The rise of electronic construction in vehicles is the vital factor in driving the market growth
The global automotive test equipment market was valued at $2.09 Billion in 2018. The same is projected to reach $2.82 Billion by 2026. This represent growth at a CAGR of 3.79 per cent from 2019 to 2026.
“The rise of electronic construction in vehicles, technological novelties in the automotive test equipment, the concept of real-time data and simulation testing, monetizing vehicle data, and using onboard diagnostic tools are the trends that will drive the market growth,” read a report by Verified Market Research.
The major players in the market are Bosch, Siemens AG, Delphi Technologies, Continental AG, Vector Informatik, Honeywell, ABB, Softing, Horiba, Ltd and SGS.
The rise of electronic construction in vehicles is the vital factor in driving the market growth. The most straightforward architecture consists of a high voltage battery, an electric motor with a power electronic controller, and a single-speed gearbox. The market revenue of Battery Electric Vehicles is increasing since they provide a practical approach towards a clean and efficient transport system.
The benefits offered are the increased efficacy, dependability, and low cost. It is seen as virtual energy storage that can provide auxiliary services or serve as controllable loads. The technological advancements in automotive test equipment are expected to foster market growth. There is a need to streamline the automotive test equipment to remove the uncertainties. The Horiba, a significant vendor in Japan, has developed the novel robot driver, which subsidizes the development of new vehicles with high repeatability and superior mount-ability for sophisticated cars in a wide range of test situations.
This concept reduces the test being repeated and supporting vehicle production. The execution of stringent emission norms to avert the environmental loss is boosting the market growth.
