Automotive Test Equipment Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The automotive test equipment market size has grown strongly in recent years. It will grow from $14.21 billion in 2023 to $15.09 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to safety and regulatory compliance, consumer safety concerns, increasing complexity of vehicles, globalization of automotive manufacturing.
The automotive test equipment market size is expected to see strong growth in the next few years. It will grow to $19.5 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to electric and autonomous vehicles, environmental testing for electric vehicles, software and firmware testing, cybersecurity testing, shift to shared mobility, end-of-line testing. Major trends in the forecast period include connectivity and advanced driver-assistance systems (adas), industry 4.0 and smart manufacturing, electromagnetic compatibility (emc) testing, artificial intelligence (ai) integration, simulation and virtual testing.
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Scope Of Automotive Test Equipment Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
Growth in the adoption of autonomous vehicles is expected to propel the growth of the automotive test equipment market. The increasing availability of autonomous vehicles at affordable prices and growing customer preference for highly secured vehicles with autonomous features to reduce their driving burden have contributed to the increased adoption of autonomous vehicles across the globe. Autonomous vehicle manufacturers rely on automotive test equipment to ensure the vehicle performance meets international regulations and safety standards, therefore, creating an increased demand for automotive test equipment. According to an April 2021 report by the Center for Strategic and International Studies, a US-based non-profit policy research organization, it is forecasted that the market for autonomous vehicles is expected to reach $1 trillion in 2030 and $3 trillion by 2040. Therefore, the growth in the adoption of autonomous vehicles is expected to boost demand for automotive test equipment during the forecast period.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The automotive test equipment market covered in this report is segmented –
1) By Product Type: Chassis Dynamometer, Engine Dynamometer, Vehicle Emission Test system, Wheel Alignment Tester
2) By Vehicle Type: Passenger Car, Commercial Vehicles
3) By End User: Original Equipment Manufacturer (OEM) assembly plant, Original Equipment Manufacturer (OEM) R&D, technical center, Authorized Service Center
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Regional Insights –
Asia-Pacific was the largest region in the automotive test equipment market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive test equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the automotive test equipment market report are Robert Bosch GmbH, Vector Informatik GmbH, Asea Brown Boveri Ltd., Siemens AG, Actia SA, Continental AG, Horiba Ltd., Softing AG, Teradyne Inc., MTS Systems Corporation, Denso Corporation, Technischer Überwachungsverein SÜD, PTM Electronics Inc., MAHA Maschinenbau Haldenwang GmbH & Co. KG, DSA Daten- und Systemtechnik GmbH, Millbrook Proving Ground Ltd., Sierra Instruments Inc., Snap-on Incorporated, AVL List GmbH, Delphi Technologies, SGS SA, Honeywell International Inc., SAKOR Technologies Inc., National Instruments Corporation, Cosworth Ltd., Danaher Corporation, MK Test Systems Ltd., Sun Electric Corporation, Cincinnati Test Systems Inc., Dewesoft d. o. o
Table of Contents
1. Executive Summary
2. Automotive Test Equipment Market Report Structure
3. Automotive Test Equipment Market Trends And Strategies
4. Automotive Test Equipment Market – Macro Economic Scenario
5. Automotive Test Equipment Market Size And Growth
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27. Automotive Test Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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