Press release
Automotive Test Equipment Market | Future Challenges and Industry Growth Outlook 2021-2027 | Key Players - Siemens, SGS SA, Robert Bosch GmbH, Horiba; Honeywell International Inc., PTM Electronics
Automatic test equipment or automated test equipment is any apparatus that performs tests on a device. Tests are performed using automation to quickly perform measurements and evaluate the test results. Automatic test equipment can be a simple computer-controlled digital multi meter, or a complicated system containing dozens of complex test instruments. In addition, it is widely used in the electronic manufacturing industry to test electronic components and in military applications such as radar and wireless communication. Thus, rapid usage of this equipment leads to the growth of the automotive test equipment market in near future.
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Covid-19 Scenario Analysis
• COVID-19 pandemic has major impacts on all aspects of industries, including the automotive sector, along with major manufacturers.
• The downturn in productivity, disruption in automotive supply chain, and lockdown of manufacturing units have severely impacted the new car demand, supply, and registrations.
• More use of vehicles results in more use of test equipment. However, due to COVID-19, there is no traffic and no demand for automotive test equipment.
• COVID-19 pandemic has restricted travel and use of vehicles. These are expected to restart only when the situation is stable.
• Original equipment manufacturers (OEMs) have also halted production, which has further decreased the demand for automotive test equipment.
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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The significant factors that impact the growth of the automotive test equipment market are growth in adoption of autonomous vehicles and rise in concerns regarding the environment. However, high level of cost and implementation of advance testing equipment hamper the growth of the automotive test equipment market. Furthermore, increase in demand for vehicles and technological upgrades are expected to fuel the automotive test equipment market growth.
Growth in adoption of autonomous vehicles
Autonomous vehicles can drive themselves from starting point to a predetermined destination. The rise in adoption of autonomous vehicles leads to rapid increase in requirement of test equipment. Thus, increase in demand for autonomous vehicles leads to the growth of the automotive test equipment market in near future.
Rise in concerns regarding the environment
Rise in concerns regarding the environment and presence of strict regulations to curb emissions from vehicles have increased the demand for test equipment. Thus, increase in demand for test equipment leads to the growth of the automotive test equipment market in near future.
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Key benefits of the report:
• This study presents the analytical depiction of the automotive test equipment market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the automotive test equipment market share.
• The current market is analyzed from 2020 to 2027 to highlight the automotive test equipment market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the automotive test equipment market research report:
• Which are the leading market players active in the market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?
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