Automotive Test Equipment Market Expected To Observer Major Growth By 2025
Automotive test equipment are providing control over the stability of the vehicle and excelling the riding comfort, these advantages are fuelling the market for automotive test equipment.
Automotive Test Equipment Market: Drivers and Challenges
Expected growth in automotive industry is projected to fuel the growth in automotive test equipment market during the forecast period. As original equipment manufacturers are technologically advancing the automotive test equipment, the global automotive test equipment industry is expected to experience a growth during the forecast period. The growing demand for automotive test equipment from Asia Pacific and Middle East is fuelling the growth of the global automotive test equipment market. Stringent emission regulations regarding CO2 and NOX are boosting the demand for automotive test equipment globally.
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Automotive test equipment market is facing a challenge of market maturity in the developed economies such as U.S.A., Canada, etc.
Automotive Test Equipment Market: Overview
The global automotive test equipment market is expected to expand at a CAGR of around 4-7% during the forecast period (2016-2025), due to stringent government emission regulations (CO2 and NOX) and technological advancements.
Automotive Test Equipment Market: Segmentation
The global automotive test equipment market can be segmented on the basis of type of vehicle, type of product and by regions.
Based on type of vehicle, the global automotive test equipment market is segmented as:
Based on type of product, the global automotive test equipment market is segmented as:
Vehicle emission test system
Wheel alignment tester
Automotive Test Equipment Market: Region-wise Outlook
The global automotive test equipment market is expected to register a single-digit CAGR for the forecast period. Depending on geographic regions, global automotive test equipment market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. In terms of market revenue, Asia Pacific automotive test equipment market is projected to register a fastest CAGR during the forecast period. Many automotive original equipment manufacturers are shifting their manufacturing base to Asia Pacific, as the region is considered to be the low cost production destination. Due to the increased presence of manufacturing plants in Asia Pacific, the demand for automotive test equipment is growing in the region. North America & Western Europe are the matured markets for automotive test equipment and they are projected to register a single-digit CAGR of 4-5% during the forecast period.
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Asia Pacific is forecast to register a fastest CAGR during the forecast period, due to the high demand for automotive test equipment from countries such as India and China. Expected growth in the automotive production is also going to fuel the demand for automotive test equipment in Asia Pacific.
Automotive Test Equipment Market: Key Players
Some of the key market participants in global automotive test equipment market are Robert Bosch gmbh, Siemens AG, Honeywell Industrial Inc., ABB Ltd, Delphi Automotive PLC, Actia S.A., etc.
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