Europe Vehicle Remote Diagnostic Market Is Expected To Reach USD 5.2 Bn By 2032 | Report By Future Market Insights

Monday, 27 June 2022, 6:59 pm
Press Release: Future Market Insights

The Europe Vehicle Remote Diagnostic Market is expected to reach US$ 1.6 Bn in 2022 & US$ 5.2 Bn by 2032, probably to surge at a robust 12.5% CAGR during the assessment period. Vehicle diagnostics systems are made up of a vehicle on-board unit (OBU) and a vehicle diagnostics server (VDS). Vehicle OBU and VDS communicate with several subsystems, including the vehicle wireless network, GPS, CAN (Controller Area Network) bus, on-board diagnostics (OBD), and an online expert system.

From the CAN bus and OBD, the vehicle OBU gets real-time vehicle operating data such as speed, engine RPM (revolutions per minute), throttle, brake, coolant temperature, battery voltage, O sensor, fuel trim, and fuel consumption.

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Expert systems incorporated into the VDS assess vehicle operating data and provide real-time diagnostics and issue early warnings. Once abnormal circumstances are recognized, the VDS will notify the driver or qualified factory regarding the need for vehicle maintenance or repair. Consumers can manage and asses these operations in the vehicle, on cloud-based software or through mobile applications in real-time.

Manufacturers in the market are aiming to improve sales by using additional contact points inside and outside of automobiles. For these and other parties, automotive data offers significant insights—often gathered through driver interactions with vehicle systems—that are not available from other sources.

Surging demand for advanced components developed by OEMs for enhancing vehicle performance and gathering critical data is increasing the demand for vehicle remote diagnostic services.

Key Takeaways:

• By solution, sales in the vehicle remote diagnostic software (ECU diagnosis software) segment are projected to grow at a 14.1% CAGR through 2032.
• In terms of vehicle type, demand in the passenger & light commercial vehicle segment is estimated to grow by 3.6X during the forecast period.
• Based on engine type, sales in the electric/hybrid segment are forecast to increase at a CAGR of 14.0% between 2022 & 2032.
• Germany is expected to dominate the Europe vehicle remote diagnostic market, accounting for 14.3% of the total market share.
• The market in Spain is expected to progress at a CAGR of around 13.1% through 2032.
• In the U.K., demand for t vehicle remote diagnostic market is expected to grow by 5.0X during the forecast period.
• Vehicle remote diagnostic market in BENELUX is estimated to offer an absolute opportunity of US$ 224.1 Mn over the assessment period.

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Europe Vehicle Remote Diagnostic Market Outlook by Category

By Solution:

• Vehicle Remote Diagnostic Software (ECU Diagnosis Software)
• Remote Diagnostic Services

By Vehicle Type

• Passenger & Light Commercial Vehicle
• Heavy Commercial Vehicle

By Engine Type:

• Internal Combustion Engine
• Electric/ Hybrid Engine

By Country:

• Germany
• Italy
• France
• U.K.
• Spain
• BENELUX
• Norway
• Sweden
• Denmark

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, UAE, and has its global delivery center in India. In addition to these, FMI also carries out business development and client engagement through its US and UK offices.

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