Automated test equipment market to reach $7.38 billion by 2024

The automated test equipment market size has grown strongly in recent years. It will grow from $6.92 billion in 2023 to $7.38 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to quality assurance and cost efficiency, globalization of electronics manufacturing, demand for higher production throughput, focus on time-to-market, need for real-time monitoring and feedback.

The automated test equipment market size is expected to see strong growth in the next few years. It will grow to $9.82 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to focus on test cost reduction, focus on energy-efficient electronics, rise of automotive electronics, test data analytics, in-circuit testing advancements.. Major trends in the forecast period include focus on automotive electronics testing, high-density interconnect (hdi) testing, flexible and scalable ate solutions, increased emphasis on cybersecurity testing, rise in iot device testing.

CT Bureau