Automated Test Equipment Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The automated test equipment market is expected to grow from USD 7.0 billion in 2022 to USD 8.8 billion by 2027; it is expected to grow at a CAGR of 4.7% during the forecast period. Major factors driving the growth of the automated test equipment market are expected to be driven by the rising application in consumer electronics. Likewise, with technological advancement in automotive sector has increased significantly, creating lucrative opportunities for the market players.

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The automotive and transportation segment is projected to register the highest CAGR during the forecast period. With the extensive demand for sophisticated electronic systems for luxury cars and sport utility vehicles (SUVs), ATE are likely to witness high demand from the automotive sector. The importance and necessity of semiconductor devices, such as power devices and modules, has been increasing in automotive applications such as modernized vehicles, hybrid electric vehicles, and other applications in the automotive sector. The electronic components in these vehicles include electronic control units, mobile communications, security, entertainment, and networking devices. These components and devices represent approximately 30% of the total cost of vehicles. This raises the requirement for testing such semiconductor devices before being used in automotive applications. There is, therefore, a great demand for ATE in the automotive sector.

The scope of the North American ATE market includes the US, Canada, and Mexico. The region holds the second-largest share of the ATE market owing to the presence of major fabrication plants and consumer electronics manufacturers. The region is home to a few of the leading semiconductor companies such as Intel (US), Texas Instruments (US), Qualcomm (US), and Advanced Micro Devices (US), which makes the region technologically advanced.

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Key players in the automated test equipment market are grabbing opportunities by indulging in agreements, partnerships and acquisitions. Product development and expansions were a few of the other strategies adopted by companies in this market to strengthen their market position.

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This release was published on openPR.