According to the research report titled ‘Global Test Benches Market Size study, by Component (Hardware and Software), by Type (Valve Test Benches, Force Test Bench, Torque Test Bench and Others), by Test Stands (Manual test stands and Motorized test stands), by Test Material (Valve, Motors, Furniture and Others), by Application (Semiconductor and Electronics, Industrial Manufacturing and Engineering, Automotive and Transportation, Power Generation and Utilities, Oil and Gas and Others), and Regional Forecasts 2021-2027’, available with Market Study Report, global test benches market size was valued at USD 1.19 billion in 2020 and is expected to record a CAGR of 5% over 2021-2027, subsequently reaching USD 1.67 billion by the end of the assessment period.
 

Increasing production of electric vehicles in automobile industry and new product launches by major firms are the key factors driving global test benches market growth.
 

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For the unversed, test benches are supporting equipment used to evaluate devices or components before they are assembled or manufactured in related industries.
 

Rising semi-conductor and electronics industry is boosting product demand, as it entails evaluating parameters such as resistance, voltage, continuity, and other various components. In fact, the Semiconductor Industry Association (SIA) cited that global semiconductor sales in October 2020 totaled USD 39 billion, 6% up from the total of USD 36.8 billion in October 2019, and 3.1% higher than September 2020's total of USD 37.9 billion.
 

Moreover, technological advancements in the vertical are projected to significantly contribute to the market expansion.
 

On the downside, inaccuracy observed in manual testing machines is anticipated to hamper the remuneration scope of the industry over the forecast period.
 

Coming to regional landscape, Latin America, North America, Asia Pacific, and Europe are the leading contributors to the overall market development. Of these, Asia Pacific currently leads worldwide test benches industry share, creditable to robust automotive and power generation sectors in economies like China, Japan, India, and others.
 

Meanwhile, Europe market is predicted to witness substantial growth over 2021-2027, owing to the presence of various test bench manufacturers in the region.
 

Major contenders in global test benches marketplace are MCD Elektronik GmbH, Ametek Sensors, Test & Calibration, Nidec Industrial Solutions, Kern & Sohn GmbH, Imada Inc., dSpace GmbH, Haven Automation Ltd., ETH-Messtechnik GmbH, Industrie Automatisierungsgesellschaft m.b.H. (IAG), and Robert Bosch GmbH.