Automated Test Equipment Market Size Worth USD 1.47 Billion By 2024 | Technavio
LONDON--(BUSINESS WIRE)--Nov 9, 2020--
The new automated test equipment market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Automated Test Equipment Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the Growing Use of Smartphones,” says a senior analyst for the Industrials industry at Technavio.
The electronics industry is growing at an unprecedented rate, with a significant increase in the exports of electronic goods in countries like China, Japan, and Singapore. There has been a stagnant increase in sales and shipment of smartphones, which promotes the growth of the test and measurement equipment. The increasing sales of electronic goods and the growing smartphone market will foster the demand for automated test equipment, boosting the automated test equipment market growth.
As the markets recover Technavio expects the automated test equipment market size to grow by USD 1.47 billion during the period 2020-2024.
Automated Test Equipment Market Segment Highlights for 2020
- The automated test equipment market is expected to post a year-over-year growth rate of 3.50%.
- The consumer electronics market is expected to grow because of the increase in disposable incomes, reduced cost of consumer electronics, and changing lifestyles in developing countries.
- Therefore, the automated test equipment market share growth by the consumer electronic segment will be significant during the forecast period.
- 40% of the growth will originate from the APAC region.
- The presence of multiple vendors that sell automated test equipment at competitive prices and the establishment of the world's largest electronics companies and foundries will significantly drive automated test equipment market growth in this region over the forecast period.
- China, Japan, and South Korea (Republic of Korea) are the critical markets for automated test equipment in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The automated test equipment market size is expected to accelerate at a CAGR of over 4% during the forecast period.
- The automated test equipment market is segmented by End-user (Consumer Electronics, Telecommunications, Aerospace and defense, and others) and Geographic (APAC, North America, Europe, South America, and MEA).
- The market is concentrated due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including Advantest Corp., Agilent Technologies Inc., Anritsu Corp., Chroma ATE Inc., Cobham Plc, Danaher Corp., INNOTECH Corp., National Instruments Corp., Rohde & Schwarz GmbH & Co. KG, and Teradyne Inc.
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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. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS
SOURCE: Technavio Research
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PUB: 11/09/2020 03:30 PM/DISC: 11/09/2020 03:30 PM