Automotive Comparators Market Size, Share, Growth Analysis, By Type(Digital Automotive Comparators, and Dial Type Automotive Comparators), By Application(Automotive Manufacturing, Aftermarket.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25A2099 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
61
|Figures:
75
Automotive Comparators Market Insights
Global Automotive Comparators Market size was valued at USD 2.69 Billion in 2022 and is poised to grow from USD 2.80 Billion in 2023 to USD 3.83 Billion by 2031, at a CAGR of 4% during the forecast period (2024-2031).
The purpose of the automotive comparators market is to provide automotive manufacturers and maintenance technicians with high-quality and reliable tools for measuring and inspecting various parts and components. These tools help in ensuring that the parts meet the required specifications, which in turn improves the overall quality and reliability of the vehicle. The increasing demand for high-quality and reliable vehicles is one of the major driving factors for the growth of the automotive comparators market. The growing automotive industry, especially in emerging economies, is also contributing to the growth of the market. Furthermore, the increasing focus on improving the efficiency and accuracy of automotive manufacturing processes is also driving the demand for automotive comparators. The major restraining factor for the automotive comparators market is the high cost associated with these tools.
Moreover, the lack of skilled technicians to operate and maintain these tools is also hindering the growth of the market. The availability of alternative technologies for measuring and inspecting automotive parts is also posing a challenge to the market growth. The major challenge in the automotive comparators market is the increasing competition from alternative technologies such as laser measurement and computer-aided inspection systems. For instance, the Thai government introduced an Electric Vehicle (EV) action plan aimed at promoting the manufacturing of Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) with the goal of having 1.2 million such electric vehicles on the country's roads by 2036. As a result, 13 companies have enjoyed preferential tax incentives to support the electric vehicle industry. Furthermore, in March 2020, Thailand unveiled an Electric Vehicle roadmap, outlining the target of producing 250,000 EVs by 2025 and establishing itself as an Electric Vehicle hub within the ASEAN region. These strategic initiatives are anticipated to propel the growth of the electric vehicle market in Thailand.
Additionally, the lack of awareness and education about the benefits of automotive comparators is also hindering the market growth. The increasing demand for electric vehicles and the growing trend of vehicle light weighting are expected to create new opportunities for the automotive comparators market. Additionally, the development of advanced automotive comparators that offer greater accuracy, precision, and reliability is also expected to drive the market growth.
US Automotive Comparators Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot
Global Market Size
Largest Segment
Digital
Fastest Growth
Digital
Growth Rate
ong>US Automotive Comparators Market is poised to CAGR
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Automotive Comparators Market Segmental Analysis
The global automotive comparators market is segmented on the basis of type, application, and region. Based on type, the market is segmented into digital automotive comparators, and dial type automotive comparators. By application, the market is segmented into automotive manufacturing, aftermarket. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Automotive Comparators Market Analysis by Type
Digital automotive comparators are the dominating segment as they offer higher accuracy and precision compared to their analog counterparts and are widely used in the automotive industry for quality control and inspection purposes. They are highly accurate and offer quick and precise measurements. Digital automotive comparators are gaining popularity in the market due to their accuracy and ease of use. Dial type automotive comparators are mechanical devices that use a dial gauge to measure the dimensions of automotive parts. They are simple to use and require minimal training, making them popular in small-scale automotive workshops.
Global Automotive Comparators Market Analysis by Application
Automotive manufacturing includes the use of comparators in the production process of automotive parts to ensure that they meet the required specifications and tolerances. The use of comparators in this segment helps to improve the quality and reliability of automotive parts, leading to increased customer satisfaction and reduced warranty claims.
Automotive comparators are widely used in the aftermarket for inspection and quality control purposes. The growing trend of customization in the automotive industry is expected to boost the demand for automotive comparators in the aftermarket segment. Aftermarket includes the use of comparators in the repair and maintenance of automotive parts. The use of comparators in this segment helps to identify parts that are out of tolerance and need replacement, leading to improved safety and performance of vehicles.
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Automotive Comparators Market Regional Insights
North America dominates the global automotive comparators market, due to the presence of established automotive manufacturers and suppliers in the region. The increasing focus on automation and Industry 4.0 in the automotive industry in North America is expected to further drive the demand for automotive comparators.
Asia Pacific is expected to be the fastest-growing region in the global automotive comparators market due to the increasing demand for automobiles and the growth of the automotive industry in the region. The region is witnessing a significant shift towards electric and hybrid vehicles, which is expected to further drive the demand for automotive comparators in the manufacturing process. The increasing adoption of advanced technologies in the automotive industry in countries such as China, Japan, and South Korea is expected to further drive the growth of the automotive comparators market in the region.
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Automotive Comparators Market Dynamics
Global Automotive Comparators Market Drivers
Increasing Demand for High-quality and Reliable Vehicles
- The demand for high-quality and reliable vehicles is increasing globally, which is driving the demand for automotive comparators in the manufacturing process. Automotive comparators are used for quality control and inspection of automotive parts such as engine components, transmission parts, and chassis parts, among others.
Growing Trend of Vehicle Light Weighting
- The automotive industry is increasingly focusing on vehicle light weighting to improve fuel efficiency and reduce emissions. Automotive comparators are used in the manufacturing process to ensure the proper dimensions and tolerances of lightweight components such as carbon fiber-reinforced polymers (CFRPs) and aluminum alloys.
Global Automotive Comparators Market Restraints
High Cost of Automotive Comparators
- Automotive comparators are sophisticated and precise instruments, and as such, they are expensive. The high cost of these instruments can be a major restraint for small and medium-sized enterprises (SMEs) operating in the automotive industry.
Availability of Alternative Inspection Technologies
- Automotive comparators are widely used in the automotive industry, there are several alternative inspection technologies available in the market such as coordinate measuring machines (CMMs), laser scanners, and optical scanners, which can be used for measuring and inspecting automotive parts.
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Automotive Comparators Market Competitive Landscape
The global automotive comparators market is highly competitive and fragmented, with a large number of players operating in the market. Players are focused on product innovation, strategic partnerships, and acquisitions to strengthen their market position. The key players in the market offer a wide range of products, including optical and tactile measuring systems, surface and form measurement systems, and coordinate measuring machines. The global automotive comparators market is expected to witness significant growth in the coming years, driven by the increasing demand for high-quality and reliable vehicles and the growing trend of vehicle light weighting.
Top Player’s Company Profiles in Global Automotive Comparators Market
- Carl Zeiss AG (Germany)
- Mitutoyo Corporation (Japan)
- Starrett (US)
- Mahr GmbH (Germany)
- Nikon Corporation (Japan)
- Hexagon AB (Sweden)
- Sylvac SA (Switzerland)
- Bowers Group (UK)
- The L.S. Starrett Company (US)
- TESA SA (Switzerland)
- Accretech (Japan)
- Taylor Hobson (UK)
- Helmel Engineering Products, Inc. (US)
- Renishaw plc (UK)
- QVI (US)
- OGP (US)
- Perceptron, Inc. (US)
- Vision Engineering (UK)
- Keyence Corporation (Japan)
- Trimos (Switzerland)
Global Automotive Comparators Market Recent Developments
- In June 2023, Tata Consultancy Services (TCS) and Renesas collaborated to establish a joint innovation center in Bengaluru and Hyderabad, focusing on software development and the design of cutting-edge next-generation semiconductor solutions, including radio frequency, digital, and mixed-signal design. These innovations are intended to cater to the diverse requirements of various industries.
- In May 2023, Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions, debuted three new MCU groups targeting motor control applications.
- In January 2023, Renesas Electronics Corporation introduced a new general-purpose microcontroller (MCU) in the low-power RL78 Family, with small package sizes that target 8-bit MCU applications.
Automotive Comparators Key Market Trends
- Increasing adoption of digital automotive comparators: digital automotive comparators is driven by the need for more accurate and efficient measurement tools in the automotive industry. Digital comparators offer several advantages over traditional dial-type comparators, including higher accuracy, faster measurement times, and improved ease of use. Digital automotive comparators are equipped with digital displays that provide precise measurements in real-time, making them more efficient than traditional comparators that require manual interpretation of dial readings. digital comparators can be used for both contact and non-contact measurements, making them more versatile and capable of measuring a wider range of parts and components.
- Growing demand for portable automotive comparators: The demand for portable automotive comparators is on the rise due to their convenience and ease of use. Portable comparators are lightweight and can be easily carried from one location to another, making them ideal for field inspections and on-site measurements. This trend is being driven by the growing need for more flexible and versatile measurement tools in the automotive industry. Portable automotive comparators offer several advantages over traditional benchtop comparators, including greater mobility, faster setup times, and improved ease of use. They can be used in a variety of locations, including manufacturing facilities, repair shops, and field sites, making them more versatile and adaptable to changing measurement needs.
Automotive Comparators Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global automotive comparators market the increasing demand for high-precision measurement tools in the automotive industry is a key growth driver. Automotive comparators are used to ensure the accuracy and consistency of critical parts and components in the manufacturing process, which is essential for ensuring the safety and reliability of automobiles. technologies are being used to improve the efficiency and accuracy of manufacturing processes, and automotive comparators are an essential tool in this regard. The increasing demand for electric and hybrid vehicles is expected to drive the growth of the automotive comparators market. These vehicles require high-precision measurement tools to ensure the accuracy and consistency of critical components such as battery cells, motors, and power electronics. The high cost of automotive comparators is expected to restrain the growth of the market to some extent. Automotive comparators are highly specialized measurement tools that require advanced technology and expertise to manufacture, which drives up their cost. This can make it difficult for small and medium-sized manufacturers to afford these tools, which can limit the overall growth of the market.
| Report Metric | Details |
|---|---|
| Growth Rate | ong>US Automotive Comparators Market is poised to grow at a sustainable CAGR for the next forecast year.% |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Comparators Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Comparators Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Comparators Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Comparators Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Comparators Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Comparators Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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