Automotive Test Equipment Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Automotive test equipment puts the systems and components of the vehicle through a series of the real-world and virtual assessments to ensure its safety, efficiency, and reliability. Automotive testing is essential to test vehicles and comply with global safety regulations. Automotive test equipment uses various instruments to diagnose any potential problems in the vehicle, identify faults in the development phase of vehicles, and for ensuring that the vehicle’s performance is as per the requirements of its manufacturer.

Sizing and Forecast
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 can be attributed to safety and regulatory compliance, consumer safety concerns, increasing complexity of vehicles, globalization of automotive manufacturing.

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 can be attributed to electric and autonomous vehicles, environmental testing for electric vehicles, software and firmware testing, cybersecurity testing, shift to shared mobility, end-of-line testing. Major trends in the forecast period include connectivity and advanced driver-assistance systems (adas), industry 4.0 and smart manufacturing, electromagnetic compatibility (emc) testing, artificial intelligence (ai) integration, simulation and virtual testing.

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Segmentation & Regional Insights
The automotive test equipment market covered in this report is segmented –

1) By Product Type: Chassis Dynamometer, Engine Dynamometer, Vehicle Emission Test system, Wheel Alignment Tester
2) By Vehicle Type: Passenger Car, Commercial Vehicles
3) By End User: Original Equipment Manufacturer (OEM) assembly plant, Original Equipment Manufacturer (OEM) R&D, technical center, Authorized Service Center

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

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Major Driver Impacting Market Growth
Growth in the adoption of autonomous vehicles is expected to propel the growth of the automotive test equipment market. The increasing availability of autonomous vehicles at affordable prices and growing customer preference for highly secured vehicles with autonomous features to reduce their driving burden have contributed to the increased adoption of autonomous vehicles across the globe. Autonomous vehicle manufacturers rely on automotive test equipment to ensure the vehicle performance meets international regulations and safety standards, therefore, creating an increased demand for automotive test equipment. According to an April 2021 report by the Center for Strategic and International Studies, a US-based non-profit policy research organization, it is forecasted that the market for autonomous vehicles is expected to reach $1 trillion in 2030 and $3 trillion by 2040. Therefore, the growth in the adoption of autonomous vehicles is expected to boost demand for automotive test equipment during the forecast period.

Key Industry Players
Major companies operating 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 Überwachungsverein SÜD, 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

The automotive test equipment market report table of contents includes:

1. Executive Summary
2.Automotive Test Equipment  Market Characteristics
3.Automotive Test Equipment  Market Trends And Strategies
4.Automotive Test Equipment market analysis
5.Automotive Test Equipment  Market Size And Growth
6.Automotive Test Equipment  Segmentation
7.Automotive Test Equipment  Regional And Country Analysis
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27.Automotive Test Equipment  Competitive Landscape And Company Profiles
28.Automotive Test Equipment  Key Mergers And Acquisitions
29.Automotive Test Equipment  Future Outlook and Potential Analysis

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