Increasing investment in the research and development (R&D) activities within automotive industry is driving the global in-circuit tester market. As per a new study by Future Market Insights (FMI), the global in-circuit tester market is estimated to be valued at ~US$ 1.06 Bn in 2021.
The COVID-19 pandemic crisis has severely affected the growth. It caused significant disruptions in manufacturing activities and supply chain networks, subsequently affecting the in-circuit tester market. However, the market is expected to recover as the economic activities resume post the containment of pandemic.
In-circuit tester market is likely to grow at a moderate pace during 2021-2031. It is expected to gain from increasing applications across various end-use industries. With manufacturers emphasizing on developing advanced testing equipment, industries are likely to benefit from improved life cycle and durability of in-circuit testers.
Application in automotive electronics is poised to surge in the coming years. With automotive production gradually getting back on track, sales in the sector are expected to pick up. Subsequently, the demand for in-circuit tester will increase as the sector aims at keeping pace with dynamic consumer preference.
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Key Takeaways from In-Circuit Tester Market Study
- FMI has forecast the demand for in-circuit testers to rise at a CAGR of ~4.9% during the forecast period of 2021-2031
- While the U.S. continues to hold over nearly 70%, the demand from Canada is expected to rise at a higher pace
- Within Europe, the U.K. will emerge as a key market, exhibiting 5.6% Y-o-Y growth in 2021
- France and Germany too will continue exhibiting high demand, thanks to expansion of manufacturing activities
- Within East Asia, China will emerge dominant. Demand from Japan and South Korea will also rise at a positive pace
“The increasing demand for in-circuit test and boundary scan test solutions from automotive electronics manufacturers is expected to drive the market. Within a moderately consolidated market space, manufacturers are highly concentrated on increasing sales and expanding their distribution networks with the launch of various standards and models of in-circuit testers,” says a FMI analyst.
Rising Focus on Emission-control Enabling Growth
Expansion of the automotive electronics sector will remain a chief driver as the report. This is primarily attributable to the implementation of stringent emission control regulations. Coupled with this, the increasing demand for improved comfort, efficiency, connectivity, and safety among consumers will boost in-circuit tester applications in automotive electronics manufacturing.
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Along with this, the advent of electronic vehicles will bolster growth opportunities for the market. Focus towards achieving zero emission within the automotive industry will emerge as a chief growth driver.
In-Circuit Tester Market Competitive Landscape
The market is moderately consolidated. Some of the key players in the market are Teradyne Inc., Acculogic Inc., Keysight Technologies, Test Research, Inc., SPEA S.p.A, Digitaltest GmbH, Hioki E.E. Corporation, among others. These players are likely to invest in new technologies, and have longstanding relationships with a number of leading end users, giving them an upper hand among their peers.
Valuable Insight into In-circuit Tester Market
Future Market Insights, in its new report, presents an unbiased analysis of the in-circuit tester, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into the growth witnessed in the market. Based on the in-circuit tester market based on product type (multimode flying probe tester and in-line tester), portability type (benchtop and compact), application (MDA, ICT, and FICT), fixture type (vacuum, pneumatic, and mechanical), mode (semi-automatic and automatic) and end use (automotive electronics, consumer electronics, medical equipment, defense and aerospace electronics, powder generation, storage, and distribution, computer and peripheral devices, and industrial electronics). The market covers North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa as key regional segments.
About Testing Equipment Division at Future Market Insights
The Testing Equipment division of FMI is a specialized department catering to unique requirements in the industry. Exclusive coverage of the testing equipment market includes valuable information on regular, compliance, destructive, and non-destructive testing services and associated equipment. The team also executes several complex projects pertaining to the area of manufacturing and process industries, research and academia, testing and certification institutions, government agencies dealing into scientific and environmental research, and defense organizations. Our research studies are trusted and widely referred by stakeholders for gaining insights and developing cutting edge strategies.