New York, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Test Equipment Global Market Report 2022" - https://www.reportlinker.com/p06323491/?utm_source=GNW
The global automotive test equipment market is expected to grow from $12.50 billion in 2021 to $13.19 billion in 2022 at a compound annual growth rate (CAGR) of 5.51%. The automotive test equipment market is expected to reach $16.38 billion in 2026 at a CAGR of 5.56%.
The automotive test equipment market consists of sales of automotive test equipment by entities (organizations, sole traders, and partnerships) that are used to test issues in automotive engines, components, and systems.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 also for ensuring that the vehicle’s performance is as per the requirements of its manufacturer.
The main product type of automotive test equipment is chassis dynamometer, engine dynamometer, vehicle emission test system and wheel alignment tester.A chassis dynamometer is a software-enabled hardware device designed to stimulate real-time road conditions, and test power performance, NVH, environment resistance, and other parameters.
The end users using this equipment are the original equipment manufacturer (OEM) assembly plant, original equipment manufacturer (OEM) R&D and technical centre and authorized service centre. This equipment is used in various vehicle types including passenger car and commercial vehicles.
Asia Pacific was the largest region in the automotive test equipment market in 2021 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 and Africa.
The automotive test equipment market research report is one of a series of new reports that provides automotive test equipment market statistics, including automotive test equipment industry global market size, regional shares, competitors with an automotive test equipment market share, detailed automotive test equipment market segments, market trends and opportunities, and any further data you may need to thrive in the automotive test equipment industry. This automotive test equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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.
Strategic partnerships and collaborations are a key trend gaining popularity in the automotive test equipment market.Major companies operating in the automotive test equipment market are focused on strategic partnerships to develop innovative products and strengthen their market position.
For instance, in September 2021, Rohde & Schwarz, a Germany-based electronics group collaborated with Vector Informatik, a Germany-based manufacturer of automotive electronics for development of hardware-in-the-loop validation of automotive radar sensors.This system involves the use of environment simulation and user interface for scenario configuration.
This system can also effectively test advanced driverless assistance systems for autonomous driving functions of cars.Furthermore, in May 2019, NI, a US-based producer of automated test equipment and virtual instrumentation software collaborated with OPAL-RT a Canadian real-time simulation technology company to develop automated test and automated measurement systems.
The companies are working on developing hardware-in-the-loop (HIL) simulation technology used for testing electric vehicles.
In October 2020, BorgWarner, a US-based supplier of sustainable and innovative mobility solutions in the automobile sector acquired Delphi Technologies for $3.3 billion. This deal has enabled BorgWarner to offer propulsion products and systems across combustion, hybrid and electric vehicles, and has strengthened its overall product offerings. Delphi Technologies is a UK-based provider of fuel systems, engine maintenance solutions, test equipment, vehicle electronics, training and diagnostics solutions.
The countries covered in the automotive test equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06323491/?utm_source=GNW
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