Surging Popularity of Vehicle Testing Equipment Market across Regional Markets P
Posted by Arslan on July 4th, 2019
Vehicle testing equipment is used for adjustment of vehicle performance and implementing quality tests on the vehicle. The automobile industry is continuously witnessing technological improvements which mainly work by using various components. Any fault in such components is very problematic to diagnose manually. The development of Vehicle Testing Equipment has made the diagnosis and rectification of defects in such components much easier and has aided in the reduction of time taken to complete the course of fault detection. The introduction of new advanced vehicle models and stringent government regulation for reduction of vehicle emission levels has led to more advanced vehicle testing equipment. Over the forecast period, the emission testing equipment is expected to gain significance.
The global vehicle testing equipment market is expected to expand at mid-single digit CAGR during the forecast period, due to stringent government emission regulations (CO2 and NOX), technological advancements, increasing electronic architecture in modern vehicles and growing vehicle production.
Vehicle Testing Equipment Market Dynamics
The growing automotive sector directly compliments the increasing demand in the vehicle testing equipment market. Vehicle testing equipment ensures that the manufacture of high-performance vehicles meets all safety needs of the automotive and the end users of automotive. As safety is a fundamental and key concern for the automotive users and manufacturers, it directly drives the market of the vehicle testing equipment. As original equipment manufacturers are technologically advancing the vehicle testing equipment, the global vehicle testing equipment industry is expected to experience growth during the forecast period.
The other factors that drive the vehicle testing equipment market growth are increasing in demand for automotive workshops, leaning of consumers towards high-end technologically advanced cars, and the collaboration of OEMs with domestic vehicle testing equipment players.
Stringent government emission regulations regarding vehicle emission level (COX and NOX) are likely to boost the demand for vehicle testing equipment during the forecast period.
All these factors are likely to boost the demand for vehicle testing equipment. However, maintaining a balance between high accuracy, performance, quality and cost act as a hurdle for the growth of the vehicle testing equipment market.
Vehicle Testing Equipment Market Segmentation
Vehicle testing equipment market is segmented on the basis of equipment type, vehicle type, end user & region.
On the basis of equipment type, global vehicle testing equipment market is segmented as an emission testing equipment, dynamometer, safety test lanes, temperature & climate test chamber, vehicle deflection measurement system & others.
On the basis of vehicle type, the global market for vehicle testing equipment is segmented into passenger cars &commercial vehicle. The passenger cars segment is dominating segment & expected to witness significant growth during the forecast period.
On the basis of end user, the global market for vehicle testing equipment is segmented as OEM, vehicle testing lab and service/vehicle modification centers.
The global market for vehicle testing equipment is segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania & MEA, by region.
Vehicle Testing Equipment Market Regional Overview
The Asia Pacific (East & South Asia) region is estimated to be the dominating and fastest growing vehicle testing equipment market. The rising focus of OEM’s towards Asia Pacific & demand for automotive are the primary factors driving the growth of vehicle testing equipment in this region. Asia Pacific region is the home of various Automotive OEM’s & vehicle testing equipment manufacturers, which creates a significant demand in the near future. The new labor laws and inexpensive labor cost in the region have also aided the automotive industry, rendering a large market for vehicle testing equipment in the region. Apart from the Asia Pacific, Europe and North America regions are also expected to represent considerable growth in the near future in the vehicle testing equipment market.
Vehicle Testing Equipment Market Overview Prominent Players
The global vehicle testing equipment market is dominated by major players such as ABB Ltd. (Switzerland), Robert Bosch GmbH (Germany), Horiba Ltd. (Japan), Honeywell International Inc. (U.S.), Siemens (Germany), Delphi Automotive PLC (UK). Advantest Corp (Japan), Softing AG(Germany) and Teradyne Inc. (U.S.) among others.
The research report presents a comprehensive assessment of the Vehicle Testing Equipment market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Vehicle Testing Equipment market segments such as equipment type, vehicle type, end user & region.
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About the AuthorArslan
Joined: December 18th, 2017
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