Automotive Test Equipment Market to Value Over $ 2 Bn by 2026 End

  • 09 Apr 2019

The global automotive test equipment market is expected to value over $2 billion by 2026 end and recording a CAGR of 3.75% during the forecast period 2019-2026.

The automotive industry is progressing at a significant level. For the product to propel forward the mechanism that makes the product needs to keep up with the technological development and so does the testing equipment. 
The automotive industry has been the most popular industry and strives hard to deliver qualitative and innovative mobility solutions. The thorough testing of vehicles by employing ultra-modern automotive test equipment is of utmost importance to maintain a brand image in the competitive market. Automotive test equipment is the primary means of testing vehicles for quality control purposes to guarantee efficient vehicle performance. Technological advancements like vehicle automation, ever expanding vehicle manufacturing companies (both new and existing), rising demand for automotive testing for functions like vehicle emission system, fuel and lubricant interaction, wheel alignment, engine efficiency, etc. are factors contributing to tremendous growth in automotive test equipment. To prevent environmental impact stringent emission criteria is further boosting the market growth. 

Global Automotive Test Equipment Market Dynamics:
The global automotive test equipment market is anticipated driven by below aspects during the forecasted period- 
- Stringent emission regulations in lieu of environmental awareness and need to control the emission of harmful gases like carbon dioxide and nitrogen dioxide
- The rising automotive industry in both emerging and developed nations across the globe 
- Technological advancements in vehicle manufacturing processes

The overall automotive test equipment market is facing a challenge of:
- Delivering innovative technologically advanced automotive test equipment that performs quality control in timesaving fashion and produces accurate results
- Market maturity in developed nations

Global Automotive Test Equipment Market Segmentation Insights

Global Automotive Test Equipment Market, by Vehicle Type:

- Commercial Vehicle   
- Passenger Cars 
Passenger cars segment is the most widespread segment and is expected to experience significant CAGR during the forecasted period. The rise in demand for personal vehicles in emerging and developed economies due to the increase in the purchasing power amongst the general public will also contribute to the growth of the market for the coming years.

Global Automotive Test Equipment Market, by Product Type:

-  Vehicle Emission Test System  
-  Wheel Alignment Test  
-  Chassis Dynamometer  
-  Engine Dynamometer
 

Global Automotive Test Equipment Market, By Application: 
-  PC/Laptop Based Equipment  
-  Mobile/Tablet-Based Equipment 
PC/Laptop based equipment is estimated to account for the largest market size during the forecast period` This equipment is primarily a hardware and software bundle, covering all the necessary cables, hardware, and software. Used and preferred by technicians, this segment is forecasted to grow at the highest CAGR.

Global Automotive Test Equipment Market, By End Market: 
-  OEM R&D/Technical Center 
 -  OEM Assembly Plant 
 -  Authorized Service Centers 
 

Global Automotive Test Equipment Market, by Region:  
- Europe  
- North America  
- APAC  
- Latin America 
- Rest of the World
Factors such as readily available skilled and affordable labour, favourable government policies to encourage automotive manufacturing industry for mass-production in Asia-Pacific region are anticipated to put the region on the forefront of global automotive test equipment market during the forecasted period. 

Competitive Landscape:  
- Tier 1 players- established companies in the market with a major market share  
- Tier 2 players 
- Emerging players which are growing rapidly 
- New Entrants 
The global market is dominated by top firms such as ABB (Switzerland), Bosch (Germany), Horiba (Japan), Honeywell (US), Siemens (Germany), and Delphi (UK). These companies have strong global networks and offer a variety of products. Innovation, mergers, and expansion are core strategies used by these companies.  


FutureWise Takeaways  
 -Growth prospects  
- SWOT analysis 
- Key trends 
- Key data points affecting market growth
 

Objectives of the Study:  
- To provide with an exhaustive analysis on automotive test equipment market by vehicle type, product type, application, end market, and region 
- To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
- To evaluate and forecast micro-markets and the overall market  
- To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East 
- To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
- Profiling of companies to evaluate their market shares, strategies, financials and core competencies  

 

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