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Oct 7, 2020 8:30 AM ET

Global Automotive Test Equipment Market Is Anticipated To Reach Around USD 722 Million By 2024

iCrowd Newswire - Oct 7, 2020

Zion Market Research has published a new report titled “Automotive Test Equipment Market by Product (Chassis Dynamometer, Engine Dynamometer, Wheel Alignment Tester, and Vehicle Emission Test System), by Vehicle (Passenger Vehicles, LCV, and HCV), and by Application Tool (Handheld Scan Tool, Mobile Device-Based Scan Tool, and PC/Laptop-Based Scan Tool): Global industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024’’. According to the report, the global automotive test equipment market was valued at around USD 470 million in 2017 and is expected to reach approximately USD 722 million by 2024, at a CAGR of slightly above 6.31% between 2018 and 2024.

Automotive test equipment is globally adopted for executing high-quality control tests for ensuring and improvising a vehicle’s overall performance. The prime function of these testing devices is to enhance automotive operation. The worldwide adoption of automotive testing equipment is trending due to the implication of quality tests on automobiles. Automotive test equipment holds prime importance in the regulation of a vehicle’s overall performance, lifecycle, and operation.

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Global Automotive Test Equipment Market

The automotive testing equipment ensures overall efficiency, performance, safety, and functionality of vehicles. The worldwide safety standards related to the automotive industry is likely to fuel the automotive test equipment market in the upcoming years. The original equipment manufacturers (OEMs) of automobiles across the globe are relying heavily on automotive testing equipment to adhere to stringent safety standards implemented by their respective governments. Rising concern of automobile OEMs regarding technological enhancement and up-gradation of automotive test equipment is projected to propel the automotive test equipment market over the estimated timeframe. The rising demand for highly efficient vehicles is anticipated to significantly contribute toward the automotive test equipment market growth in the future. However, the supplementary technological up-gradation expenses might the automotive test equipment market in the future.

Automotive test equipment market is segmented based on product, vehicle, and application tool. The product segment is classified into chassis dynamometer, engine dynamometer, wheel alignment tester, and vehicle emission test system. Chassis dynamometers are likely to hold a significant market share in the future, due to growing automobile manufacturing facilities. By vehicle, the market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The rising production of passenger vehicles is likely to fuel the market for passenger vehicles segment in the future. Application tools segment is further classified into mobile device-based scan tool, handheld scan tool, and pc/laptop-based scan tool. Handheld scan tools are likely to dominate the market in the upcoming years, due to their easy handling, portability and increased product demand.

By region, the automotive test equipment market includes North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America is likely to contribute a major share to the global automotive test equipment in the future, due to the growing security concerns among large-scale enterprises. The European automotive test equipment market is project6ed to witness noteworthy growth in the upcoming years, owing to the presence of globally renowned automotive test equipment manufacturers, such as Siemens in the region.

Some key participants operating in the global automotive test equipment market, such as Siemens AG, ACTIA Group S.A., Robert Bosch GmbH, Delphi Automotive PLC, ABB Ltd., EM TEST GmbH, Presto Stantest Pvt. Ltd., Sierra Instruments, Inc., and Moog, Inc., among others.

This report segments the automotive test equipment market into:

Automotive Test Equipment Market: Product Analysis

Automotive Test Equipment Market: Vehicle Analysis

Automotive Test Equipment Market: Application Tool Analysis

Automotive Test Equipment Market: Regional Analysis

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Keywords:    Automotive Test Equipment Market

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