Automotive Test Equipment Market Worth $ 2.82 Billion, Globally, by 2027 at 3.79% CAGR: Verified Market Research

Automotive Test Equipment Market Worth $ 2.82 Billion, Globally, by 2027 at 3.79% CAGR: Verified Market Research

PR Newswire

JERSEY CITY, N.J., Feb. 9, 2021

The rise of electronic construction in vehicles, technological novelties in the automotive test equipment, the concept of real-time data and simulation testing, monetizing vehicle data, and using onboard diagnostic tools are the trends that will drive the market growth.

JERSEY CITY, N.J., Feb. 9, 2021 /PRNewswire/ --Verified Market Research recently published a report, "Automotive Test Equipment Market" by Vehicle Type (Passenger Car, Commercial Vehicles), by Product Type (Chassis dynamometer, Engine dynamometer, Vehicle emission test system, and wheel alignment tester), by End Use (Original Equipment Manufacturer (OEM) Assembly Plant, Original Equipment Manufacturer (OEM) R and D, Technical Center, Authorized service center), by Application (Mobile device-based equipment and PC or Laptop-Based Equipment), and by Geography. According to Verified Market Research, the Global Automotive Test Equipment Market was valued at USD 2.09 Billion in 2018 and is projected to reach USD 2.82 Billion by 2026, growing at a CAGR of 3.79% from 2019 to 2026.

Automotive Test Equipment Market

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202 - Pages
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Global Automotive Test Equipment Market Overview

The rise of electronic construction in vehicles is the vital factor in driving the market growth. The most straightforward architecture consists of a high voltage battery, an electric motor with a power electronic controller, and a single-speed gearbox. The market revenue of Battery Electric Vehicles is increasing since they provide a practical approach towards a clean and efficient transport system. The benefits offered are the increased efficacy, dependability, and low cost. It is seen as virtual energy storage that can provide auxiliary services or serve as controllable loads.

The technological advancements in automotive test equipment are expected to foster market growth. There is a need to streamline the automotive test equipment to remove the uncertainties. The Horiba, a significant vendor in Japan, has developed the novel robot driver, which subsidizes the development of new vehicles with high repeatability and superior mount-ability for sophisticated cars in a wide range of test situations. This concept reduces the test being repeated and supporting vehicle production. The execution of stringent emission norms to avert the environmental loss is boosting the market growth.

The major players in the market are Bosch, Siemens AG, Delphi Technologies, Continental AG, Vector Informatik, Honeywell, ABB, Softing, Horiba, Ltd, SGS

Verified Market Research has segmented the Global Automotive Test Equipment Market On the basis of Vehicle Type, Product Type, End Use, Application, and Geography.                      

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