Automotive Test Equipment Market Scope:
The automotive test equipment market 2020 is all set to achieve a strong valuation of close to USD 3 billion by 2025, presumes Market Research Future (MRFR). The market is also anticipated to progress at a rate of 4% between 2018 and 2025 (assessment period), reveals the study by MRFR. We will provide COVID-19 impact analysis with the report, offering an in-depth review of the market following the coronavirus disease outbreak.
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The novel coronavirus has left every industry in a lurch, including the automotive sector. The short term impact has led to manufacturing units closing down due to the lockdown policy imposed by the governments. Production units are facing issues in the form of lack of staff because of the social distancing practice induced by the pandemic. SARS-CoV-2 has resulted in showrooms getting closed shut, and a downfall has been noted in vehicle sales across the world. The automotive industry is struggling in the light of economic crisis due to the COVID-19 outbreak, coupled with disruption in the supply chain network across the globe.
Having said that, the automotive industry can expect some relief from the several mitigation measures that are being taken by governments of various regions. For instance, the European Union is backing the automotive industry with the Pandemic Emergency Purchase Program, which helps buy commercial papers and sovereign bonds from the commercial firms and member states while maintaining liquidity within the financial system. EU has also relaxed its regulations and is willing to expand the size of any asset purchase for extended period. With the advent of contingency plans across countries and financial institutions proposing relief plans, the automotive industry and in turn, the automotive test equipment can remain profitable despite the COVID-19 impact.
Top Drivers and Key Challenges
MRFR identifies the top impacting factors to be the increasing concerns with regard to vehicle safety and the growing number of road accidents. Road accidents have surged at an alarming pace across regions where less strict safety rules are prevalent, leading to higher need for safety features and change in purchase behavior of the customers. This factor has also prompted manufacturers to concentrate more on developing better quality passive and active safety features in their vehicles.
The mounting safety consciousness among drivers has led to a dire need for strict quality checks, boosting the demand for automotive test equipment. The market for automotive test equipment can also be positively impacted by the soaring popularity of hybrid vehicles, a trend that is expected to gain more prevalence in the coming years.
Many of the leading automotive manufacturers like McLaren, Ferrari and Porsche sense the opportunities in the market and focus heavily on building hybrid engines for their vehicles. In addition to hybrid vehicles, electric vehicles are also observing immense demand across developing countries like India and China, which MRFR touts to be a significant growth booster in the automotive testing tools market.
The automotive test equipment industry has been considered for segments such as product type, vehicle type as well as application.
The product types listed in the market study are chassis dynamometer, wheel alignment tester, vehicle emission test system and engine dynamometer.
The vehicle type-based categories include light commercial vehicle, heavy commercial vehicle and passenger car.
The application areas of automotive test equipment include pc/laptop-based scan tool, handheld scan tool, mobile device-based scan tool, and more.
The key markets for automotive test equipment covered in the report are North America, APAC or Asia Pacific, Europe, and RoW or the rest of the world.
The biggest gainer in the coming years is expected to be the APAC market, backed by the consistent growth in the urban population, considerable spending on technological innovation, and the surge in automobile exports. Japan, India and China are the most lucrative markets in the region, since these countries are increasingly observing expansion of the manufacturing sector and the emerging trend of chassis dynamometers and other innovative automotive products.
Europe, with the second lead in the global market, profits from financial stability and the massive customer base in the automotive industry. The high demand for vehicles also prompts leading manufacturers in the region to boost their manufacturing activities to produce more advanced vehicles fitted with the latest technologies. It is also projected that the competition between vendors in the automotive test equipment market can intensify in the following years, in light of the increasing technological innovations and product extensions.
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Softing AG (Germany), Honeywell International Inc. (US), ABB Ltd (Switzerland), Advantest Corp (Japan), Teradyne Inc. (US), Horiba Ltd. (Japan), Siemens (Germany), Robert Bosch GmbH (Germany), Actia S.A. (France), Delphi Automotive PLC (UK), are the most prominent companies in the automotive test equipment market.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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