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Automotive Test Equipment Market Size, Share, Growth 2024-2033
Automotive Test Equipment Market Size
Automotive Test Equipment Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $19.5 billion In 2028 At A CAGR Of 6.6% :
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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Automotive Test Equipment Market Major Segments
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
Key Driver - Rise In The Adoption Of Autonomous Vehicle
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.
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Prominent Trend - Driving Innovation: Strategic Partnerships Transforming The Automotive Test Equipment Market
Strategic partnerships and collaborations are a key trend gaining popularity in the automotive test equipment market. Major companies operating in the automotive test equipment market are focused on strategic partnerships to develop innovative products and strengthen their market position. For instance, in September 2021, Rohde & Schwarz, a Germany-based electronics group collaborated with Vector Informatik, a Germany-based manufacturer of automotive electronics for development of hardware-in-the-loop validation of automotive radar sensors. This system involves the use of environment simulation and user interface for scenario configuration. This system can also effectively test advanced driverless assistance systems for autonomous driving functions of cars.
Automotive Test Equipment Market Players
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
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Largest And Fastest Growing Region In The Market
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
The Table Of Content For The Market Report Include:
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
…..
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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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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