Automotive Battery Testers Market Size Worth $102 Million by 2023 - Technavio
LONDON--(BUSINESS WIRE)--Jul 9, 2019--
The global automotive battery testers market size is poised to reach USD 102 million by 2023, according to a new report by Technavio, progressing at a CAGR of 4% during the forecast period. A key factor driving the growth of the market is the increasing lifespan of vehicles, which is expected to augment market growth over the forecast period.
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Technavio has published a new market research report on the global automotive battery testers market from 2019-2023. (Graphic: Business Wire)
Key suggestions from the report:
- Simple battery testers segment represented close to 60% of the overall market share in 2018 on account of its uses such as detecting problems or malfunctions in the battery. The surge in e-commerce is also a crucial factor for the growing adoption of simple battery testers.
- Integrated battery testers segment is likely to register a CAGR of 9% in terms of revenue from 2019 to 2023 owing to increased adoption among professional automotive repair shops.
- The Asia Pacific automotive battery testers market accounted for 31% of the overall revenue in 2018, as China, India, South Korea, and Japan, are prominent revenue contributing countries in the automotive battery testers market in APAC.
- Presence of few players, development of innovative battery testers, and usage of advanced analytics are bolstering the competitive rivalry in the market.
Read a 123 page research report with TOC on "Automotive Battery Testers Analysis Report by type (simple battery testers and integrated battery testers) and segment forecasts for 2019 to 2023" at
The market is driven by the increasing lifespan of vehicles leading to growth in vehicle population. Due to the high durability of modern vehicles, the average lifespan of vehicles worldwide has been growing, creating a high demand for the preventive maintenance services of essential automotive components such as batteries. Hence, the presence of the above factors is driving the growth of the concerned market.
Development of touchscreen battery testers is the latest trend in the automotive battery testers market as it allows multiple functions in the battery diagnostic service system in a convenient way. Hence, it is expected that prominent vendors would shift to touchscreen interfaces for their battery testers during the forecast period, thereby driving market growth.
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Growing adoption of connected cars is expected to negatively influence as connected cars have direct access to the Internet and connected objects such as smartphones, and many more. These vehicles warn drivers of upcoming problems on the road or within the vehicle. The technology can actively stabilize vehicles, reducing the engine workload eventually. Thus, it is expected that the growing adoption of connected cars to be detrimental to the global automotive battery testers market as this technology will allow OEMs to remotely monitor vehicle health, predict maintenance and repair work and diagnose issues remotely. Thus, eliminating the need for customers to visit professional repair shops, thereby affecting the global market largely.
Technavio has segmented the global automotive battery testers market based on the type (simple battery testers and integrated battery testers) and region (APAC, Europe, MEA, North America, and South America).
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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INDUSTRY KEYWORD: ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE
SOURCE: Technavio Research
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PUB: 07/09/2019 06:30 AM/DISC: 07/09/2019 06:31 AM