(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Feb 12, 2021, 09:50 /Comserve / -- The automotive test equipment market comprises of major manufacturers such as ABB (Switzerland), Bosch (Germany), Horiba (Japan), Honeywell (US), Delphi (UK), and Siemens (Germany).
'Strict government regulations regarding fuel efficiency and carbon emissions and increase in sales of passenger cars and commercial vehicles have driven the automotive test equipment market globally. The global automotive test equipment market is estimated to grow from USD 2.2 billion in 2018 at a CAGR of 3.95% to reach USD 2.9 billion by 2025. Increased advancements in the test equipment technology will boost the automotive test equipment market. However, maintaining a balance between high accuracy, performance, quality, and cost act as a hurdle for the growth of the automotive test equipment market.
The automotive test equipment market comprises of major manufacturers such as ABB (Switzerland), Bosch (Germany), Horiba (Japan), Honeywell (US), Delphi (UK), and Siemens (Germany).
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'Increasing adoption of mobiles in the automotive industry is expected to drive the mobile/tablet based equipment market.
Mobile/tablet based equipment market is the fastest and largest growing segment of the automotive test equipment market. Mobile technology in the testing process is trending in the automotive industry and is likely to shape the testing world of automakers. The mobile industry has seen exponential growth in the adoption of smart phones from the last few years. Increasing investments have been made by many companies for mobile/ tablet application development. This can create a huge opportunity for the growth of mobile/tablet based test equipment.
'OEM R & D/technical center market for is projected to grow fastest during the forecast period.
Heavy investments by vehicle manufacturers in research and development for the automobile technologies is contributing to the growth of the test equipment market. To offer high quality products and features in the vehicles, the automakers make various automotive components that undergo testing processes to comply the standards as per the regulations. This factor makes the R & D centers of vehicle manufacturers a major testing hub for the assessment of several automotive mechanisms and advanced technologies. Hence, OEM R & D/technical center market of the automotive test equipment market, by end market type, is projected to grow the fastest.
'North America is expected to record the second largest market during the forecast period.
Asia Pacific is estimated to be the largest automotive market followed by North America and Europe. North America is home to leading vehicle manufacturers such as Ford Motors, General Motors, and Tesla. The North American automotive industry has witnessed rapid development because of favorable policies adopted by the governments in the manufacturing sector. The US is estimated to account for the largest share of the North American automotive test equipment market during the forecast period. The US automotive industry is highly inclined toward innovation, technology, and development of high-performance and fuel-efficient vehicles. Factors such as stringent emission norms and rising demand for vehicle dynamics are expected to propel the automotive test equipment market in North America.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the automotive test equipment market.
- By Company Type: OEM - 45% Tier I - 30%, Tier II - 15%, and Tier III - 10%,
- By Designation: C Level - 35%, D Level - 25%, and Others - 40%
- By Region: North America - 30%, Europe - 20%, Asia Pacific - 35%, Rest of the World- 15%
Research Coverage:
The market study covers the automotive test equipment market across different segments. It aims at estimating the market size and future growth potential of this market across different segments such as by product type, vehicle type, application type, end market type, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
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Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall automotive test equipment market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
TABLE OF CONTENTS
1 INTRODUCTION 17
1.1 OBJECTIVES OF THE STUDY 17
1.2 MARKET DEFINITION 17
1.3 MARKET SCOPE 18
1.3.1 MARKETS COVERED 18
1.3.2 YEARS CONSIDERED IN THE STUDY 19
1.4 CURRENCY & PRICING 19
1.5 PACKAGE SIZE 20
1.6 LIMITATION 20
1.7 STAKEHOLDERS 20
2 RESEARCH METHODOLOGY 21
2.1 RESEARCH DATA 21
2.2 SECONDARY DATA 23
2.2.1 KEY SECONDARY SOURCES 23
2.2.2 KEY DATA FROM SECONDARY SOURCES 24
2.3 PRIMARY DATA 24
2.3.1 SAMPLING TECHNIQUES & DATA COLLECTION METHODS 25
2.3.2 PRIMARY PARTICIPANTS 25
2.3.3 KEY DATA FROM PRIMARY SOURCES 26
2.4 MARKET SIZE ESTIMATION 27
2.4.1 BOTTOM-UP APPROACH 27
2.4.2 TOP-DOWN APPROACH 28
2.5 MARKET BREAKDOWN AND DATA TRIANGULATION 29
2.6 ASSUMPTIONS 30
3 EXECUTIVE SUMMARY 31
4 PREMIUM INSIGHTS 35
4.1 ATTRACTIVE OPPORTUNITIES IN THE AUTOMOTIVE TEST EQUIPMENT MARKET 35
4.2 AUTOMOTIVE TEST EQUIPMENT MARKET, BY REGION 36
4.3 AUTOMOTIVE TEST EQUIPMENT MARKET, BY COUNTRY 37
4.4 AUTOMOTIVE TEST EQUIPMENT MARKET, BY VEHICLE TYPE 38
4.5 AUTOMOTIVE TEST EQUIPMENT MARKET, BY APPLICATION TYPE 38
4.6 AUTOMOTIVE TEST EQUIPMENT MARKET, BY END MARKET TYPE 39
5 MARKET OVERVIEW 40
5.1 INTRODUCTION 40
5.2 MARKET DYNAMICS 42
5.2.1 DRIVERS 42
5.2.1.1 Increasing electric vehicle production and autonomous vehicle testing 42
5.2.1.2 Increasing electronic architecture in modern vehicles 44
5.2.1.3 Rise in stringent emissions norms to prevent environmental impact 44
5.2.1.4 Technological advancements in automotive test equipment 45
5.2.2 RESTRAINTS 46
5.2.2.1 High cost of advanced technology equipment 46
5.2.2.2 Lack of trained workforce for advanced test equipment 46
5.2.2.3 Lack of R & D facilities for automotive test equipment 46
5.2.3 OPPORTUNITIES 47
5.2.3.1 Analyzing real-time vehicle data and simulation testing 47
5.2.3.2 Increased demand for high-performance vehicles 47
5.2.3.3 Monetizing vehicle data 47
5.2.3.4 Growing demand for onboard diagnostic tools 48
5.2.4 CHALLENGES 48
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