Automotive Test Equipment Market Overview:
The automotive test equipment market 2023 is all set to achieve a strong
valuation of close to USD 4.5 billion by 2032, presumes Market Research Future
(MRFR). The market is also anticipated to progress at a rate of 4% between 2024
and 2032, reveals the study by MRFR. We will provide COVID-19 impact analysis
with the report, offering an in-depth review of the market following the coronavirus
disease outbreak.
Top Drivers and Key Challenges
MRFR identifies the top impacting factors to be the increasing concerns
with regard to vehicle safety and the growing number of road accidents. Road
accidents have surged at an alarming pace across regions where less strict safety
rules are prevalent, leading to higher need for safety features and change in purchase
behavior of the customers. This factor has also prompted manufacturers to concentrate
more on developing better quality passive and active safety features in their vehicles.
The mounting safety consciousness among drivers has led to a dire need for
strict quality checks, boosting the demand for automotive test equipment. The
market for automotive test equipment can also be positively impacted by the
soaring popularity of hybrid vehicles, a trend that is expected to gain more
prevalence in the coming years.
Get Free Sample Report of Automotive Test Equipment Market
Many of the leading automotive manufacturers like McLaren, Ferrari
and Porsche sense the opportunities in the market and focus heavily on building
hybrid engines for their vehicles. In addition to hybrid vehicles, electric
vehicles are also observing immense demand across developing countries like
India and China, which MRFR touts to be a significant growth booster in the automotive
testing tools market.
Prominent Companies
Softing AG (Germany), Honeywell International Inc. (US), ABB Ltd
(Switzerland), Advantest Corp (Japan), Teradyne Inc. (US), Horiba Ltd. (Japan),
Siemens (Germany), Robert Bosch GmbH (Germany), Actia S.A. (France), Delphi
Automotive PLC (UK), are the most prominent companies in the automotive test
equipment market.
Recent News
May 2020
AB Dynamics is now an owner of a new testing service division, to
bring down the mounting complexity of automotive tests.
These testing services will be
segmented into three sections, namely training, testing and consultancy. The
company’s Simpia toolchain software, an automotive test equipment, will prevent
repetitive AV or ADAS tests and can facilitate perfect replication on the test
track, from virtual testing on simulators to real life.
Automotive Test Equipment Market COVID-19
Analysis
The novel coronavirus has left every industry in a lurch, including
the automotive sector. The short term impact has led to manufacturing units closing
down due to the lockdown policy imposed by the governments. Production units are
facing issues in the form of lack of staff because of the social distancing
practice induced by the pandemic. SARS-CoV-2 has resulted in showrooms getting closed
shut, and a downfall has been noted in vehicle sales across the world. The
automotive industry is struggling in the light of economic crisis due to the
COVID-19 outbreak, coupled with disruption in the supply chain network across
the globe.
Having said that, the automotive industry can expect some relief
from the several mitigation measures that are being taken by governments of
various regions. For instance, the European Union is backing the automotive
industry with the Pandemic Emergency Purchase Program, which helps buy
commercial papers and sovereign bonds from the commercial firms and member
states while maintaining liquidity within the financial system. EU has also
relaxed its regulations and is willing to expand the size of any asset purchase
for extended period. With the advent of contingency plans across countries and
financial institutions proposing relief plans, the automotive industry and in
turn, the automotive test equipment can remain profitable despite the COVID-19
impact.
Automotive Test Equipment Market
Segmentation
The automotive test equipment industry has been considered for
segments such as product type, vehicle type as well as application.
The product types listed in the market study are chassis
dynamometer, wheel alignment tester, vehicle emission test system and engine
dynamometer.
The vehicle type-based categories include light commercial
vehicle, heavy commercial vehicle and passenger car.
The application areas of automotive test equipment include pc/laptop-based
scan tool, handheld scan tool, mobile device-based scan tool, and more.
Regional Outlook
The key markets for automotive test equipment covered in the
report are North America, APAC or Asia Pacific, Europe, and RoW or the rest of
the world.
The biggest gainer in the coming years is expected to be the APAC
market, backed by the consistent growth in the urban population, considerable
spending on technological innovation, and the surge in automobile exports.
Japan, India and China are the most lucrative markets in the region, since
these countries are increasingly observing expansion of the manufacturing sector
and the emerging trend of chassis dynamometers and other innovative automotive
products.
Europe, with the second lead in the global market, profits from
financial stability and the massive customer base in the automotive industry.
The high demand for vehicles also prompts leading manufacturers in the region
to boost their manufacturing activities to produce more advanced vehicles
fitted with the latest technologies. It is also projected that the competition between
vendors in the automotive test equipment market can intensify in the following
years, in light of the increasing technological innovations and product
extensions.
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