Automotive Brake Components Aftermarket market to Exhibit Paced Growth Owing to Robust Innovations in Healthcare Industry

 Automotive Brake Components Aftermarket Market Overview:

The Automotive Brake Components Aftermarket Market is experiencing significant growth as vehicle owners increasingly turn to aftermarket solutions for brake system maintenance and upgrades. With a rising emphasis on vehicle safety and performance, consumers seek high-quality replacement parts that offer reliability and cost-effectiveness. This market segment encompasses a wide range of brake components, including brake pads, rotors, calipers, and brake fluids, catering to diverse vehicle makes and models. The demand for aftermarket brake components is driven by factors such as the aging global vehicle fleet, increased awareness about the importance of regular brake system maintenance, and a desire for enhanced performance beyond original equipment manufacturer (OEM) standards.

The automotive brake components aftermarket market size is a vital sector within the automotive industry that focuses on the sale, distribution, and installation of replacement brake parts and components for vehicles. These aftermarket components play a crucial role in maintaining and enhancing the braking system's performance, safety, and longevity after the original equipment manufacturer (OEM) parts may require replacement due to wear and tear or upgrades.

Moreover, the Automotive Brake Components Aftermarket Market benefits from a robust ecosystem of aftermarket suppliers and distributors, providing consumers with a variety of options and competitive pricing. DIY (Do It Yourself) enthusiasts and independent repair shops often choose aftermarket brake components for their accessibility and customization options. As the automotive aftermarket continues to evolve, the brake components segment is poised for sustained growth, propelled by technological advancements, product innovations, and a growing consumer preference for reliable aftermarket solutions to ensure optimal vehicle safety and performance.

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When it comes to the safety and performance of our vehicles, few components are as critical as the braking system. The Automotive Brake Components Aftermarket Market plays a pivotal role in ensuring that our cars, trucks, and motorcycles are equipped with top-quality brake components to keep us safe on the road. In this article, we'll explore the world of automotive brake components aftermarket, shedding light on its significance, trends, and the driving force behind its growth.

Automotive Brake Components Aftermarket Market Dynamics

The Automotive Brake Components Aftermarket Market is driven by several key factors:

1. Vehicle Longevity: As vehicles age, their brake components wear down, necessitating replacements. This ongoing demand for replacements fuels the aftermarket.
2. Performance Upgrades: Enthusiasts and performance-oriented drivers often seek high-performance brake components to enhance their vehicle's stopping power and handling.
3. Maintenance and Repairs: Routine maintenance and occasional repairs require aftermarket brake components, making them a steady market.

Key Aspects of the Automotive Brake Components Aftermarket:

1. Quality Considerations:
• OEM vs. Aftermarket: Consumers can choose between OEM-branded components (original equipment manufacturer) or aftermarket alternatives.
• Quality Standards: Reputable aftermarket brands adhere to industry standards and quality control measures to ensure safe and reliable components.
2. Online Retail and E-commerce:
• E-commerce platforms have made it easier for consumers to research, compare, and purchase aftermarket brake components.
• Online marketplaces offer a wide selection of brands and product options for various vehicle makes and models.
3. Market Trends:
• Performance Upgrades: Enthusiasts seek high-performance aftermarket brake components for better stopping power and driving dynamics.
• Environmentally Friendly Options: The shift towards eco-friendly materials and technologies extends to aftermarket brake components.
• Technological Integration: Aftermarket components may incorporate advanced materials and designs for improved performance and durability.

In conclusion, the automotive brake components aftermarket plays a vital role in ensuring the safety and performance of vehicles by offering quality replacement parts and components for braking systems. As vehicle owners prioritize safety, maintenance, and customization, the aftermarket is positioned to meet these needs and contribute to the overall safety and reliability of the automotive industry.

The Backbone of Road Safety

The braking system is undeniably one of the most crucial elements of any vehicle. It's responsible for bringing our vehicles to a halt swiftly and safely, regardless of speed or weather conditions. While new vehicles come equipped with factory-standard brake components, the aftermarket offers a vast array of replacement and upgraded parts, including:

1. Brake Pads: Essential for friction and stopping power, brake pads are one of the most commonly replaced brake components.
2. Brake Rotors: Rotors, also known as brake discs, work in tandem with brake pads to provide the necessary stopping force.
3. Brake Calipers: Calipers house the brake pads and apply pressure to the rotors when the brakes are engaged.

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Automotive NVH Materials Market Size, Share & Trends Analysis Report Products, By Application, By End Use, And Segment Forecasts 2024 - 2032

 Automotive Nvh materials Market Overview

The Automotive Noise, Vibration, and Harshness (NVH) Materials market is gaining prominence as automakers prioritize improving the comfort and overall driving experience for vehicle occupants. NVH materials play a crucial role in minimizing noise, vibration, and harshness levels within the vehicle cabin, contributing to a quieter and more pleasant ride. These materials are strategically used in various components, such as interior trims, insulation, and underbody panels, to dampen vibrations, reduce road and engine noise, and enhance the overall acoustic performance of vehicles.

Global Automotive Nvh materials Market is anticipated to exceed 6.58% at a compound annual growth rate (CAGR) to reach USD 20.73 billion by 2030. NVH is the term for the noise, vibrations, and harshness produced as an object moves. This includes any discrete, perceptible feeling that interferes with driving comfort. A vehicle's reduced amount of shaking and noise improves its performance, safety, and elegance. When automakers are first creating revolutionary cars, the NVH analysis and optimization of the entire vehicle and its equipment are crucial.

As the automotive industry continues to advance, with a growing emphasis on electric and hybrid vehicles, the demand for lightweight and efficient NVH materials is on the rise. Manufacturers are investing in the development of innovative materials, including advanced polymers, composites, and acoustic foams, to meet the evolving requirements of modern vehicles. The Automotive NVH Materials market is expected to witness steady growth as automakers strive to strike a balance between vehicle weight reduction, increased fuel efficiency, and the delivery of a refined driving experience, making NVH materials an integral aspect of the ongoing pursuit of excellence in automotive design and engineering.

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Since reduced NVH levels affect customers' buying decisions, automotive NVH resources are widely employed in passenger cars. The market for Automotive Nvh materials is anticipated to grow in the future year because to the growing need for these materials in battery-powered light cars. The market expansion for Automotive Nvh materials may be hampered by the development of active noise reduction technologies in cars. Resources for automotive harshness, noise, and vibration are used to reduce unwelcome harshness, noise, and vibration in cars.

The automotive noise, vibration, and harshness resources market is expected to enlarge owing to augmented use and demand in passenger automobiles and the rising requirement for lightweight act resources. Automotive NVH goods are usually small gears made from foam, rubber, and other materials. Effect of noise, harshness, and vibration on buying choices, progressive noise, vibration, and harshness products with new technologies, fluctuating routines, and increasing incomes in both established and emerging nations are some of the factors operating the Car Automotive Nvh materials market across the world.

Automotive Nvh materials Industrial news

Borgers AG unlocked its manufacturing plant for acoustic foods to be the provider for General Motors in Norwalk. The extension would serve its Midwest customers.

Automotive Nvh materials Key Players

• BASF SE (Germany)
• The Dow Chemical Company (US)
• 3M Company (US)
• ElringKlinger AG (Germany)
• Huntsman Corporation (US)
• Sumitomo Riko Co. Ltd (Japan).

1. What are the key drivers propelling the growth of the Noise, Vibration, and Harshness (NVH) Materials Market, particularly in the automotive sector?

The market's value chain includes providers of raw materials, producers, converters, suppliers, and end-users. The weight and price of NVH components and the mass and price of NVH resources hamper the market's growth. Augmented vehicle weight owing to the presence of Automotive Nvh materials may hamper the development of the Automotive Nvh materials market globally while the estimated period.

The Noise, Vibration, and Harshness (NVH) Materials Market refers to the industry involved in the production and distribution of materials designed to mitigate or dampen noise, vibration, and harshness in various applications, particularly within the automotive and industrial sectors. Automotive Nvh materials play a crucial role in enhancing the comfort and performance of vehicles and machinery by minimizing unwanted noise and vibrations.

The market for Automotive Nvh materials has witnessed growth driven by advancements in material science and the rising demand for quieter and more refined vehicles. As consumer expectations for comfort and noise reduction have increased, automakers and suppliers have focused on incorporating innovative NVH solutions into vehicle designs. Additionally, the electric vehicle (EV) industry has presented new challenges and opportunities for Automotive Nvh materials as the absence of traditional internal combustion engine noise accentuates other sources of noise in the vehicle.

Automotive Nvh materials Market Regional analysis

APAC will likely lead the Automotive Nvh materials market size universally because China, Korea, Japan, and India have highly recognized vehicle businesses and long-lasting investments in operating technology. NVH resources are utilized in hybrid, gasoline, and electric cars. Therefore, demand for these resources is anticipated to stay continuous.

The market in Global is expected to observe high demand for automotive NVH resources owing to the increasing severe discharge, fuel consumption, and noise guidelines in this region. The North American market for automotive NVH resources is motivated by the growing research and advanced investments in vehicles and mass creation methods. 

Automotive Nvh materials Market segmentation

By-Products

• Polyurethane
• Polypropylene
• Polyvinyl Chloride
• Textile materials
• Fibreglass
• Others

By Application

• Floor modules
• Truck modules
• Wheels
• Roof module
• Engine casing
• Others

By End-User

• Cars
• Buses
• Light Commercial Vehicles (LCV)
• Heavy Commercial Vehicles (HCV)

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Automotive Terminals Market Industry Growth Analysis, CAGR Status, Major Key Players, Business Development, Share, Upcoming Trends and Forecast to 2032

 Automotive Terminal Market Overview:

The report on the Automotive Terminal market provides a bird’s eye view of the current proceeding within the Automotive Terminal Market, which is conducted by Market Research Future. MRFR takes into account the impact of the novel COVID-19 pandemic on the Automotive Terminal market and provides a clear assessment of the projected market fluctuations during the forecast period. The market impact and new opportunities are expected to be created at a pace of ~9.14% portraying remarkable growth.

Top Impacting Factors

The study portrays automotive manufacturers, amid lockdown due to novel coronavirus, are actively engaged in innovative technologies that would provide enhanced connectivity solutions with the rising demand for luxurious and smart vehicles. The ascend in demand for electric and autonomous vehicles has boosted the demand for electric systems. As Edison Electric Institute claims that in 2018, the entire sales of electric vehicles in the United States raised 81% when compared to the sales recorded in 2017. Therefore, the demand for electric systems expected to drive the automotive terminal market during the assessment period.

The ascend in demand for electric vehicles, in response to escalating the use of electronic components in vehicles, is the key factor fuelling the growth of the market. In fact, the rigorous government regulations regarding safety introduce the development in automotive safety systems and thereby propel the automotive terminal market.

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At the same time, the mount in safety concerns among consumers, along with safety-related initiatives from government agencies, has elevated the prerequisite for a reliable terminal in various vehicle systems. In the case of point, in 2017, the electric vehicle sales on a global level were 1 million units, which were augmented to 2 million units in the year 2018, therefore driving the growth of the automotive terminals market.

Another factor driving the augmentation of the market is a mounting concern of improving the safety and security of vehicles among automakers, thus resulting in automakers to install dedicated electronic control units (ECUs) at every basic level of the vehicle system, including powertrain, steering, and braking systems. In the case of point, the usage of ECUs, such as electric power steering ECU unit and anti-lock braking systems (ABS) ECU unit, have been appreciably augmented to approximately 4-5% rise annually, during the past three years.

On the contrary, the factor of highly rigid automotive terminals and complexity correlated to the high voltage terminals to long term reliability are some factors liable for restricting the growth of the market.

Top Market Players

The well-known players in the automotive terminal market have listed as Sumitomo Electric Industries, Ltd. (Japan), TE Connectivity Ltd. (Switzerland), Lear Corporation (U.S.), Delphi Plc (U.K), Molex, LLC (U.S.), PKC Group (Finland), and Viney Corporation Limited (India) are among others.

Segmentation of Market

The global automotive terminal market is segmented into vehicle type, current rating, and application.

In terms of the current rating segment, the market has included less than 50 Ampere, 50-100 Ampere, and more than 100 Ampere.

In terms of vehicle type segment, the market has included passenger vehicles and commercial vehicles.

In terms of application segment, the market has included safety & security, body control & interiors, engine & emission control, cooling, lighting system, infotainment, and battery system. Among these, the battery system shows expectancy to hold the largest market share in the base year and persist in growth over the assessment period.

Regional Outlook

Geographically, the automotive terminal market size globally, has been studied for the key regions of Europe, Asia Pacific, North America, and the Rest of the World.

The Asia Pacific will grasp the largest market share in terms of value and volume owing to advancements in infrastructure, augmented vehicle sales, and government regulations regarding safety devices in the vehicles. The Asia Pacific will also expand at the highest growth rate during the assessment period. China is foremost the market in terms of revenue owing to its colossal use of electronic components in the vehicles also in Japan, Korea, and India.

Europe region ranks top in implementing safety features in vehicles. Euro NCAP released few protocols on safety features, such as autonomous emergency braking and driving monitoring and child occupant protection in 2019. Thus, at present, it is anticipating mandating these features in EU vehicles by 2018-2023. With mounting regulations toward vehicle safety standards, the adoption of safety and security systems in automobiles are likely to boost, which in turn, will result in the demand for and usage of terminals during the projected period.

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Luxury Shuttle Bus Market Overview with Future Growth and Forecast to 2023-2032

 Luxury Shuttle Bus Market Overview:

The Market for Luxury Shuttle Buses is expected to be worth USD 7.32 billion, growing at a CAGR of 8.55% by 2032.

The luxury shuttle bus market is experiencing a significant surge in demand as travelers seek premium transportation options that combine comfort, style, and convenience. With an emphasis on providing a superior travel experience, luxury shuttle bus companies are investing in state-of-the-art amenities and sophisticated designs to cater to discerning customers. From plush leather seating and advanced entertainment systems to Wi-Fi connectivity and personalized services, these luxury shuttles redefine the standards of modern transportation, appealing to both business professionals and leisure travelers alike.

Moreover, the growing focus on sustainability and eco-friendliness has prompted many luxury shuttle bus manufacturers to integrate environmentally-conscious features such as hybrid or electric engines, reducing carbon emissions and contributing to a greener future. This commitment to sustainability not only aligns with evolving consumer preferences but also enhances the appeal of luxury shuttle services to environmentally-conscious travelers seeking eco-friendly transportation options without compromising on luxury and comfort. As a result, the luxury shuttle bus market is poised for continued growth and innovation, reshaping the landscape of urban transportation with its blend of opulence and sustainability.

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Regional Analysis:

The market for luxury shuttle buses has been divided into segments according to geography, application, propulsion type, and seating capacity. The luxury shuttle bus market can be divided into three segments based on seating capacity: below 25, between 25, and above 40 passengers.

In the upcoming years, it is predicted that the 25 to 40 Passengers sector would expand at a high CAGR. According to propulsion type, there are four categories of luxury shuttle buses: battery electric buses, hybrid electric buses, diesel/gasoline buses, and alternate fuel buses. The segment for alternative fuels held a sizable share and is expected to expand at a sizable CAGR in the upcoming years. Corporate, government, school coach, airport shuttle, hospital & medical coach, tourist coach, and other applications make up the Luxury Shuttle Bus market.

Market Research Future Insights:

These buses provide greater passenger comfort, such as more leg room, or if they have been fitted with amenities and technology that are not typically found in other types of buses, like kitchens and Internet access. Because the owners typically invest more money in them, luxury shuttle buses typically cost more to charter than a regular bus or coach.

Luxury shuttle buses may include an assortment of features to make them more appealing. One of the most common changes is the replacement of some or all of the seats with more comfortable or more stylish seating. Sometimes luxury shuttle buses have much less seating than a regular bus to give passengers more leg room or to make space for other interior amenities. Movement of luxury shuttle buses has become a distinct trend across cosmopolitan cities and towns. The recent uptick in the number of people using public transport facilities for their daily commutes has sent ripples across the global market. The use of luxury shuttles has cascaded into multiple industries including transport, tourism, and aviation. The unprecedented demand for shuttle buses can largely be attributed to the changing propensities of the masses.

Key Players:

The Key players in the global Luxury Shuttle Bus market are ARBOC Specialty Vehicles, LLC, Daimler AG, Forest River, Inc., Grech Motors, Isuzu Motors Ltd., LGE Coachworks, Proterra Inc., REV Group, Toyota Motor Corporation, and CNH Industrial N.V.

Market Segmentation:

The market for luxury shuttle buses has been divided into four regions based on geography: North America, Europe, Asia-Pacific, and the rest of the globe. Due to the region's high production of luxury buses and growing preference for them over regular buses, Asia Pacific held the largest share of the world market for luxury shuttle buses in 2019. Europe came in second. Additionally, the presence of top manufacturers in both locations has been a significant role in the increased production. The availability of huge manufacturing facilities and a sizable consumer base in Asia Pacific has drawn investment from top firms in the region.

Because major luxury shuttle bus producers like Toyota Motor Corporation, Volvo AB, Daimler AG, and Volkswagen are present in Asia Pacific and Europe, those regions have a significant market share.

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Automotive Digital Cockpit Market By Business Top Key Players, Growth, Trend, Segmentation, Revenue and Industry Expansion Forecast Report

 Automotive Digital Cockpit Market Overview:

The automotive digital cockpit market is garnering significant traction. The introduction of innovative driver assistance systems (ADASs) that demand the integration of digital cockpits with safety systems is a major driving force. Moreover, the rising demand for advanced automotive cabins escalates the digital cockpit market size. The scaling demand and AI evolutions integrated with digital cockpit systems drive the market growth.

Automotive Digital Cockpit Market is projected to grow from USD 192.39 Billion in 2024 to USD 363.2 Billion by 2032, at a CAGR of 8.26%

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Key players active in the market are:

 Robert Bosch GmbH (Germany), Continental (Germany), Denso Corporation (Japan), Panasonic Corporation (Japan), Faurecia (France), Aptiv (Ireland), Harman International (US), Pioneer Corporation (Japan), Nippon Seiki Co., Ltd (Japan), and Visteon Corporation (US), among others. 

Automotive Digital Cockpit Competitive Landscape:

The automotive digital cockpit market appears highly competitive and fragmented, with several well-established players forming a competitive landscape. These players incorporate approaches such as strategic partnerships, mergers & acquisitions, expansion, collaboration, and product/technology launch to gain a larger competitive share. 

For instance, on Aug.16, 2021, Faurecia (France), a leading automotive supplier, announced the acquisition of the majority 60% equity stake in Hella, a lighting and electronics specialist. Thus, the two companies would become the seventh-largest global automotive supplier, combining their technologies and power. Faurecia also plans to acquire the remaining equity share, which makes the 100% of Hella.

Rising Sales of Luxury & Premium Cars Upend Market Demand

Digital cockpits are installed to gain reliable safety information by accessing maps and media with instrumental clusters installed within a vehicle. In addition, these cockpits enable the driver to improve focus and attention on the road by utilizing HUD to access relevant driving information in their direct field of vision. 

Digital cockpits, along with a cluster of digital instruments and infotainment systems, provide better safety features to drivers, featuring one or more displays. Similarly, stringent government norms for automotive safety features impact the adoption trends positively. Moreover, technological advances and the increasing awareness for safety features influence the growth of the market.

Technical Complexities Hamper Market Growth

Despite vast prospects, the market still faces some underlying setbacks, such as complex structures and the low efficiency of optical systems. Also, the high costs associated with the installation and maintenance of digital cockpits are some of the major factors impeding the market growth. 

Nevertheless, constant advancements in infotainment systems would support market growth throughout the assessment period. Advanced automobiles and luxury car industries worldwide define the growing market landscape. Continually increasing demand for personalized comfort features in a vehicle is expected to allow the market to register a high growth rate.

Segmentation

The report is segmented into equipments, vehicle types, propulsion, and regions. The equipment segment is sub-segmented into head unit display (HUD), camera-based driver monitoring system, digital instrument cluster, and others. The vehicle type segment is sub-segmented into light commercial vehicles (LCV), heavy commercial vehicles (HCV), and passenger cars (PC).  

The propulsion segment is sub-segmented into battery electric vehicle (BEV), hybrid electric vehicle (HEV), internal combustion engine (ICE), plug-in hybrid electric vehicle (PHEV), and others. The region segment is sub-segmented into Europe, Americas, Asia Pacific, and the Rest-of-the-World.

Regional Analysis 

Europe accounts for the largest automotive digital cockpit market value globally. The region is the global hub for luxuries, and high-end car manufacturers drive the automotive digital cockpit market growth. Besides, the surging demand for luxury/ premium cars and SUVs equipped with automotive digital cockpit systems substantiates the market growth.

The vast presence of major automotive OEMs and tier-1 suppliers positively impacts the automotive digital cockpit market share. Additionally, OEMs constantly working on enhancing the conventional cockpit fosters regional market growth. Germany accounts for the largest automotive digital cockpit industry in the region, housing the world's largest luxury car brands. 

By combining their respective strengths, Faurecia and Hella aim to further expand their market position, particularly in the area of ​​the cockpit of the future and key growth areas such as electric mobility, automated driving, and vehicle interior design. The combined entity would also further strengthen its position across customers and regions.

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Automotive Test Equipment Market Overview:

The automotive test equipment market 2023 is all set to achieve a strong valuation of close to USD 4.5 billion by 2032, presumes Market Research Future (MRFR). The market is also anticipated to progress at a rate of 4% between 2024 and 2032, reveals the study by MRFR. We will provide COVID-19 impact analysis with the report, offering an in-depth review of the market following the coronavirus disease outbreak.

Top Drivers and Key Challenges

MRFR identifies the top impacting factors to be the increasing concerns with regard to vehicle safety and the growing number of road accidents. Road accidents have surged at an alarming pace across regions where less strict safety rules are prevalent, leading to higher need for safety features and change in purchase behavior of the customers. This factor has also prompted manufacturers to concentrate more on developing better quality passive and active safety features in their vehicles. The mounting safety consciousness among drivers has led to a dire need for strict quality checks, boosting the demand for automotive test equipment. The market for automotive test equipment can also be positively impacted by the soaring popularity of hybrid vehicles, a trend that is expected to gain more prevalence in the coming years.

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Many of the leading automotive manufacturers like McLaren, Ferrari and Porsche sense the opportunities in the market and focus heavily on building hybrid engines for their vehicles. In addition to hybrid vehicles, electric vehicles are also observing immense demand across developing countries like India and China, which MRFR touts to be a significant growth booster in the automotive testing tools market.

Prominent Companies

Softing AG (Germany), Honeywell International Inc. (US), ABB Ltd (Switzerland), Advantest Corp (Japan), Teradyne Inc. (US), Horiba Ltd. (Japan), Siemens (Germany), Robert Bosch GmbH (Germany), Actia S.A. (France), Delphi Automotive PLC (UK), are the most prominent companies in the automotive test equipment market.

Recent News

May 2020

AB Dynamics is now an owner of a new testing service division, to bring down the mounting complexity of automotive tests. These testing services will be segmented into three sections, namely training, testing and consultancy. The company’s Simpia toolchain software, an automotive test equipment, will prevent repetitive AV or ADAS tests and can facilitate perfect replication on the test track, from virtual testing on simulators to real life.

Automotive Test Equipment Market COVID-19 Analysis

The novel coronavirus has left every industry in a lurch, including the automotive sector. The short term impact has led to manufacturing units closing down due to the lockdown policy imposed by the governments. Production units are facing issues in the form of lack of staff because of the social distancing practice induced by the pandemic. SARS-CoV-2 has resulted in showrooms getting closed shut, and a downfall has been noted in vehicle sales across the world. The automotive industry is struggling in the light of economic crisis due to the COVID-19 outbreak, coupled with disruption in the supply chain network across the globe.

Having said that, the automotive industry can expect some relief from the several mitigation measures that are being taken by governments of various regions. For instance, the European Union is backing the automotive industry with the Pandemic Emergency Purchase Program, which helps buy commercial papers and sovereign bonds from the commercial firms and member states while maintaining liquidity within the financial system. EU has also relaxed its regulations and is willing to expand the size of any asset purchase for extended period. With the advent of contingency plans across countries and financial institutions proposing relief plans, the automotive industry and in turn, the automotive test equipment can remain profitable despite the COVID-19 impact.

Automotive Test Equipment Market Segmentation

The automotive test equipment industry has been considered for segments such as product type, vehicle type as well as application.

The product types listed in the market study are chassis dynamometer, wheel alignment tester, vehicle emission test system and engine dynamometer.

The vehicle type-based categories include light commercial vehicle, heavy commercial vehicle and passenger car.

The application areas of automotive test equipment include pc/laptop-based scan tool, handheld scan tool, mobile device-based scan tool, and more.

Regional Outlook

The key markets for automotive test equipment covered in the report are North America, APAC or Asia Pacific, Europe, and RoW or the rest of the world.

The biggest gainer in the coming years is expected to be the APAC market, backed by the consistent growth in the urban population, considerable spending on technological innovation, and the surge in automobile exports. Japan, India and China are the most lucrative markets in the region, since these countries are increasingly observing expansion of the manufacturing sector and the emerging trend of chassis dynamometers and other innovative automotive products.

Europe, with the second lead in the global market, profits from financial stability and the massive customer base in the automotive industry. The high demand for vehicles also prompts leading manufacturers in the region to boost their manufacturing activities to produce more advanced vehicles fitted with the latest technologies. It is also projected that the competition between vendors in the automotive test equipment market can intensify in the following years, in light of the increasing technological innovations and product extensions.

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Utility Terrain Vehicles Market Business Strategies and Massive Demand by 2032

 

Utility Terrain Vehicles Market Overview:

 

The global Utility Terrain Vehicles Market is likely to grow at a 6.38% CAGR in the forecast period 2024- 2032, according to the latest Market Research Future (MRFR) analysis. The utility terrain vehicle or UTV, put simply, is a vehicle that is specifically designed for effectively performing tasks compared to the general-purpose vehicle. Such vehicles are also called four-wheel drive off-road vehicles as well as side-by-side vehicles. These possess the capacity of two-six persons. Displacement (CC) <800, displacement (CC) 400-800, and displacement CC <400 are the different product types that owing to its alluring features and benefits are used in different industries such as sport UTV, work UTV, and others. These vehicles are large and powerful and used more for work than recreation. 

 

Various factors are fuelling the global Utility Terrain Vehicles Market share. As per the recent MRFR market estimates, such factors include the capacity to work in landscapes or harsh terrain, adoption in different industries including sports, forest, and military, the growing prominence of improved mobility services in mining and construction activities for stability and superior traction, the growing consumer proclivity towards offload recreational activities in different adventurous and sports events, growing investments for infrastructure development, increasing tourism activities, and modernization of agricultural transportation. The additional factors adding market growth include high cargo carrying capacity, quick mobility on hard surface, and increasing consumer preference for off-road recreational activity.

 

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On the contrary, high vehicle costs, adverse effects caused during a rollover crash like undesirable steering characteristics, inadequate occupant protection, and inadequate lateral stability, the impact of the COVID-19 pandemic, and the growing fatalities rate by off-road recreational activities may hamper the global Utility Terrain Vehicles Market growth over the forecast period. 

 

Key Players 

The leading players profiled in the global Utility Terrain Vehicles Market report include Kwang Yang Motor Co, Ltd (Taiwan), BRP (Canada), Honda Motor Company, Ltd. (Japan), Arctic Cat (U.S.), Hisun Motors Corp (U.S.), Kubota Corporation (Japan), Yamaha Motor Company Limited (Japan), John Deere (U.S.), Kawasaki Heavy Industries Ltd. (Japan), and Polaris Industries, Inc. (U.S.), among others. 

 

Market Segmentation 

The MRFR report throws light on an inclusive segmental analysis of the global Utility Terrain Vehicles Market based on product type and application. 

 

By product type, the Utility Terrain Vehicles Market is segmented into displacement (CC) <800, displacement (CC) 400-800, and displacement CC <400. 

 

By application, the global Utility Terrain Vehicles Market is segmented into sport UTV, work UTV, and others. 

 

Regional Analysis 

 

By region, the global Utility Terrain Vehicles Market covers the recent trends and growth opportunity across North America, Europe, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, North America will steer the market over the forecast period. Increasing production and sales of all forms of utility terrain vehicles, the presence of vast number of utility terrain vehicle manufacturers in Canada and the US who are efficient to manufacture highly efficient UTVs with advanced features that can be used in different landscapes and scenarios, annual motorsport competition that includes various formats like rocky terrain and mountain terrain in the US, government initiatives to promote sport activities, high disposable incomes, and increasing applications in mining, defense, and agriculture are adding to the global Utility Terrain Vehicles Market growth in the region. 

 

The global Utility Terrain Vehicles Market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.

 

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Automotive Test Equipment Market Overview:

The automotive test equipment market 2023 is all set to achieve a strong valuation of close to USD 4.5 billion by 2032, presumes Market Research Future (MRFR). The market is also anticipated to progress at a rate of 4% between 2024 and 2032, reveals the study by MRFR. We will provide COVID-19 impact analysis with the report, offering an in-depth review of the market following the coronavirus disease outbreak.

Top Drivers and Key Challenges

MRFR identifies the top impacting factors to be the increasing concerns with regard to vehicle safety and the growing number of road accidents. Road accidents have surged at an alarming pace across regions where less strict safety rules are prevalent, leading to higher need for safety features and change in purchase behavior of the customers. This factor has also prompted manufacturers to concentrate more on developing better quality passive and active safety features in their vehicles. The mounting safety consciousness among drivers has led to a dire need for strict quality checks, boosting the demand for automotive test equipment. The market for automotive test equipment can also be positively impacted by the soaring popularity of hybrid vehicles, a trend that is expected to gain more prevalence in the coming years.

Get Free Sample Report of Automotive Test Equipment Market

Many of the leading automotive manufacturers like McLaren, Ferrari and Porsche sense the opportunities in the market and focus heavily on building hybrid engines for their vehicles. In addition to hybrid vehicles, electric vehicles are also observing immense demand across developing countries like India and China, which MRFR touts to be a significant growth booster in the automotive testing tools market.

Prominent Companies

Softing AG (Germany), Honeywell International Inc. (US), ABB Ltd (Switzerland), Advantest Corp (Japan), Teradyne Inc. (US), Horiba Ltd. (Japan), Siemens (Germany), Robert Bosch GmbH (Germany), Actia S.A. (France), Delphi Automotive PLC (UK), are the most prominent companies in the automotive test equipment market.

Recent News

May 2020

AB Dynamics is now an owner of a new testing service division, to bring down the mounting complexity of automotive tests. These testing services will be segmented into three sections, namely training, testing and consultancy. The company’s Simpia toolchain software, an automotive test equipment, will prevent repetitive AV or ADAS tests and can facilitate perfect replication on the test track, from virtual testing on simulators to real life.

Automotive Test Equipment Market COVID-19 Analysis

The novel coronavirus has left every industry in a lurch, including the automotive sector. The short term impact has led to manufacturing units closing down due to the lockdown policy imposed by the governments. Production units are facing issues in the form of lack of staff because of the social distancing practice induced by the pandemic. SARS-CoV-2 has resulted in showrooms getting closed shut, and a downfall has been noted in vehicle sales across the world. The automotive industry is struggling in the light of economic crisis due to the COVID-19 outbreak, coupled with disruption in the supply chain network across the globe.

Having said that, the automotive industry can expect some relief from the several mitigation measures that are being taken by governments of various regions. For instance, the European Union is backing the automotive industry with the Pandemic Emergency Purchase Program, which helps buy commercial papers and sovereign bonds from the commercial firms and member states while maintaining liquidity within the financial system. EU has also relaxed its regulations and is willing to expand the size of any asset purchase for extended period. With the advent of contingency plans across countries and financial institutions proposing relief plans, the automotive industry and in turn, the automotive test equipment can remain profitable despite the COVID-19 impact.

Automotive Test Equipment Market Segmentation

The automotive test equipment industry has been considered for segments such as product type, vehicle type as well as application.

The product types listed in the market study are chassis dynamometer, wheel alignment tester, vehicle emission test system and engine dynamometer.

The vehicle type-based categories include light commercial vehicle, heavy commercial vehicle and passenger car.

The application areas of automotive test equipment include pc/laptop-based scan tool, handheld scan tool, mobile device-based scan tool, and more.

Regional Outlook

The key markets for automotive test equipment covered in the report are North America, APAC or Asia Pacific, Europe, and RoW or the rest of the world.

The biggest gainer in the coming years is expected to be the APAC market, backed by the consistent growth in the urban population, considerable spending on technological innovation, and the surge in automobile exports. Japan, India and China are the most lucrative markets in the region, since these countries are increasingly observing expansion of the manufacturing sector and the emerging trend of chassis dynamometers and other innovative automotive products.

Europe, with the second lead in the global market, profits from financial stability and the massive customer base in the automotive industry. The high demand for vehicles also prompts leading manufacturers in the region to boost their manufacturing activities to produce more advanced vehicles fitted with the latest technologies. It is also projected that the competition between vendors in the automotive test equipment market can intensify in the following years, in light of the increasing technological innovations and product extensions.

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