CHICAGO, July 9, 2020 /PRNewswire/ -- According to the new market research report "Automotive Test Equipment Market by Product (Engine, Chassis, and Transmission Dynamometer, Vehicle Emission, Wheel Alignment, & Fuel Injection Pump Tester), End Market, Vehicle, Application, Advance Technology, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Global Automotive Test Equipment Market size is projected to grow at a CAGR of 4.1% from USD 3.0 billion in 2020 to reach USD 3.7 billion by 2025.
The growth of the Automotive Test Equipment Market is influenced by factors such as a rise in stringent emission norms to prevent environmental impact, technological advancements in automotive test equipment, increasing electronic architecture in modern vehicles, and growing vehicle production.
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Passenger Cars: Increased passenger car sales and technological advancement of test equipment is expected to drive the Automotive Test Equipment Market
The passenger car segment is the largest of all the segments of the Automotive Test Equipment Market and is expected to witness significant growth during the forecast period. The increase in the disposable income of consumers has pushed the demand for passenger cars, which, in turn, has driven the growth of the passenger car market of automotive test equipment. Moreover, the growing trend of high performance and engine downsizing of passenger cars has created the need for accurate and rigorous testing of automotive parts.
Mobile/Tablet based equipment: The portability and easy to use are factors that are fueling the growth of this segment.
The mobile/tablet-based equipment segment is projected to grow at the highest CAGR during the forecast period. Technological advancements have enabled make mobiles and tablets much smarter and efficient. The fact that these are much more mobile and data easily accessible enables the growth of the mobile/tablet-based segment
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Asia Pacific: China is expected to lead the Asia Pacific market
The Asia Pacific region is estimated to be the largest and fastest-growing Automotive Test Equipment Market. The region comprises some of the fastest developing economies of the world, such as China and India. The Asia Pacific region is home to key suppliers of automotive test equipment such as Horiba (Japan), Autel (China), Denso (Japan), and Ampro Testing Machines (India). Factors such as the availability of cheap labor and favorable government policies help undertake mass production of automotive components in Asia Pacific, which results in lower prices. In addition, high investments by major OEMs in advanced technologies are providing further growth opportunities to the automotive test equipment manufacturers in this region.
The global Automotive Test Equipment Market is dominated by major players such as ABB (Switzerland), Bosch (Germany), Horiba (Japan), Honeywell (US), Siemens (Germany), and Delphi (UK).
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