LONDON, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Avail a limited period discount of 33% on our uniquely designed Opportunities and Strategies market research reports. Contact us today and make winning strategies!
According to The Business Research Company’s research report on the automotive test equipment market, the rising production of passenger vehicles is significantly contributing to the growth of the automotive test equipment market. Passenger vehicles are motor vehicles that are used to transport people. The high production requires a large number of automotive test equipment to ensure the vehicle performance meets the international regulations and safety standards, therefore, creating demand for automotive test equipment. For instance, according to the China Association of Automobile Manufacturers In 2021, the production of passenger vehicles was approximately 21.40 million in 2021, a year-on-year increase of 7.1%. Therefore, the rising production of passenger vehicles is driving the growth of the automotive test equipment market.
The global automotive test equipment market size is expected to grow from $2.51 billion in 2021 to $2.73 billion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The automotive test equipment market share is expected to reach $3.37 billion in 2026 at a CAGR of 5.5%.
Technological advancement is a key trend gaining popularity as per the automotive test equipment market outlook. Major companies operating in the automotive test equipment sector are focused on developing technologically advanced solutions to increase the consumer base. For instance, in August 2021, Keysight Technologies, a US-based electronics company launched Scienlab SL1700A Series, a battery pack test system based on high voltage silicon carbide technology. It provides higher voltages and more power in less space. This system is launched for battery packs up to 1500 V for industrial and automotive applications.
Major players in the automotive test equipment market are Robert Bosch GmbH, Vector Informatik, ABB Ltd, Siemens AG, Actia S.A., Continental AG, Horiba Ltd., Softing AG, Teradyne Inc., MTS Systems Corporation, Denso Corporation, ACTIA Group, TÜV SÜD, PTM Electronics, MAHA Maschinenbau Haldenwang GmbH, DSA Daten- und Systemtechnik GmbH, Millbrook Proving Ground, and Sierra Instruments.
The global automotive test equipment market analysis is segmented by product type into chassis dynamometer, engine dynamometer, vehicle emission test system, wheel alignment tester; by vehicle type into passenger car, commercial vehicles; by application into handheld scan tool, mobile device-based scan tool, pc or laptop-based scan tool; by end-use into original equipment manufacturer (OEM) assembly plant, original equipment manufacturer (OEM) R and D, technical center, authorized service center.
Asia-Pacific was the largest region in the automotive test equipment market in 2021. The regions covered in the automotive test equipment market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Automotive Test Equipment Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide automotive test equipment market overview, automotive test equipment market forecast size and growth, automotive test equipment market segments and geographies, automotive test equipment market trends, automotive test equipment market drivers and restraints, automotive test equipment market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Not the market you are looking for? Check out some similar market intelligence reports:
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
