Automotive Test Equipment Market Worth 600.7 Million USD by 2021
PUNE, India, July 5, 2016 /PRNewswire/ --
The report "Automotive Test Equipment Market by Vehicle Type (Passenger Car, LCV, & HCV), Product type, Application type (Handheld Scan tool, Mobile Based scan tool, & PC/Laptop Based Scan Tool), & by Geography - Global Trends and Forecast to 2021", The global market is estimated to be USD 442.9 Million in 2016, and is projected to grow to USD 600.7 Million by 2021, at a CAGR of 6.29%.
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Browse 66 market data Tables and 53 Figures spread through 190 Pages and in-depth TOC on "Automotive Test Equipment Market"
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The growing demand for high-performance vehicles and increasingly stringent safety standards are some of the key drivers fueling the growth of this market.
Onboard diagnostic testing: A promising market
There is an increasing demand for onboard diagnostic (OBD) testing, due to its self-diagnostic capability. OBD provides complete control over the engine. In addition to detecting vehicle faults, OBD tools also offer emission control by providing timely warnings about component failures. The troubleshooting properties of OBD-II allow users or technicians to detect vehicle faults. With the help of these tools, a person can check the status of the engine and diagnose the fault themselves, rather than visiting an auto shop to detect the fault. Consumers have indicated a growing preference for application-based testing using wireless devices such as smartphones.
Chassis dynamometer segment to hold the largest share in the Automotive Test Equipment Market
The chassis dynamometer segment is estimated to account for the largest share in the Automotive Test Equipment Market. This can be attributed to OEMs increasing the number of vehicle-manufacturing facilities in developing countries due to the low cost of production and growing demand for light and heavy vehicles. The vehicle emission test system market is set to grow at the highest CAGR, owing to stringent emission norms and the growing demand for increased fuel economy from end-users.
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Asia-Pacific: Largest market for automotive test equipment
Asia-Pacific is estimated to account for the largest share, in terms of value, of the global Automotive Test Equipment Market in 2016. OEMs are increasing production capacity and expanding technical centers to meet the growing demand for vehicles in the region. The automotive industry in Asia-Pacific has witnessed a year-on-year increase in sales. The region is the leading producer of automobiles in the world.
Europe is estimated to constitute the second-largest Automotive Test Equipment Market, by value, in 2016. The large customer base and high disposable income of end-users have fueled the demand for vehicles in the region, which has resulted in increased manufacturing activities by local automotive OEMs. The European region has been segmented into Germany, France, the U.K., and Italy. North America is estimated to account for the third-largest share in the global Automotive Test Equipment Market in 2016.
The report analyzes all major players in the test equipment market, including Robert Bosch GmbH (Germany), Siemens AG (Germany), Honeywell International Inc. (U.S.), Delphi Automotive PLC (U.K.), and ABB Ltd. (Switzerland), along with numerous local players.
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