Global Automotive Test Equipment Market Set to Reach $19.26 Billion by 2027

Automotive Test Equipment Global Market Report 20233 – Market Size, Trends, And Global Forecast 2023-2032

The Business Research Company's Automotive Test Equipment Global Market Report 20233 – Market Size, Trends, And Global Forecast 2023-2032

LANDON, GREATER LANDON, UK, November 20, 2023 /EINPresswire.com/ -- The global automotive test equipment market, segmented by product type, end-user, and vehicle type, is projected to undergo substantial growth in the coming years. Starting at $13.41 billion in 2022, the market is expected to climb to $14.4 billion in 2023, displaying a robust Compound Annual Growth Rate (CAGR) of 7.4%. Despite the disruption caused by the Russia-Ukraine war to the global economic recovery from the COVID-19 pandemic, the market is poised to expand to $19.26 billion by 2027, maintaining a steady CAGR of 7.5%.

Rise in Adoption of Autonomous Vehicles Driving Market Growth

The increasing adoption of autonomous vehicles is a significant driver propelling the growth of the automotive test equipment market. The rising availability of autonomous vehicles at affordable prices and the growing consumer preference for highly secure vehicles with autonomous features, aimed at reducing the burden of driving, have contributed to the surge in adoption of autonomous vehicles worldwide. Manufacturers of autonomous vehicles rely on automotive test equipment to ensure that the vehicle performance complies with international regulations and safety standards, thereby driving the demand for automotive test equipment. According to a report by the Center for Strategic and International Studies, it is anticipated that the market for autonomous vehicles will reach $1 trillion in 2030 and $3 trillion by 2040.

Discover comprehensive insights into the global automotive test equipment market with a detailed sample report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=7115&type=smp

Key Players Leveraging Strategic Partnerships and Collaborations

Key companies in the automotive test equipment market, such as Robert Bosch GmbH, Vector Informatik, ABB Ltd., Delphi Automotive PLC, Actia S.A., Continental AG, Horiba Ltd., Softing AG, Teradyne Inc., Siemens AG, Denso Corporation, TÜV SÜD, PTM Electronics, DSA Daten- und Systemtechnik GmbH, Millbrook Proving Ground, Sierra Instruments, MAHA Maschinenbau Haldenwang GmbH, MTS Systems Corporation, Racelogic, and Moog Ig, are actively engaged in strategic partnerships to develop innovative products and bolster their market presence. Notably, in September 2021, Germany-based electronics group, Rohde & Schwarz, collaborated with Vector Informatik, a manufacturer of automotive electronics, to develop hardware-in-the-loop validation for automotive radar sensors. This system employs environment simulation and user interface for scenario configuration, effectively testing advanced driverless assistance systems for autonomous driving functions in vehicles.

Market Segmentation:

• Product Type: Chassis Dynamometer, Engine Dynamometer, Vehicle Emission Test system, Wheel Alignment Tester
• End-User: Original Equipment Manufacturer (OEM) assembly plant, Original Equipment Manufacturer (OEM) R&D, technical center, Authorized Service Center
• Vehicle Type: Passenger Car, Commercial Vehicles
Geographical Insights and Market Analysis

Asia-Pacific emerged as the largest region in the automotive test equipment market in 2022, expected to sustain its position as the fastest-growing region during the forecast period. The comprehensive market analysis report provides detailed insights into regional dynamics, market trends, and growth prospects across various regions.

Access the complete report for an in-depth analysis of the global automotive test equipment market:
https://www.thebusinessresearchcompany.com/report/automotive-test-equipment-global-market-report

Automotive Test Equipment Global Market Report 2023 from TBRC covers the following information:

• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Automotive Test Equipment Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on automotive test equipment market size, automotive test equipment market drivers and trends, automotive test equipment market major players, automotive test equipment market competitors' revenues, automotive test equipment market positioning, and automotive test equipment market growth across geographies. The automotive test equipment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

Browse Through More Similar Reports By The Business Research Company:

Automotive Hydraulics System Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/automotive-hydraulics-system-global-market-report

Automotive Infotainment Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/automotive-infotainment-global-market-report

Automotive Interior Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/automotive-interior-global-market-report

About The Business Research Company
The Business Research Company has published over 3000+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Global Market Model – Market Intelligence Database
The Global Market Model, The Business Research Company’s flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users assess supply-demand gaps.

Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info

Check out our:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Oliver Guirdham
The Business Research Company
+44 20 7193 0708
info@tbrc.info
Visit us on social media:
Facebook
Twitter
LinkedIn

Accounting and Budgeting Software Market Insights, Growth Drivers, and Financial Innovations!

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.