Yahoo Finance Electric Vehicle Test Equipment Market size is set to grow by USD 212.5 million from 2024-2028, Growing EV automotive industry boost the market, Technavio
NEW YORK, June 27, 2024 /PRNewswire/ -- The global electric vehicle test equipment market size is estimated to grow by USD 212.5 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 30.08% during the forecast period. Growing EV automotive industry is driving market growth, with a trend towards emergence of digital testing. However, lack of appropriate skillsets for testing poses a challenge. Key market players include Arbin Instruments, ATESTEO GmbH and Co. KG, AVL List GmbH, Chroma ATE Inc., comemso electronics GmbH, Crystal Instruments Corp., Dewesoft d.o.o., Durr AG, FEV Group GmbH, HORIBA Ltd., Keysight Technologies Inc., KUKA AG, Maccor Inc., National Instruments Corp., PCE Holding GmbH, Softing Automotive Electronics GmbH, SureView Instruments, TUV Rheinland AG, Unico LLC, and ZF Friedrichshafen AG.
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Electric Vehicle Test Equipment Market Scope | |
Report Coverage | Details |
Base year | 2023 |
Historic period | 2018 - 2022 |
Forecast period | 2024-2028 |
Growth momentum & CAGR | Accelerate at a CAGR of 30.08% |
Market growth 2024-2028 | USD 212.5 million |
Market structure | Fragmented |
YoY growth 2022-2023 (%) | 23.21 |
Regional analysis | APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution | APAC at 60% |
Key countries | China, US, Germany, Japan, and France |
Key companies profiled | Arbin Instruments, ATESTEO GmbH and Co. KG, AVL List GmbH, Chroma ATE Inc., comemso electronics GmbH, Crystal Instruments Corp., Dewesoft d.o.o., Durr AG, FEV Group GmbH, HORIBA Ltd., Keysight Technologies Inc., KUKA AG, Maccor Inc., National Instruments Corp., PCE Holding GmbH, Softing Automotive Electronics GmbH, SureView Instruments, TUV Rheinland AG, Unico LLC, and ZF Friedrichshafen AG |
Market Driver
Digital advancements are revolutionizing Electric Vehicle (EV) testing. Providers of EV test equipment are adopting innovative technologies, like virtual testing platforms, to enhance their services. Physical inspections are being supplanted by digital ones. For instance, Volkswagen Group collaborated with Red Hat in April 2021 to implement a virtual testing system for its electric research and development department. This system facilitates testing and adjustment of electronic control units (ECUs) and advances intelligent, connected vehicle technologies. The implementation of such systems is anticipated to boost demand for EV test equipment, contributing to market growth during the forecast period.
The Consumer market for Electric Vehicle (EV) Test Equipment is experiencing significant growth. Vehicles, charging infrastructure, batteries, and components require testing to ensure vehicle performance and safety. Passive and active testing methods are used. Vehsicles undergo functional testing, such as battery testing, charging system testing, and vehicle dynamics testing. Charging infrastructure is tested for compatibility and safety. Components like batteries and motors are tested for efficiency and durability. The market includes companies providing testing services and manufacturers of testing equipment. Battery technology, charging infrastructure advancements, and government regulations drive market trends. The future of EV testing lies in advanced testing techniques and integration of AI and IoT in testing processes.
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Market Challenges
The Electric Vehicle (EV) Test Equipment Market requires skilled operators to extract accurate information and control variables for reliable and comparable test results. A deep understanding of EV testing procedures, drive cycles, and powertrain systems is essential. Operators must have experience with motor development testbeds and provide technical support. Inaccurate measurement can result from a lack of EV-specific skills, which the market may face due to a projected shortage of EV-trained technicians by 2027. This skill shortage could negatively impact the EV Test Equipment Market during the forecast period.
The Electric Vehicle (EV) Test Equipment Market faces several challenges. These include the need for advanced technology to test the complex systems of EVs, such as batteries and charging infrastructure. Additionally, the rapid advancement of EV technology requires frequent updates to testing equipment. Furthermore, ensuring safety and compliance with regulations adds to the complexity of the testing process. Cost-effectiveness and efficiency are also crucial factors, as testing can be time-consuming and expensive. Finally, interoperability between different EV models and charging stations poses a significant challenge for test equipment providers.
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Segment Overview
This electric vehicle test equipment market report extensively covers market segmentation by
Vehicle Type
1.1 Hybrid electric vehicles
1.2 Battery electric vehicles
1.3 Plug-in hybrid electric vehicles
Application
2.1 EV component
2.2 EV charging
2.3 Powertrain
Geography
3.1 APAC
3.2 Europe
3.3 North America
3.4 South America
3.5 Middle East and Africa
1.1 Hybrid electric vehicles- The hybrid electric vehicles (HEVs) segment led the market in terms of size in 2022, driven by increasing production and new model launches. Major automakers, including Volkswagen and Geely Holdings Group, are ramping up HEV production, leading to heightened demand for HEV test equipment. This demand is expected to persist during the forecast period due to the growing popularity of HEVs and the development of joint ventures. Consequently, the market for HEV test equipment will expand significantly.
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Research Analysis
The Electric Vehicle (EV) Test Equipment Market is experiencing significant growth due to the increasing demand for emission-free substitutes in the automotive sector. This market caters to the testing requirements of Electric Vehicles (EVs) and Zero-Emission Vehicles (ZEVs), focusing on components such as EV batteries, chargers, power electronics, motors, and dynamometers. The testing of these components ensures vehicle performance, efficiency, and emission levels. Motor testing equipment measures torque and electric signals to evaluate motor performance. Power electronics testing assesses the efficiency and reliability of power conversion systems. Copper, a crucial component in EV batteries and wiring, is also subjected to rigorous testing to ensure optimal performance and safety. Overall, the EV Test Equipment Market plays a vital role in the electrification of vehicles by ensuring the quality and reliability of EV components.
Market Research Overview
The Electric Vehicle (EV) Test Equipment Market encompasses a range of instruments and systems utilized for the testing, validation, and certification of electric vehicles (EVs) and their components. These tools ensure the performance, safety, and compliance of EVs with industry standards and regulations. The market includes various types of test equipment such as battery testing equipment, charging infrastructure testing equipment, motor and power electronics testing equipment, and vehicle dynamics testing equipment. The EV Test Equipment Market is driven by the increasing adoption of electric vehicles, stringent regulations, and the need for efficient and reliable testing solutions. The market is expected to grow significantly in the coming years due to the increasing focus on reducing carbon emissions and the development of advanced testing technologies.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Vehicle Type
Application
Geography
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
