According to the new market research report by IndustryARC titled “Dynamometer Product and Services Market: By Type (Absorption, Transmission, Motoring); By Absorption Units (Solid/Hydraulic Frictions, Eddy Current); By Transmission (Epicyclical Train, Belt); By Measurement (Force, Power); By End-User (Manufacturing, Automotive, Kinesiology); By Geography – Forecast (2018-2023)”, the market is driven by the growing demand from the automotive industry.
Global Dynamometer Products and Services market generated revenue of $989.8 million in 2017 and is forecast to reach revenue of $1.550 billion by 2023, growing at a CAGR of 7.6% during 2018-2023.
The market for dynamometer in 2014 was leading in North America with a 38% share, followed by Europe and Asia-Pacific (APAC) with 28% & 23% share, respectively. In Europe and North America, the dynamometer industry is matured as testing equipment has been practiced since a long time. However, Eastern Europe and South American countries such as Mexico and Brazil, are the potential market due to increased production capacity. On the other hand, the test equipment market of Asia-Pacific and RoW regions are emerging significantly due to the increase in the number of vehicle assembly lines and engine plants, with the growing demand for light, medium and heavy vehicles in countries such as China, India, South Korea, and so on.
In North America, Eddy Current Dynamometers type segment is leading the market that had registered $175.8 million revenue in 2017 and is projected to reach $238.388 million by 2023 at 5.1% CAGR.
Dynamometers can be primarily categorized as devices based on a type of load-induced and the resistive force coupled in the mechanism. The requirements and manufacturing technology for each of these respective devices differ significantly. The Research and Development is generally an in-house facility responsible for evaluating several parameters and specifications that are required to design the signaling devices. These parameters are mainly controlled by the applications where signaling devices need to be integrated. The applications for these devices fall primarily into two categories: manufacturing, and testing based on the end user applications. Based on these categories, the specifications for dynamometers are being laid while simultaneously complying with industry regulations and certification standards.
The key players in the market include Horiba (Japan), Meiden America, Inc. (U.S.), Mustang Dynamometer (U.S.), Kistler (Switzerland), Piper test and measurement (U.K.), Wineman Technology, Inc. (U.S.). Horiba (Japan) is the leading manufacturer of dynamometers, which are used in applications to test engines, power train, chassis, motors and so on. The automotive test system is the leading segment for Horiba. They have acquired MIRA, Ltd, a U.K. based vehicle engineering consultancy and testing service provider to complement their existing line of testing equipment products and extend their dominance in the dynamometer market. Horiba is the leading player in the dynamometer industry, with a market share of 17.02% in 2017, owing to the wide range of product portfolio combined with strong distribution channels worldwide.
Horiba, followed by Maiden America, a subsidiary of Meidensha group with a market share of 14.8% in 2017, is the second leading manufacturer of the dynamometer. Meiden America relies on the advanced technologies, strong R&D, and comprehensive product range to meet the emerging demand of test products. Moreover, the continuous investments in R&D activities are likely to increase the market share of the company.
Kristler and Mustang Dynamometer hold the market share of 12.1% and 10.6% respectively in the dynamometer market. With the varied product line across various end applications are likely to fuel their market share in the industry. Also, the strong supply chain across the globe, and years of expertise in the market will help them to extend their dominance in the market.
Previous article DSRC Technology Market is estimated to grow at a CAGR of 3.20% to reach value of $121.64 million by 2023.