Vehicle Diagnostic Analytics Market Analysis, 2022-2031

1. Vehicle Diagnostic Analytics Market Key Manufacturers and Country Analysis, 2022-2031 Vehicle diagnostic analytics solutions are witnessing rapid adoption across the automotive industry, primarily among vehicle fleet owners. Some of the major factors driving the demand for vehicle diagnostic analytics solutions are the growing demand for vehicle diagnostic analytics in fleet management, rapid adoption of connected, autonomous, shared, and electric (CASE) strategies by original equipment manufacturers (OEMs) in the automotive industry, increasing focus on predictive maintenance for cost-savings and enhanced safety, and growing application of vehicle diagnostic analytics by OEMs in warranty analytics.

2. The vehicle diagnostic analytics market is projected to reach $4,425.6 million by 2031 from $1,827.4 million in 2021, growing at a CAGR of 9.22% during the forecast period 2022–2031. The growth in the this market is expected to be driven by the growing demand for vehicle diagnostic analytics in fleet management, rapid adoption of connected, autonomous, shared, and electric (CASE) strategies by original equipment manufacturers (OEMs) in the automotive industry, increasing focus on predictive maintenance for cost-savings and enhanced safety, and growing application of vehicle diagnostic by OEMs/automotive dealers in warranty analytics. Electric Vehicles to Dominate Vehicle Diagnostic Analytics Market The electric vehicles market has been rapidly growing, primarily attributed to the growing push by the governments across the world for vehicle electrification and increasing number of electric vehicle offerings by established players in the global automotive market. The automotive OEMs are becoming increasingly dependent on vehicle diagnostic analytics solutions to refine their electric vehicle models and boost their profitability. With the electric vehicles market expected to grow at a much faster rate during the forecast period, primarily in large developing economies, electric vehicles are expected to dominate the vehicle diagnostic analytics market over the coming years during the forecast period. On-Demand deployment model is expected to witness a higher adoption rate over the coming years during the forecast period. It is due to the flexibility and scalability that cloud-based on-demand deployment model has to offer. It is also convenient for the end users as they can be tailored to the needs of end users without paying for high setup and maintenance fees. With rise in demand for real-time diagnostic analytics solutions for vehicles, on-demand deployment is likely to grow significantly during the review period. Request A Free Detailed Sample on Vehicle Diagnostic Analytics Market! Recent Developments in the Vehicle Diagnostic Analytics Market ● In February 2022, OCTO Telematics announced a new agreement in its partnership with Ford Motor Company to extend its data streaming into Europe. By leveraging Ford’s connected vehicle data, OCTO would enhance its market-proven telematics services in insurance and analytical services in the U.K., Italy, Germany, France, and Spain. In January 2022, Continental came up with a new 4G dongle, thereby boosting the performance of its remote vehicle data platform for vehicle data of numerous makes and models. In February 2021, Harman International acquired all the assets of Savari, Inc. for developing vehicle-to-everything communications technology in 5G edge and automotive devices. In August 2020, Teletrac Navman US Ltd. announced the next-generation solution, TN360, powered by artificial intelligence that delivers telematics functionality, providing fleet management with smart, predictive, and actionable insights. In September 2019, Bosch enhanced its vehicle diagnostic analysis for FSA 720 and FSA 740 and adapted it to the use of 48-volt on-board systems in passenger cars. ● ● ● ●

3. Europe to Witness Fastest Growth in Vehicle Diagnostic Analytics Market The European region has witnessed a rapid adoption of electric vehicles and development of advanced vehicle analytics solutions over the past decade (2011-2021). With governments across the region supporting the adoption of electric vehicles through favorable policies and incentives, the demand for vehicle diagnostic analytics solution is likely to surge over the next decade (2022-2032). Moreover, the region is home to some of the major established players in the market, such as Bosch Mobility Solutions and Continental Mobility Services. Access More: Get Detailed Insights on Automotive Market Research Reports Competitive Landscape Major vehicle diagnostic analytics solution providers are making various kinds of strategic moves to gain market share. Some key highlights with respect to major providers of vehicle diagnostic analytics solutions are: ● Bosch Mobility Solutions, Continental Mobility Services, HARMAN International, and Denso are some of the leading players globally. KPIT Technologies Limited, Silver Power Systems, Kinetica DB Inc., and Akkurate Oy are some of the emerging companies. Partnerships and joint ventures have been the leading strategies adopted by companies, as it not only helps them develop customer-relevant and advanced diagnostic analytics solutions but also boosts their revenues and attract new customers. Apart from partnerships and joint ventures, product developments and mergers & acquisitions are some other strategies being implemented by the existing as well as emerging players in the market. ● ● ●