Automated Test Equipment Industry is expected to register 10% CAGR between 2023 and 2032 propelled by increasing electrification in vehicles around the globe.
Selbyville, Delaware, Jan. 18, 2023 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the Global Automated Test Equipment Market was estimated at USD 8.5 billion in 2022 and is expected to surpass a valuation of $20 billion by 2032, progressing at a CAGR of 10% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
The industry growth is expected to be influenced by the rising need for advanced & miniaturized semiconductor components in the consumer electronics sector. Several consumer electronics OEMs are focusing their efforts on developing advanced, compact consumer electronics devices like smartphones, tablets, and wearable technology. Additionally, as smart devices gain traction, the need for smaller semiconductor chipsets is projected to escalate, augmenting the demand for advanced automated test equipment in foundries and OSATs, which is likely to favor overall market dynamics.
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Booming smart consumer electronics demand to boost SoC test system segment revenues
The automated test equipment market share from the system-on-chip (SoC) test system segment is anticipated to grow at over 10% CAGR from 2023 to 2032 owing to the widespread use of smart consumer electronics, such as smart wearables, laptops and desktop computers. Moreover, the surging usage of electronic components across the automotive industry and the extensive smartphone penetration worldwide are likely to promote the adoption of automated SoC test systems through the estimated timeframe.
Declining product prices to propel consumer electronics industry outlook
The consumer electronics market is anticipated to generate more than USD 8.5 billion by 2032. The report cites that the business expansion is likely to be stimulated by the increasing demand for smart consumer electronics products due to soaring customer awareness and declining product prices. Moreover, the changing lifestyles and the rising preference for smart electronic products and connected devices are likely to contribute largely to revenue growth.
Growing electric automobile manufacturing to augment Latin America market statistics
Latin America automated test equipment market is expected to attain nearly 3% gains through 2032 on account of the burgeoning product deployment for bolstering electric vehicle production in the region. In October 2022, the Minister of Communication and Information Technology declared that Saudi Arabia would export and manufacture 150,000 electric cars by the year 2026. This has increased the demand for automated test equipment for power semiconductors utilized in the electric vehicle sector which is foreseen to provide attractive regional growth opportunities.
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Innovative product launches to define the competitive landscape
The competitive landscape of the market for automated test equipment involves Keysight Technologies, Teradyne Inc., Cohu Inc., Anritsu Co., Chroma ATE Inc., Tokyo Electron Limited, Advantest Corporation, OMRON Corporation, SPEA S.p.A., and other firms. These businesses are developing novel solutions to extend their global reach.
Partial chapters of report table of contents (TOC):
Chapter 2 Automated Test Equipment Market Executive Summary
2.1 Industry 3600 synopsis, 2018-20322.2 Business trends2.3 Regional trends2.4 Type trends2.5 Application trendsChapter 3 Automated Test Equipment Market Industry Insights3.1 Introduction3.2 Impact of COVID-193.3 Russia- Ukraine war impact on automated test equipment industry3.4 Impact of China – U.S. trade war on the market3.5 Industry ecosystem analysis3.6 Profit margin analysis3.7 Technology & innovation landscape3.8 Patent landscape3.9 Key news and initiatives3.10 Regulatory landscape3.11 Industry impact forces3.12 Investment landscape3.13 Growth potential analysis3.14 Porter's analysis3.15 PESTEL analysisChapter 4 Competitive Landscape, 20224.1 Introduction4.2 Company market share, 20224.3 Competitive analysis of major market players, 20224.4 Competitive analysis of prominent leaders, 20224.5 Competitive positioning matrix4.6 Strategic outlook matrix
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.