According to Future Market Insights' annual global diagnostic tools for EVs market report, total sales for EV diagnostic tools alone is estimated to be around U.S. $1,628.1 million by the end of this year.
Last year, the overall market valuation of total sales of EV diagnostic tools was reported at U.S. $1,437 million.
Looking to the future, the report project sales to rise at an impressive growth rate of 12.8 percent, reaching U.S. $5,401.6 million by 2033.
Key takeaways
- As per the market estimate figures, the United States is the leading region in providing diagnostic tools for EVs. In 2022, the total revenue generated by the companies of diagnostic tools for EVs operating in the country was nearly U.S. $184 million.
- Leading factors driving in diagnostic tool sales: The increase in HEV and PHEVs as well as the interest in premium EVs that deliver maximum performance.
- Although sales of EVs have been slowing down, other markets in relation to EVs are still experiencing a favorable trajectory, such as modern software technology.
- In terms of value, the hardware segment of the market generates higher revenue in comparison to software and services. As per the diagnostic tools for EVs market report, this segment contributed 68.3 percent of the total revenue generated by the market in 2022.
- Tremendous progress has been made in the electric vehicle repair and maintenance business creating a huge opportunity for the market.
- Insufficient infrastructure in many regions continues to remain a key challenge for the market.
