Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Automotive test equipment is majorly used for testing and evaluation of a vehicles performance. A range of automotive test equipment such as decelerometers, speedometers, brake testers are there to adjust the performance of the vehicles.
Global automotive test equipment market is projected to grow at a 5.2% CAGR over the forecast period. Factors such as increasing sale of new vehicles and rising awareness amongst the population regarding preventive maintenance of vehicles are expected to foster the growth of market in upcoming years.
In terms of regional platform, global automotive test equipment market is segment into North America, Asia Pacific, Europe, Latin America and Middle East & Africa regions. Further, Asia Pacific automotive test equipment market is likely to dominate the global automotive test equipment market by the end of forecast period. Increasing production of vehicles in Asian countries such as India and China owing to low cost production and presence of large base of automotive manufacturing plants is expected to bolster the growth of automotive test equipment market in Asia Pacific region in upcoming years. According to international organization of motor vehicle manufacturers, production of new vehicles in China grew by 14.5% in 2016 as compared to 3.3% in 2015.
Further, Europe automotive test equipment market is poised to display substantial growth over the forecast period. Growing production of vehicles in European countries, especially electric vehicles is a major factor which is likely to augment the growth of automotive test equipment market in Europe region. For instance, production of new vehicle in Finland rose by 53.3% in 2016.
Global automotive test equipment market is further segmented by passenger cars, low commercial vehicle and heavy commercial vehicles. Booming production of new vehicles and increasing number of old and end-of-life passenger vehicles are predicted to drive the growth of this segment over the forecast period.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis has segmented global automotive test equipment market into the following segments:
Global automotive test equipment market is further classified on the basis of region as follows:
Global automotive test equipment market is thriving on the back of number of factors such as increasing number of vehicles and increased spending on vehicle maintenance globally. Further, changing life style of consumers is a major factor which is augmenting the sale of new vehicles across the globe.
Presence of stringent government rules to curb carbon and other non-eco-friendly emission from vehicle are expected to fuel the demand for automotive test equipment such as vehicle emission test system and smoke meter. This factor is expected to bolster the growth of global automotive text equipment market in upcoming years.
Rising consumer preferences for preventive maintenance of vehicle is also major factor which is enhancing the growth of automotive test equipment market across all regions. Further, occurrence of road accidents is augmenting the demand for car maintenance which is fostering the growth of market.
Increasing number of new automobile manufacturing plant is expected to escalate the demand for automotive test equipment during the forecast period. Additionally, rising number of end-of-life vehicles is also projected to bolster the growth of global automotive test equipment in near future.
However, presence of on-demand taxi operators and growing preference for public transport among a part of population are limiting the sales of new vehicles. This factor is projected to hamper the growth of market over the forecast period.
Overview of the Parent Market
Analyst View
Segmentation
The global automotive test equipment market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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