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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