Overview of the global automotive test equipment market
Technavio's research analysis on the global automotive test equipment market has identified the rising safety concerns among customers as one of the major factors that will have a positive impact on the market's growth in the coming years. Owing to the rise in number of road accidents, especially in regions with less-stringent rules for road safety, safety features have become one of the primary factors influencing the purchase decision of the customers. This will induce manufacturers to increasingly focus on ensuring high-quality active and passive safety features in vehicles. The rise in safety consciousness among the consumers will result in the stringent need for quality checks, driving the need for improved test equipment. This will boost the growth of the automotive test equipment market during the forecast period, which according to our market research analysts will grow at a CAGR of about 6% by 2021.
The rising popularity of hybrid vehicles is one of the key trends that will gain traction in the automotive test equipment market. Owing to factors such as the need for high maintenance and increased emissions from diesel engines, manufacturers are focusing on the development of hybrid vehicles. These hybrid vehicles are a combination of diesel or petrol engines with an electric motor that consumes less fuel. The major automotive manufacturers such as Porsche, McLaren, and Ferrari are already concentrating on using hybrid engines in their vehicles. The rising adoption of hybrid and pure electric vehicles, especially in the developing regions such as India and China will subsequently drive the growth of this automotive testing tools market.
Competitive landscape and key vendors
The automotive test equipment market has the presence of well diversified, local, regional, and international manufacturers. Manufacturers in this marketspace focus on offering highly customized automotive test equipment at competitive prices. The level of competition among the players in this automotive testing tools market will intensify in the coming years due to the rise in product extensions and technological advancements.
The leading vendors in the market are ?
The other prominent vendors in the market are ACTIA Group, ADVANTEST, EM TEST, Freese Enterprises, Honeywell International, Moog, Presto Testing Instruments, Sierra Instruments, SPACE S.R.L, Técnicas Reunidas de Automoción, and Tesscorn.
Segmentation by product type and analysis of the automotive test equipment market
Vehicle emission test system
Wheel alignment tester
The utilization of chassis dynamometers is one of the widespread methods for vehicle testing. Since this is the preliminary test required for all automobiles, the growth of this market segment is dependent on the number of manufacturing centers for automobiles. Developing economies such as India that are witnessing an expansion of the manufacturing bases, will witness the maximum demand for chassis dynamometers in the coming years.
Geographical segmentation and analysis of the automotive test equipment market
In terms of geographic regions, APAC will hold the maximum shares of the automotive test equipment market till the end of the forecast period. This is mainly due to factors such as the increase in urban population, the rising investments in innovation, and the growth in automobile exports. China, Japan, and India are the countries that largely contribute to the market's growth in this region.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global automotive test equipment market?
What are the key market trends impacting the growth of the global automotive test equipment market?
What are the challenges to market growth?
Who are the key vendors in the global automotive test equipment market?
What are the market opportunities and threats faced by the vendors in the global automotive test equipment market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global automotive test equipment market?
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To help clients gain a competitive advantage and increase revenue especially in niche markets, this market report on the automotive test equipment market covers vendors like Robert Bosch GmbH, Siemens AG, Honeywell Industrial Inc, and ABB. According to our industry analysts, the growth of the electric vehicle market is expected to stimulate the automotive test equipment market in the coming years. Furthermore, to present clients with the opportunity to explore multiple market segments and expand in niche markets, this report on the automotive test equipment market also covers geographies like the Americas, APAC, and EMEA.
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