Enhanced Growth Opportunities in Electric Vehicle Design, Validation, and Quality Assurance
This research analyzes the global trends in the dimensional metrology market in the automotive industry. The automotive industry witnessed a period of sluggish demand in 2018 and 2019, which had an impact on the dimensional metrology market. The onset of the Covid-19 pandemic resulted in the shutting down of borders and several manufacturing plants, globally. This disrupted demand, with automotive production witnessing a slump of -25-30%. The onset of Covid-19 has halted production globally and is resulting in many upcoming projects being canceled or delayed.
With businesses impacted and the supply chain disrupted globally, 2020 witnessed a considerable decline in orders for dimensional metrology products as well. Despite several countries beginning to relax restrictions, it is unlikely for demand to return to the pre-Covid-19 levels in 2020 and 2021. The oil price slump did not help the situation and resulted in oversupply with weak demand. Once industries resume close to previous plant utilization levels, demand will also increase. The market has been segmented by product type and regional markets. The study covers a market share analysis of the top competitors as well as a SWOT analysis of these participants.
The study also identifies the prominent channel of distribution used in this market. Annual estimates and forecasts are provided from 2016 to 2024. The geographical scope of the study includes North America, Europe (EU), Asia-pacific (APAC), and Rest-of-the-World (RoW). North America and Europe are significant contributors to the dimensional metrology market in the automotive industry with both these regions housing several key automotive OEMs and Tier I suppliers. APAC was the largest contributor and the fastest-growing region with growing industrialization in economies such as China and India. Also, with China recovering after the initial slump in Q1 2020, demand in this region is expected to be back to 2019 levels at the earliest. The global dimensional metrology market in the automotive industry is estimated to reach approximately $1,748.2 million by 2024.
The CMM segment still holds the major share of the market, while the C&M segment accounts for the second-largest in terms of revenue. However, the calipers and micrometers segments are relatively mature, with vendors focused more on the 3D laser scanners market, which is expected to witness the fastest growth. Demand for inline measurements is growing as process automation in applications across the automotive industry increases. The report discusses various trends that are changing the dimensional metrology market in the automotive industry, and their business impact on enterprises, service providers, and small and medium businesses.
