Market Trends of VXI Testing Equipment Industry
This section covers the major market trends shaping the VXI Test Equipment Market according to our research experts:
Growth of Consumer Electronics to Drive VXI Testing Equipment Market
- Consumer Electronics accounted for 3% of the global GDP and the forecast for the next six years puts it ahead of the global GDP growth rate. This sale of consumer electronics included 1.2 billion smartphones and 250 million tablets, which represents a major share of the global consumer electronics market.
- With the advent of the internet, some of these devices with applications, such as health monitoring, temperature control, security, and transportation systems will be wirelessly connected. It is also estimated that over 50 billion of these devices are expected to be wirelessly connected by 2020, and this is going to drive the market further.
- However, the CE industry is expected to be highly influenced by the emerging technologies, such as smart watches, smart thermostats, automotive electronics, UHD TVs, smart eyewear, fitness & activity trackers, and other high-end wearable devices, during the forecast period.
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North America to Hold the Largest Market Share
- Increase in production of helicopters and commercial aircraft drives the market for testing. In North America, countries such as the United States has a huge aerospace industry which exports more than 60% of all the aerospace production.
- Many foreign firms are attracted to the United States aerospace market as it is the largest in the world, characterized by the skilled and hospitable workforce, diverse offerings and extensive distribution systems.
- According to the United States Department of Commerce, the country’s aerospace industry has contributed to about USD 118.5 billion to the United States economy, in the form of export sales. This huge demand from the independent aerospace industry relying on massive exports has been a major driver for the growth of the testing equipment in the market.
- Automated test equipment further finds application in the defense sector. The defense industry in the country has a budget allocation, which is more than the entire economy of more than half of the existing countries in the world.
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