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Global automotive test equipment market to thrive at a CAGR of 5.2% till 2024

Automotive and Transportation Market Research

Automotive test equipment is majorly used for testing and evaluation of a vehicles performance. A range of automotive test equipment such as decelerometers, speedometers, brake testers are there to adjust the performance of the vehicles.

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The global automotive test equipment market is segmented into vehicle type such as passenger cars, low commercial vehicle and heavy commercial vehicles. Among these segments, passenger cars segment is expected to grab major market share in global automotive test equipment market by the end of forecast period.

The rise of the passenger cars can be attributed to a number of factors such as increasing sales of new passenger cars in both develop and developing countries.

Global automotive test equipment market is expected to register a 5.2% CAGR over the forecast period.

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Moreover, the global automotive test equipment market is booming on the account of urbanization and rising disposable income. This massive growth of automotive industry is expected to bolster the growth of market across all regions.

The Asia Pacific automotive test equipment market is likely to grow at remarkable pace during the forecast period. The automotive test equipment market is growing in Asia-Pacific region owing to the growth and expansion of automotive industries and high investments in the automotive industry from OEMs.

The growing population and swelled disposable income are also some of the factors fostering the growth of this region.    

Rising Environment Concerns

Increasing need to curb carbon and Nox emission and presence of other government rules regarding emission level of vehicle are predicted to be the major factors behind the growth of global automotive testing equipment market over the forecast period. Additionally, this factor is likely to increase the demand for testing equipment such as vehicle emission test system in near future.

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Rising Production of New Vehicles

Governments of developed countries are implementing strict rules and regulations to curb carbon emissions from vehicles. Apart from this, increasing sales of electric and hybrid vehicles are also expected to bolster the growth of automotive test equipment market in upcoming years.

Growing automobile aftermarket services is also a major factor which is likely to bolster the growth of market across the globe.

However, presence of on-demand taxi operators and growing preference for public transport among a part of population are limiting the sales of new vehicles. This factor is projected to hamper the growth of market over the forecast period.

The report titled Global Automotive test equipment Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluationdelivers detailed overview of the global automotive test equipment market in terms of market segmentation by product type, by vehicle type and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

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This report also provides the existing competitive scenario of some of the key players of the global automotive test equipment market which includes company profiling of AVL LIST GmbH. Standex-Meder Electronics, Inc.,Ryme, Test Equipment Nederland BV, Qualitest International Inc., Robert Bosch GmbH,BEPCO, HORIBA, Ltd., ACTIA Group, SGS SA, and Other Notable Players.

The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive test equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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