NEW YORK, July 21, 2016 /PRNewswire/ -- The automotive test equipment market, in terms of value, is projected to grow at a CAGR of 6.29% from 2016 to 2021. The market is estimated to be USD 442.9 million in 2016, and is projected to reach 600.7 million by 2021. The growth of this market is fueled by the rising vehicle production and increasingly stringent emission norms.
"Increasing vehicle production and progressively rigid safety standards are expected to drive the automotive test equipment market in Asia-Pacific"
Asia-Pacific is expected to be the largest market for automotive test equipment. It is estimated to hold the largest market share, by value, in 2016. This can be mainly attributed to the rising vehicle production and the increasingly stringent safety standards for vehicles in the region. The chassis dynamometer segment is estimated to account for the largest market share in 2016. The market for engine dynamometers is expected to occupy the second-largest share in the Asia-Pacific region.
"Technological advancements are a key driver of the chassis dynamometer market"
There has been a rapid increase in the number of technological advancements in the automotive test equipment market. The chassis dynamometer segment is estimated to hold the largest market share, in terms of value, in 2016. This can be credited to the latest generation of chassis dynamometers, which are characterized by modular designs. Advanced chassis dynamometers cover various applications of automotive testing, such as emission testing, performance testing, and noise, vibration, and harshness (NVH) testing. Such innovations would spur the growth of the automotive test equipment market.
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type - Tier 1 - 42 %, Tier 2 - 26%, Others - 32%
- By Designation - C level - 40%, D level - 29%, Others - 31%
- By Region - North America - 38%, Europe - 22%, Asia-Pacific - 30%, RoW - 10%
Major players profiled in the report are:
- Robert Bosch GmbH
- Siemens AG
- Honeywell International Inc.
- ABB Ltd.
- Delphi Automotive PLC
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