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.
Adoption and demand for remote diagnosis from the transportation and logistics industry is motivating the growth for remote diagnostic market globally. Remote diagnostic system enable to classify problems and avoid the occurrence of the same. The technique uses in-built sensors to notify the users about any mis-happening. Primary emphasis of the OEMs (original equipment manufacturers) on the integration of remote diagnostic with the vehicle models is driving the demand for the market. Implementation of changes in regulatory norms and rigorous environment safety standards has led to an increase in demand for the remote diagnostic market. Thus, we expect that the remote diagnostic market will show remarkable growth during the forecast period.
Based on connectivity, the remote diagnostic market is led by bluetooth segment in 2018. The bluetooth technology enable the internet connection through a cellular phone for data transmission. While 3G/4G technology have also gained a rapid pace in the world of internet and shall grow substantially during the forecast period. Bluetooth or 3G/4G services check the current issues and prevent the occurrence of contingent problems. Further, the broad band cellular network services have been advanced and offer higher speed. This rises the demand for 3G/4G connectivity. Thus, we expect that the 3G/4G connectivity segment will have a significant growth in the consumer graphics market during the forecast period.
Based on the geography, North-America had dominance over the remote diagnostic market in 2018 and shall continue to have the same throughout the forecast period. This is largely due to strict traffic norms and precautions for road safety in the region. On the other side, Asia-Pacific is anticipated to be the fastest expanding region during the forecast period. The region has a vivid presence of automobile industries. Also, the region has a vast population and a high disposable income which thereby boosts the remote diagnostic market. Due to the aforementioned reasons we expect that the region will grow 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.
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