Remote Vehicle Diagnostics and Management Market Size is forecasted to reach $37.57 billion by 2026, growing at CAGR 14.06% during the forecast period 2021-2026. Remote vehicle diagnostics and management offers vehicle assistance such as monitoring, automatic crash notification, tracking of the vehicle and so on, which will enforce the end users to implement this technology in all vehicles owing to its huge benefits is the main factor which set to boost the market. Increase in demand for adoption of vehicle tracking devices by the transportation service providers to ensure fast movement of goods as well as to track locations of the vehicle is set to drive the growth of the market. In addition, increase in implementation of latest connectivity technologies in automotive sector for enhancing road safety has strong influence on the remote vehicle diagnostics market. Moreover, increasing stringency in government regulations for improving road safety standard leads to the adoption of advanced vehicle tracking devices for navigation purposes thereby contribute a significant expansion of Remote vehicle diagnostics and management market. In 2019 Ford Motor Company has announced the acquisition of Journey Holding Corporation for its vehicle tracking software and app-based technology, which is used to improve its mobility business services. Hence all these factors assist the market growth during the forecast period 2021-2026.

With the advancement in automotive sector, automobile manufacturing companies are implementing Remote Vehicle Diagnostics and Management in premium cars and luxury cars to enhance safety by installing vehicle tracking devices in cars. The Remote Vehicle Diagnostics and Management market has also witnessed a significant growth with the rise in demand for fleet services. Large and medium-sized fleet owners are increasingly utilizing fleet management solutions to streamline operations which are ideal to the growth of market. Fleet services encompass vehicle maintenance, vehicle financing, vehicle diagnostics, fuel management, driver management, and health and safety management. In October 2020, Mojio, a Canada based connected mobility platform and SaaS solutions provider, announced the launch of its new connected vehicle solution designed specifically for small business fleets, Force by Mojio.  By using Force by Mojio small business owners get access to real-time vehicle data and alerts, thus keeping vehicles safe and secure. Hence all these advancements globally drive the Remote Vehicle Diagnostics and Management market.

Europe Remote Vehicle Diagnostics and Management Market held significant market share of 28.64% in 2020.  The increasing adoption of smart technologies in automotive sector such is analyzed to expand Remote Vehicle Diagnostics and Management Market. UK, Germany France and Italy are top contributors for the rising automotive industry. Many automobile manufacturing companies such as Audi, Mercedes Benz, Land Rover, BMW and so on are present in this region. Land Rover offers advanced connectivity features called Protect, Remote Premium and Secure Tracker under In-control Package to check fuel levels remotely, find vehicle in a busy parking lot and so on through a handy smart phone app.  Under this package it also offers Optimized Land Rover Assistance to transmit location and vehicle diagnostic data to the Roadside Assistance Provider, in case of any emergency. Moreover, increasing demand telemetric solutions for intelligent vehicle tracking, engine health status, car finder, panic button alert and over speeding alerts also influences the market growth. Vodafone Automotive UK is a leading provider of automotive products and services which includes In-Car Telemetric, Usage-Based Insurance and Fleet solutions. In September 2019, Vodafone Business and Geotab collaborated to create Vodafone Business Fleet Analytics which uses vehicle data to generate insights that enable fleet managers to monitor as well as enhance the safety, performance and security of their drivers. Such developments can further influence the market growth in the long run.

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Remote Vehicle Diagnostics and Management Market Growth Drivers:

Electrification of vehicles is analyzed to drive the market growth in the forecast period

Growing demand for Electrification of vehicles is set to be one of the major factors analyzed to drive the market during the forecast period. As the need for interconnectedness rises, there is an increase in the number of electronic components in vehicles to collect real time data. Moreover, automobile manufacturing companies are rapidly incorporating advanced technology in vehicles such as advanced driver assistance systems, vehicle infotainment systems and vehicle networking systems, thus creating opportunities for growth of the market. By using Remote vehicle diagnostics and management system in vehicles, owners can discover issues on engine efficiency and vehicle condition long before they arise. The global Remote Vehicle diagnostics and management market is also dependent on adoption of electric vehicles. In  May 2021, Ermenegildo Zegna Group signed a Partnership with Stellantis Group, to promotes a program designed to change the whole fleets - to green cars i.e. plug-in hybrid and full electric vehicles by 2025, thus creating opportunities for the growth of the market. Hence all these developments are set to drive the market in the forecast period 2021-2026.

The Major Players in this Market Include

Major players in Remote Vehicle Diagnostics and Management Market include BMW, Continental AG, Delphi Automotive System PLC (Now Aptive PLC), Fluke Corporation, Magnetic Marelli S.p.A, Mercedes Benz, OnStar Corporation (General Motors), among others. In August 2020, Snap-On launched new APOLLO-D9, which provides technicians to get access to Intelligent Diagnostics, mainly filtered codes and vehicle specific data for quick repairing.

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