely be the fastest growing market for remote vehicle diagnostics. China is the key automotive market in this region, as it produces the highest number of passenger cars in the world.
The Remote Diagnostics Market report analyzes major players in the remote vehicle diagnostics industry, including Robert Bosch GmbH (Germany), Continental AG (Germany), OnStar LLC (U.S.), Magneti Marelli S.p.A (Italy), Delphi Automotive PLC (U.K.), Softing AG (Germany), Voxx International Corporation (U.S.), Snap-On Inc. (U.S.), and Vector Informatik GmbH (Germany).
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