Report: Scan Tool Market to be Worth $3.8 Billion by 2018

Dec. 16, 2013—Due to growing vehicle sales and continued advancements in vehicle technology, the U.S. and European automotive diagnostic scan tool markets are estimated to be worth $3.8 billion by 2018, according to a report released on Friday.

The study was released by Markets and Markets, a U.S.–based global research and consulting company, and is entitled "Automotive Diagnostic Scan Tools Market by Geography (U.S., Europe, Asia-Pacific & ROW) & Product Type (Diagnostic Equipment, Diagnostic Software, & Repair & Diagnostic Data) - Industry Trends & Forecast to 2018.”

The U.S market is estimated to reach a value of $1.8 billion in 2018, and the European market is expected to grow to $1.9 billion in the same year.

According to the report, the growth in vehicle sales and the advanced technology in those vehicles is the reason for the scan tool market boom.