DUBLIN, Nov 28, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Remote Diagnostics Market - Forecast to 2021" report to their offering.
The global remote vehicle diagnostics market is projected to grow at a CAGR of 16.79% from 2016 to 2021, to reach a market size of USD 30.22 Billion by 2021. Stringent emission norms, the rising demand for safety and security in vehicles, and the growing inclination towards premium vehicles are expected to propel the growth of the remote vehicle diagnostics market. The remote vehicle diagnostics market, by application, is dominated by the roadside assistance segment, which is estimated to be the largest market, in terms of volume, during the forecast period. The high demand for roadside assistance as a standard feature in vehicles is attributed to the advantages it offers, including remote assistance at the time of a vehicle breakdown, emergency support, and sending a mechanic in case of critical failure. The market for such applications is witnessing substantial growth, with regulatory bodies planning to mandate some of the applications. The North American region is estimated to be the largest market for remote vehicle diagnostics during the forecast period. This can be attributed to the high adoption rate of innovations and advanced technology in the region. Additionally, the demand for premium cars with advanced safety and security features is high in this region. North America has some of the most stringent regulations for vehicle safety, emissions, and fuel economy in the world; this is expected to boost the market for remote vehicle diagnostics in the region. A key factor restraining the growth of the remote vehicle diagnostics market is data security and privacy concerns. Owing to the increased number of electronic components in the vehicle, additional data has to be diagnosed on a real-time basis. The need to provide real-time information would bring about the threat of cybersecurity. This would adversely affect the remote vehicle diagnostics market.