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

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.