Transparency market research TMR which is a market intelligence company states that competition in the global remote diagnostics market is it raising. Players within the market are competing with each other by launching improved products and offering after sales service and support to customers. The report profiles key players within the global remote diagnostics market such as: Robert Bosch GmbH, OnStar LLC, Continental AG, Mercedes-Benz, Delphi Automotive plc, Magneti Marelli S.p.A., Softing AG, Vector Informatik, and Voxx International Corporation.
According to TMR, the global remote diagnostics market is anticipated to be worth US$42.04 bn by 2025. On the basis of application, the global remote diagnostics market is led by the roadside assistance segment driven by for safety and security of vehicles. On the basis of type of vehicle, the passenger vehicles is leading in the market on account of the rising demand for fuel efficiency as well as stringent regulations to control vehicle emissions. By connectivity, the Bluetooth segment is leading in terms of revenue generation driven by growing demand for electrical and electronic systems.
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Rise in Spending on Aftermarket Making Europe a Key Regional Market for Remote Diagnostics
On the basis of geography, North America has emerged as the most promising market for remote diagnostics and has been leading in the market on account of the early adoption of technology, stringent rules for emission control and vehicle safety, and the rising need for fuel economy. Europe is anticipated to be the second leading regional market for remote diagnostics driven by rising aftermarket spending and increasing trend of equipping vehicles with high-tech devices.
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Driven by Urgent Need to Control Emissions, Demand for Remote Diagnostics Rises
According to the lead author of this report, the growth of the global remote diagnostics market is primarily due to the strict rules and regulations regarding fuel economy as well as in missions all over the world. For curbing the hazardous emissions by vehicles, government agencies have issued several regulations and emission standards and this is where remote monitoring systems come into play as a device which can monitor emissions of carbon and other harmful gases. Also the demand for remote vehicle diagnostic solutions is increasing on account of technological advancements within the automotive industry.
Growing Concerns Regarding Safety and Security of Vehicles Behind High Demand
The rising trend of adopting connectivity and remote diagnostic solutions such as GPS will have a positive impact on the growth of the global remote diagnostics market. The increasing concern for safety and security of vehicles will also drive the demand for the more diagnostics. An increasing number of people in both developed and developing nations are making use of remote diagnostics systems for GPS navigation, integrated hands-free cell phones, wireless safety communications, and automatic driving assistant systems.
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Data Security Concerns to Restrict Adoption of Remote Diagnostics
On the other hand, data security concerns will be a factor which restricts the adoption of remote diagnostics. As more than bagels are often equipped with high-tech devices which observes and stores data or vehicles, the risk of a good hiking by using computer-generated information and the risk of acquiring driver information are some of the factors which are acting as challenge which is it deterring its adoption.