LONDON--(BUSINESS WIRE)--The automotive powertrain testing market size is expected to post a CAGR close to 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Strict emissions regulations are being formulated and implemented by several countries worldwide to control existing pollution levels and the resultant effects such as global warming. Such emission control regulations compel automotive manufacturers to improve the efficiency of the engine using different methods. Thus, the demand for testing services will increase as OEMs will have to evolve their technologies based on emission norms.
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As per Technavio, the increasing demand for electric and hybrid vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Automotive Powertrain Testing Market: Increasing Demand for Electric and Hybrid Vehicles
Globally, the demand for EVs is rising as they reduce the dependence on gasoline/diesel-based automobiles and help in decarbonizing the transport sector to a great extent. Increasing fuel prices, growing environmental concerns, performance benefits, and low running cost of vehicles is expected to drive the demand for EVs. The fast growth of EVs and hybrid vehicle technology has generated a need for advanced testing and development solutions capable of meeting the unique challenges that vehicle electrification presents. Thus, the growth in demand for EVs and hybrid vehicles will drive the growth of the automotive powertrain testing market during the forecast period.
“Apart from the increasing demand for electric and hybrid vehicles, other factors such as the advancements in high-performance computing, and the development of engine torque pulsation simulation dynamometer will have a significant impact on the growth of the automotive powertrain testing market during the forecast period,” says a senior analyst at Technavio.
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Automotive Powertrain Testing Market: Segmentation Analysis
This market research report segments the automotive powertrain testing market by type (ICE powertrain and hybrid and electric powertrain) and geography (APAC, Europe, MEA, South America, and North America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. The growth of the automotive powertrain testing market share in APAC can be attributed to factors such as the rising investments on engines and powertrains, increasing demand for automobiles, and the expansion of production facilities in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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