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Advancing Vehicle Performance: Automotive Test Equipment Market Analysis 2024
Automotive Test Equipment Market Segments
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Automotive Test Equipment Market 2024 Key Insights:
• 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%.
• Rise In The Adoption Of Autonomous Vehicle
• Driving Innovation: Strategic Partnerships Transforming The Automotive Test Equipment 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
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