New Study Shows Automotive Electronics to Account for Nearly One-fourth of In-circuit Testers Sold in North America
March 15, 2021
According to Future Market Insights, increasing investment in the research and development (R&D) activities within automotive industry is driving the global in-circuit tester market.
As per a new study by an ESOMAR-certified market research and consulting firm, the global in-circuit tester market is estimated to be valued at ~US$ 1.06 Bn in 2021.
The COVID-19 pandemic crisis has affected the growth, causing disruptions in manufacturing activities and supply chain networks, subsequently affecting the in-circuit tester market. However, also according to Future Market Insights, the market is expected to recover as the economic activities resume post the containment of pandemic.
Per the company, the in-circuit tester market is likely to grow at a moderate pace during 2021-2031. It is expected to gain from increasing applications across various end-use industries. With manufacturers emphasizing on developing advanced testing equipment, industries are likely to benefit from improved life cycle and durability of in-circuit testers.
With automotive production gradually getting back on track, sales in the sector are expected to pick up. The demand for in-circuit tester will increase as the sector aims at keeping pace with dynamic consumer preference.
Key Takeaways from In-Circuit Tester Market Study:
- Study has forecast the demand for in-circuit testers to rise at a CAGR of ~4.9% during the forecast period of 2021-2031
- While the U.S. continues to hold over nearly 70%, the demand from Canada is expected to rise at a higher pace
- Within Europe, the U.K. will emerge as a key market, exhibiting 5.6% Y-o-Y growth in 2021
- France and Germany too will continue exhibiting high demand, thanks to expansion of manufacturing activities
- Within East Asia, China will emerge dominant. Demand from Japan and South Korea will also rise at a positive pace
According to Future Market Insights, expansion of the automotive electronics sector will remain a chief driver as the report states. This is due to the implementation of emission control regulations. Also, the increasing demand for improved comfort, efficiency, connectivity, and safety among consumers will increase in-circuit tester applications in automotive electronics manufacturing. Along with this, electronic vehicles will also influence growth opportunities for the market. Focus towards achieving zero emission within the automotive industry will be presented as a chief growth driver.
The market is moderately consolidated. Some of the key players in the market are Teradyne Inc., Acculogic Inc., Keysight Technologies, Test Research, Inc., SPEA S.p.A, Digitaltest GmbH, Hioki E.E. Corporation, among others. Per the company, these players are likely to invest in new technologies, and have longstanding relationships with a number of leading end users.
These insights are based on a report on In-circuit Tester Market by Future Market Insights.