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Forecast growth in the global market for automatic test equipment by 2024

  • Technavio offers a market study entitled Global Automated Test Equipment Market 2020-2024.

This study forecasts a short-term decline in the automated test equipment market, impacted by the COVID-19 pandemic. However, with the upturn in activity, Technavio expects the market to record average annual growth of around 4% between 2020 and 2024.

The global market for automated test equipment could reach $1.47 billion by 2024.

“One of the main growth drivers in this market is the increasing use of smartphones,” said a senior industry analyst at Technavio. Increased sales of electronic goods and the growth of the smartphone market will drive the demand for automated test equipment.

40% of the growth will come from Asia-Pacific (APAC) countries. China, Japan and South Korea are the major markets for automated test equipment.