Remote Vehicle Diagnostics Market Grow Owning to Innovations in Technology
The global remote vehicle diagnostics market is segmented on the basis of regions into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The market for remote vehicle diagnostics market in Asia Pacific region is expected to account largest market share during forecast period, owing to increasing vehicle manufacturing and high demand for electric vehicles in emerging economies such as China and Japan. According to the International Energy Agency’s Global EV Outlook, China held the largest market share for electric vehicles in 2016 accounting for over 40% of the electric cars sold globally, which includes over 200 million electric two-wheelers and over 300,000 electric buses. This factors are expected to propel the growth of the regional remote vehicle diagnostics market by 2025.
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Remote vehicle diagnostics solution is responsible for monitoring status of a vehicle regarding detection of any problem occurred during operation and identifying real time vehicle parameters to enhance its performance. This solution can be utilized to monitor performance and working status of commercial, electric vehicles, and utility vehicles. Remote vehicle diagnostic solution permits customer to utilize real time data about the vehicle such as routes and fuel level for better performance of the vehicle.
Emergence of autonomous vehicles is supporting growth of the market
The key factor responsible for the growth of the global remote vehicle diagnostics market is advent of autonomous vehicle. Remote vehicle diagnostics solution can be utilized to provide detailed status of a vehicle including vehicle tracking, summary, and analysis of a trip. It provides hardware configuration, which includes event configuration and parameters for echo cancellation. Remote vehicle diagnostics solutions are essential part of automotive industry especially for electric vehicles due to better vehicle performance and real time driving emission testing. In electric vehicles this solution is responsible for monitoring working status of the vehicle, control, and providing overall status of the vehicle, which includes status of battery and remote vehicle operations such as door locking and HVAC, by sending updates via email or SMS to the owner. Therefore, such features are expected to boost the growth of global remote vehicle diagnostics market by 2015. For instance, according to IHS Markit, an automotive database provider, the global autonomous vehicles sales is expected to cross over 600,000 units in 2025 increasing at a CAGR of 43% between 2025 and 2035.
Market players are focused on development and manufacturing of autonomous vehicles. According to HIS Markit, autonomous vehicle sale in China is expected to reach around 5.7 million by 2035 and in the U.S. around 4.5 million vehicles. Considering these statistics, the automotive industry especially electric vehicles market is expected to grow at a significant rate, which in turn is expected to propel the growth of global remote vehicle diagnostics market during forecast period.
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