Remote Vehicle Diagnostics Market Revenues Forecast to Rise to $2.38 Billion in 2007
New analysis from Frost & Sullivan (transportation.frost.com) on North American remote vehicle diagnostics markets reveals that this industry generated revenues of $360 million in 2000 and will increase steadily to $2.38 billion by 2007.
“Automakers and fleet operators are creating the original market for remote vehicle diagnostics systems because of the benefits offered,” says Frost & Sullivan Analyst Laurence Fourchet. “Consumer demand is expected to develop as the public becomes more aware of remote systems and accepts the technology.”
Since automakers recognize the immediate benefits of installing the product into their vehicles, Fourchet expects initial growth to boom. With remote vehicle diagnostics’ ability to obtain continuous real-time data, automobile manufacturers can quickly compile information to identify common problems or design issues.
These real-time performance statistics can be sent to a company’s product development and manufacturing department for a proactive approach to addressing customer complaints.