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New York, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Automotive Test Equipment Global Market Report 2022: Ukraine-Russia War Impact' -
The global automotive test equipment market 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, effecting many markets across the globe. The automotive test equipment market is expected to reach $3.37 billion in 2026 at a CAGR of 5.5%.
The automotive test equipment market consists of sales of automotive test equipment by entities (organizations, sole traders, and partnerships) that are used to test issues in automotive engines, components, and systems.Automotive test equipment puts the systems and components of the vehicle through a series of real-world and virtual assessments to ensure its safety, efficiency, and reliability.
Automotive testing is essential to test vehicles and comply with global safety regulations. Automotive test equipment uses various instruments to diagnose any potential problems in the vehicle, identify faults in the development phase of vehicles, and also ensure that the vehicle's performance is as per the requirements of its manufacturer.
The main types of products in automotive test equipment are chassis dynamometers, engine dynamometers, vehicle emission test systems, and wheel alignment testers.The chassis dynamometer simulates road conditions for testing and certification.
They are also used to measure the horsepower and torque of vehicles by automobile manufacturers.These different vehicle types include passenger cars and commercial vehicles that are used in several applications such as handheld scan tools, mobile device-based scan tool, and PC or laptop-based scan tools.
The end users using this equipment are the original equipment manufacturer (OEM) assembly plant, original equipment manufacturer (OEM) R and D, technical center, and 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 report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
Technological advancement is a key trend gaining popularity in the automotive test equipment market.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.
In October 2020, BorgWarner Inc., a US-based sustainable and innovative mobility solutions company, acquired Delphi Technologies for $3.3 billion. This deal has enabled BorgWarner to offer propulsion products and systems across combustion, hybrid and electric vehicles, and has strengthened its overall product offerings. Delphi Technologies is a UK-based provider of fuel systems, engine maintenance solutions, test equipment, vehicle electronics, and training and diagnostics.
The countries covered in the automotive test equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The automotive test equipment market research report is one of a series of new reports that provides automotive test equipment market statistics, including automotive test equipment industry global market size, regional shares, competitors with automotive test equipment market share, detailed automotive test equipment market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive test equipment industry. This automotive test equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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