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Reliability and Efficiency: Pillars of the Effective Product Offerings by Top Automotive Test Equipment Manufacturers

June 26, 2024 | Automotive & Transportation

The growing endeavor of industry players to develop advanced testing technologies is anticipated to open doors to new opportunities in the automotive test equipment space over the forthcoming years. In a bid to enhance the reliability and efficiency of testing processes, market players are placing a greater emphasis on investing in R&D activities for developing solutions that could provide precise results.

Some of the key application areas of the product include powertrain integration, charging infrastructure, electric motors, and battery systems in hybrid and electric vehicles. Test equipment also finds application in the efficacy evaluation of safety systems, comprising anti-lock brakes, seat belts, airbags, and electronic stability control.

Increasing industrialization and an escalating demand for commercial vehicles and passenger cars across various regions is anticipated to fare well for the market over the ensuing years. In light of these developments, automotive test equipment is vital for complying with government regulations and addressing environmental concerns. The products help in measuring fuel efficiency and emission levels. Citing an instance, the European Union mandates the installation of onboard diagnostics systems on vehicles. These systems would notify the driver regarding malfunctions in emission control systems through performance monitoring.

According to Fortune Business Insights, the global market size of automotive test equipment stood at USD 10.11 billion in 2022. The market is anticipated to expand from USD 10.42 billion in 2023 to USD 13.20 billion by 2030, exhibiting a CAGR of 3.44% over the study period. Considering the competitive landscape, top automotive test equipment manufacturers are implementing and adopting numerous strategies for outpacing their competitors. Some of the steps deployed by key players comprise acquisitions and collaborations. Besides, they are also keen to establish new test centers and launch new products to gain a competitive edge in the market.