LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive dyno market to grow at a CAGR of over 3% during the forecast period, according to their latest market research report.
Cold and hot engine tests being performed to analyze complete engine performance is one of the major trends being witnessed in the global automotive dyno market 2019-2023. Complete powertrain final tests for engines, axles, and transmission are being developed to ascertain the performance of a powertrain. Hot and cold engine tests are conducted to analyze the performance of an engine in various circumstances.
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According to Technavio analysts, one of the key factors contributing to the growth of the global automotive dyno market is the increasing vehicle population across geographies:
Global automotive dyno market: Increasing vehicle population across geographies
The automotive industry is witnessing favorable conditions across multiple geographies. Vehicle production numbers, including passenger cars and commercial vehicles, stood around 101.04 million units in 2018, and this is expected to reach some 117.02 million units by 2023. In terms of production and consumption, APAC is the fastest-growing vehicle market. Therefore, the enhancement of existing production facilities in the region and the rapid increase in new ones will drive the global automotive dyno market.
According to a senior analyst at Technavio for research on automotive components, “APAC has the highest number of car buyers, making it the dominant automotive industry market. The region is expected to grow at a higher rate in terms of vehicle production numbers including both passenger cars and commercial vehicles.”
Global automotive dyno market: Segmentation analysis
The global automotive dyno market research report provides market segmentation by type (chassis dyno and engine dyno) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The chassis dyno segment held the largest market share in 2018, accounting for nearly 83% of the market. This type segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 60%. This region is expected to dominate the market through 2023, with an increase in its market share by nearly 2%.
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