Global Automotive Powertrain Testing Market 2019-2023| Industry Analysis and Forecast| Technavio
LONDON--(BUSINESS WIRE)--Feb 7, 2019--The global automotive powertrain testing market research report by predicts the market to post a CAGR of nearly 4% during the period 2019-2023.
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Technavio has released a new market research report on the global automotive powertrain testing market for the period 2019-2023. (Graphic: Business Wire)
A key driver for the global automotive powertrain testing market will be governments across the globe enforcing regulations to upgrade to newer emission norms. Strict emissions regulations are being formulated and implemented by several countries worldwide owing to existing pollution levels and resultant effects such as global warming. Such emission control regulations compel the automotive manufacturers to improve the efficiency of the engine using different methods. The demand for testing services will increase as OEMs will have to evolve their technologies based on emission norms.
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.
Global 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. EVs are also energy-efficient as they convert 58%-62% of the electrical energy from the grid to power at the wheel. Increasing fuel prices, growing environmental concerns, performance benefits, and low running cost of vehicles is expected to drive demand for EVs.
“Factors promoting the penetration of EVs are incentives and subsidies offered to consumers by governments globally, including the US, Mexico, and China, stringent fuel efficiency norms and the need to alleviate the risk of fluctuating oil prices, and increasing sales of EVs in both developed and developing countries. Also, efforts by automotive players to reduce the cost of EV components and improvement in EV charging infrastructure also increase the adoption of EVs,” says a senior research analyst at Technavio.
Global automotive powertrain testing market: Segmentation analysis
This automotive powertrain testing market analysis report segments the market by type (ICE powertrain and hybrid and electric powertrain) and geography (APAC, Europe, MEA, South America, and North America).
The ICE (internal combustion engine) powertrain segment held the largest automotive powertrain testing market share in 2018 owing to the high-volume sales and demand in the segment.
APAC accounted for the highest share of the market in 2018. Promising economic growth potential in emerging countries such as China and India has been boosting market opportunities for automobile manufacturers in the region. Furthermore, APAC has been witnessing rapid growth regarding the expansion of production facilities and setting up new facilities to cater to the increasing demand for automobiles, which is driving the demand for powertrain testing systems.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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PUB: 02/07/2019 11:51 AM/DISC: 02/07/2019 11:50 AM