New York, NY, Jan. 15, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Automotive Test Equipment Market by Product (Chassis Dynamometer, Engine Dynamometer, Wheel Alignment Tester, and Vehicle Emission Test System), by Vehicle (Passenger Vehicles, LCV, and HCV), and by Application Tool (Handheld Scan Tool, Mobile Device-Based Scan Tool, and PC/Laptop-Based Scan Tool): Global industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024’’. According to the report, the global automotive test equipment market was valued at around USD 470 million in 2017 and is expected to reach approximately USD 722 million by 2024, at a CAGR of slightly above 6.31% between 2018 and 2024.
Automotive test equipment is globally adopted for executing high-quality control tests for ensuring and improvising a vehicle’s overall performance. The prime function of these testing devices is to enhance automotive operation. The worldwide adoption of automotive testing equipment is trending due to the implication of quality tests on automobiles. Automotive test equipment holds prime importance in the regulation of a vehicle’s overall performance, lifecycle, and operation.
Browse through 70 Tables & 27 Figures spread over 152 Pages and in-depth TOC on “Global Automotive Test Equipment Market: Type, Application, Product, Size, Share and Forecast, 2017—2024”.
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The automotive testing equipment ensures overall efficiency, performance, safety, and functionality of vehicles. The worldwide safety standards related to the automotive industry is likely to fuel the automotive test equipment market in the upcoming years. The original equipment manufacturers (OEMs) of automobiles across the globe are relying heavily on automotive testing equipment to adhere to stringent safety standards implemented by their respective governments. Rising concern of automobile OEMs regarding technological enhancement and up-gradation of automotive test equipment is projected to propel the automotive test equipment market over the estimated timeframe. The rising demand for highly efficient vehicles is anticipated to significantly contribute toward the automotive test equipment market growth in the future. However, the supplementary technological up-gradation expenses might the automotive test equipment market in the future.
Automotive test equipment market is segmented based on product, vehicle, and application tool. The product segment is classified into chassis dynamometer, engine dynamometer, wheel alignment tester, and vehicle emission test system. Chassis dynamometers are likely to hold a significant market share in the future, due to growing automobile manufacturing facilities. By vehicle, the market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The rising production of passenger vehicles is likely to fuel the market for passenger vehicles segment in the future. Application tools segment is further classified into mobile device-based scan tool, handheld scan tool, and pc/laptop-based scan tool. Handheld scan tools are likely to dominate the market in the upcoming years, due to their easy handling, portability and increased product demand.
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By region, the automotive test equipment market includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is anticipated to hold a considerable market share over the forecast timeframe, due to the early adoption of automotive up-gradation and rising consumer preference for advanced vehicles. The presence of developed economies, the U.S. and Canada, has a huge impact on the sales and new innovation of the region’s automotive testing equipment market. The region’s automotive industry immensely contributes to the growth of the U.S. economy. These are some factors that are anticipated to drive the automotive test equipment market over the estimated time span.
The European automotive test equipment market is likely to be driven in the years ahead, owing to the presence of renowned industry players, such as Siemens, European Automotive Research Partners Association, Robert Bosch GmbH, Delphi Automotive PLC, and European Automobile Manufacturers Association in the region. Furthermore, the rising automotive R&D activities witnessed across the European Union are expected to further drive this regional market in the upcoming years. Germany is likely to hold a substantial market share due to the existence of a developed automobile sector.
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The Asia Pacific region is projected to contribute majorly toward the global market share in the future, owing to rapid vehicle production. China is the leading vehicle manufacturer in this region. In 2017, globally more than 73.40 million passenger vehicles were manufactured, out of which nearly 25 million units were produced in China. Moreover, the demand for commercial vehicles and passenger cars are anticipated to rise across the region in the years ahead. China, India, and Japan are anticipated to be the key revenue contributors to the Asia Pacific automotive test equipment market due to the presence of key market players.
In Latin America, the demand for automotive test equipment is mainly due to the enforcement of stringent car manufacturing safety regulations introduced by the regional government. Brazil is projected to contribute substantially toward this regional market share owing to large-scale production of cars.
Browse the full “Automotive Test Equipment Market by Product (Chassis Dynamometer, Engine Dynamometer, Wheel Alignment Tester, and Vehicle Emission Test System), by Vehicle (Passenger Vehicles, LCV, and HCV), and by Application Tool (Handheld Scan Tool, Mobile Device-Based Scan Tool, and PC/Laptop-Based Scan Tool): Global industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024” Report at https://www.zionmarketresearch.com/report/automotive-test-equipment-market
In the Middle East and Africa, rapid economic recovery is driving the demand for commercial and passenger vehicles across the region and the growing demand for commercial vehicles are likely to drive the region’s automotive test equipment market in the future.
Some key participants operating in the global automotive test equipment market, such as Siemens AG, ACTIA Group S.A., Robert Bosch GmbH, Delphi Automotive PLC, ABB Ltd., EM TEST GmbH, Presto Stantest Pvt. Ltd., Sierra Instruments, Inc., and Moog, Inc., among others.
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This report segments the automotive test equipment market into:
Automotive Test Equipment Market: Product Analysis
- Chassis Dynamometer
- Engine Dynamometer
- Wheel Alignment Tester
- Vehicle Emission Test System
Automotive Test Equipment Market: Vehicle Analysis
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Automotive Test Equipment Market: Application Tool Analysis
- Handheld Scan Tool
- Mobile Device-Based Scan Tool
- PC/Laptop-Based Scan Tool
Automotive Test Equipment Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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