PUBLISHER: The Business Research Company | PRODUCT CODE: 1392496
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392496
“Automotive Test Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive test equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive test equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive test equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Automotive test equipment plays a crucial role in subjecting vehicle systems and components to a series of real-world and virtual assessments to ensure safety, efficiency, and reliability. Its primary purpose is to diagnose potential problems, identify faults during the development phase, and verify that the vehicle's performance meets manufacturer requirements, as well as global safety regulations.
The main product types of automotive test equipment include chassis dynamometers, engine dynamometers, vehicle emission test systems, and wheel alignment testers. Chassis dynamometers are software-enabled hardware devices designed to simulate real-time road conditions and test parameters such as power performance, NVH (Noise, Vibration, and Harshness), environmental resistance, and more. The end users of this equipment include original equipment manufacturer (OEM) assembly plants, OEM R&D and technical centers, and authorized service centers. These testing tools find applications across various vehicle types, including passenger cars and commercial vehicles.
The automotive test equipment market research report is one of a series of new reports from The Business Research Company that provides automotive test equipment market statistics, including automotive test equipment industry global market size, regional shares, competitors with an 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 scenario of the industry.
The automotive test equipment market size has grown strongly in recent years. It will grow from $14. 21 billion in 2023 to $15. 09 billion in 2024 at a compound annual growth rate (CAGR) of 6. 2%. The growth in the historic period of automotive test equipment can be attributed to factors such as a focus on safety and regulatory compliance, growing concerns about consumer safety, the increasing complexity of vehicles, and the globalization of automotive manufacturing. These factors collectively drove the demand for robust testing procedures and equipment to ensure that vehicles meet safety standards and regulatory requirements.
The automotive test equipment market size is expected to see strong growth in the next few years. It will grow to $19. 5 billion in 2028 at a compound annual growth rate (CAGR) of 6. 6%. The growth in the forecast period for automotive test equipment can be attributed to various trends and developments. The increasing adoption of electric and autonomous vehicles is likely to drive demand for specialized testing related to these technologies. Environmental testing for electric vehicles, software and firmware testing, and cybersecurity testing are expected to gain importance as vehicles become more connected and reliant on sophisticated software. Additionally, the shift to shared mobility and the need for end-of-line testing contribute to the growing demand for automotive test equipment. Major trends in the forecast period include the integration of connectivity and advanced driver-assistance systems (ADAS), the implementation of Industry 4. 0 and smart manufacturing practices, electromagnetic compatibility (EMC) testing, artificial intelligence (AI) integration, and the use of simulation and virtual testing methods.
The surge in autonomous vehicle adoption is anticipated to significantly drive the growth of the automotive test equipment market. The availability of autonomous vehicles at more accessible price points and the increasing consumer inclination towards highly secure vehicles with autonomous capabilities to alleviate driving responsibilities have fueled their widespread adoption. Manufacturers of autonomous vehicles rely on automotive test equipment to ensure compliance with international regulations and safety standards, thereby amplifying the demand for such test equipment. Projections from the Center for Strategic and International Studies in April 2021 indicate that the autonomous vehicle market is expected to soar to $1 trillion by 2030 and reach $3 trillion by 2040. Consequently, the anticipated expansion in autonomous vehicle adoption is poised to surge the demand for automotive test equipment in the foreseeable future.
The burgeoning demand for passenger vehicles plays a pivotal role in propelling the growth trajectory of the automotive test equipment market. The manufacturing process of passenger vehicles necessitates an extensive array of automotive test equipment to guarantee compliance with global regulations and safety norms, consequently driving the need for these testing solutions. For example, data from the Society of Indian Automobile Manufacturers reveals a substantial rise in Passenger Vehicle production, escalating from 36,50,698 in 2021-22 to 45,78,639 in 2022-2023. This escalating demand for passenger vehicles acts as a significant catalyst driving the expansion of the automotive test equipment market.
A prominent trend in the automotive test equipment sector is the proliferation of strategic partnerships and collaborations among major industry players. Companies operating within this market are actively engaging in strategic partnerships to foster innovation and fortify their market presence. An exemplar occurred in September 2021 when Rohde & Schwarz, a Germany-based electronics group, partnered with Vector Informatik, a manufacturer of automotive electronics based in Germany. This collaboration aimed at developing hardware-in-the-loop validation systems for automotive radar sensors, incorporating environment simulation and user interface for scenario configuration. This system enables effective testing of advanced driverless assistance systems crucial for autonomous driving functionalities in vehicles, reflecting the industry's trend towards collaboration-driven innovation in automotive test equipment.
Major players within the automotive test equipment arena are intensively focusing on technological advancements, particularly in creating highly maneuverable target platforms, to facilitate the comprehensive testing of cutting-edge technologies such as Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicle (AV) technology. ADAS encompasses innovations aimed at bolstering driving safety by employing human-machine interfaces to improve reaction times to potential hazards while driving. A notable development occurred in March 2023 when AB Dynamics, a UK-based company specializing in advanced testing and development solutions for the automotive industry, unveiled the LaunchPad Spin-an exceptionally maneuverable target platform designed explicitly for the extensive testing of ADAS and AV technology. The LaunchPad Spin is equipped to transport a variety of vulnerable road user (VRU) targets and boasts a top speed of 30 km/h (kilometers per hour) or 20 mph (miles per hour). This platform was meticulously crafted to replicate challenging urban test conditions, facilitating comprehensive assessments of these advanced automotive technologies.
In a different strategic move in November 2022, Lear Corporation, a prominent US-based manufacturer specializing in automotive seating and electrical systems, completed the acquisition of InTouch Automation, the details of which remained undisclosed. Lear's objective with this acquisition is to augment innovation, quality, and safety within manufacturing processes through enhanced flexibility and automation. The acquisition aligns with Lear's Industry 4. 0 strategy, centered on leveraging technology to automate testing and validation procedures for components and finished seats. InTouch Automation, established in 2006, is a US-based automation company renowned for supplying sophisticated automated testing equipment and technologies, showcasing a complementarity with Lear's product portfolio and strategic objectives.
Major companies operating in the in the automotive test equipment market report are Robert Bosch GmbH, Vector Informatik GmbH, Asea Brown Boveri Ltd. , Siemens AG, Actia SA, Continental AG, Horiba Ltd. , Softing AG, Teradyne Inc. , MTS Systems Corporation, Denso Corporation, Technischer Uberwachungsverein SUD, PTM Electronics Inc. , MAHA Maschinenbau Haldenwang GmbH & Co. KG, DSA Daten- und Systemtechnik GmbH, Millbrook Proving Ground Ltd. , Sierra Instruments Inc. , Snap-on Incorporated, AVL List GmbH, Delphi Technologies, SGS SA, Honeywell International Inc. , SAKOR Technologies Inc. , National Instruments Corporation, Cosworth Ltd. , Danaher Corporation, MK Test Systems Ltd. , Sun Electric Corporation, Cincinnati Test Systems Inc. , Dewesoft d. o. o
Asia-Pacific was the largest region in the automotive test equipment market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive test equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the automotive test equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The automotive test equipment market consists of sales of oscilloscopes, signal generators, signal analyzers, power meters, network analyzers, and spectrum analyzers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.