The Global EV Test Equipment Market Size is estimated to be worth of USD 49.8 million in 2021 and growing at a CAGR of 17.9% during the forecast period. •Some major industry players functional in the global EV test equipment market are: AVL (Austria), TUV Rheinland (Germany), teamtechnik (Germany), Chroma ATE (Taiwan), and HORIBA (Japan).
Pune, India, Oct. 26, 2021 (GLOBE NEWSWIRE) -- The Global EV Test Equipment Market Size is estimated to be worth of USD 49.8 million in 2021 and growing at a CAGR of 17.9% during the forecast period.
EV test equipment is being used to inspect various EV components including batteries, motors, and other components to keep automotive parts ahead of the competition, provide assured performance, as well as ensure customer comfort and security. Factors such as growing pollution and the threat of global warming have stressed the need to replace petroleum-fueled cars with emission-free alternatives. In response to increased demand for electric vehicles, the market for electric vehicle testing equipment and related components is expected to grow.
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The industry has established that electric automobile are the best appropriate option for conventionally powered vehicles after decades of research and development, culminating in the growth of the electric vehicle market. Sales of electric vehicles have increased in tandem with the desire for alternative fuel vehicles. Governments all over the world have passed legislation encouraging the use of electric vehicles in order to reduce crude oil consumption, vehicle emissions, and air pollution.
EV charging infrastructure providing companies are developing innovative charging station technologies such as turbo charging, terra HP charging, smart charging systems, wireless power transmission, and bi-directional chargers. Upgraded testing procedures are anticipated to be required as electric vehicle charging systems progress.
One of the most advanced charging methods is smart charging. Load balancing and proportional distribution of available power capacity across all active charging stations are possible with smart charging. It also makes it easier to collect essential charging data from a large number of stations using a single cloud-based management platform. Like a consequence of enhanced charging station R&D, need for EV test equipment as well as charging station systems is projected to rise.
The absence of EV component as well as charging station standards throughout the EV test equipment market might be a major point. A wide range of companies offer electric car charging stations, E-Axle/E-Drive, batteries, and other electrical components. As a result, common testing platforms/systems for components from a variety of component manufacturers and suppliers are no longer feasible. To be interoperable with diverse charging stations, a test stand maker, for example, must adapt test software and gear. Lack of compatibility could hamper the expansion of EV test equipment, as unique test equipment systems are expected to need large development expenditures.
Global EV Test Equipment Market, by Vehicle Type
Based on vehicle type, the EV test equipment market is segmented into across commercial vehicle and passenger car. Among these segments, passenger car captures the largest market share in global EV test equipment market in 2021 and is anticipated to remain largest till the forecast period the considerable sales of BEVs as well as HEVs in the passenger car market globally, as opposed to commercial vehicles, are driving this segment's growth.
Automobile OEMs have been incorporating advanced technology into new EV components such as EV batteries, E-drive systems, and motors, necessitating extensive testing, which has boosted demand for EV test equipment.
Global EV Test Equipment Market, by Equipment Type
Based on equipment type, the EV test equipment market is segmented across Ac/Dc EVSE, battery test equipment, motor test equipment, engine dynamometer, chassis dynamometer, transmission dynamometer, inverter tester, fuel injection pump tester, and On-board charger EV drive train test.
Among these segments, battery test equipment captured the largest market share in global EV test equipment market in 2021 and is anticipated to remain largest till the forecast period. Continuous developments in battery technology, as well as rising demand for electric vehicles with long range per charge, are driving the market for battery test equipment. Battery testing products and facilities are provided by Intertek, AVL, TUV Rheinland, Dewesoft, SGS, Softing, Teamtechnik, Arbin Instruments, and other prominent EV testing organizations.
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Global EV Test Equipment Market, by Electric Vehicle Type
Based on electric vehicle type, the EV test equipment market is segmented across battery electric vehicles, and hybrid electric vehicle. Among these segments, battery electric vehicles captured the largest market share in global EV Test Equipment market in 2021 and is anticipated to remain largest till the forecast period. A variety of test equipment companies offer BEV test systems, including e-axle, e-drive, and battery test systems. Regulations pertaining to pollution, incentives, as well as zero-emission initiatives are factors that are driving the growth of the segment.
Global EV Test Equipment Market, By Application
Based on application, the EV test equipment market is segmented across EV Charging, EV component and drivetrain system, and powertrain. Among these segments, EV Component and Drivetrain System captured the largest market share in global EV test equipment market in 2021 and is anticipated to remain largest till the forecast period.
The requirements (voltage and other variables), applications, standardization, and compliance all influence how EV components and drivetrains are tested. The increased adoption of EVs due to their combustion-free functioning, as well as rising fuel prices, is attributed to the rapid rise of the market for test equipment for the EV component and drivetrain industry.
Global EV Test Equipment Market, By Region
Based on region, the market is segmented into Middle East and Africa, Asia Pacific, North America, Europe, and South America. Among these segments, Asia Pacific captured the largest market share in global EV test equipment market in 2021 and is anticipated to remain largest till the forecast period.
The Asia Pacific region includes China, Japan, South Korea, and India. This is due to the fast adoption of public EVs in the Asia Pacific area, which has increased demand for EV test equipment. An increase in EV sales has resulted in a greater demand for EV test equipment in the sector, particularly in China. The increasing demand for electric vehicles, combined with government focusing on EV adoption, is expected to drive market growth in this sector.
Recent Developments in Global EV Test Equipment Market
October 2020 - HORIBA unveiled the ADS EVO, an all-new autonomous driving system that acts as a driving robot for car testing.
October 2020 - FEV Group will deliver a completely integrated turnkey solution for testing the next development of high batteries.
July 2020 - Chroma ATE introduced the Chroma 8610 Battery Pack Integrated Testbed, which is designed for the development and application of battery packs, modules, and related parts. DC power supply, digital meter, battery charger/discharge system, and Hi-Pot equipment are all integrated. The 8610's open design allows for a flexible and robust user interface (user interface).
Impact of COVID-19 on Global EV Test Equipment Market
During the initial COVID-19 outbreak, the entire supply chain was disrupted, suspending the production and sale of new cars all over the world. OEMs had to wait for the lockdowns to be lifted before they could commence manufacturing, which harmed their businesses. As a result, automotive manufacturers are likely to change their production numbers. Component production was also halted, placing small Tier II and Tier III companies at risk of going bankrupt. The automobile industry is a high-capital-intensive industry that requires consistent funding to stay afloat.
Some Key Findings of the Global EV Test Equipment Market Report Include:
The analysis includes a global EV test equipment market study, expansions, and forecasts, along with a country-specific analysis.
An in-depth analysis of the global EV test equipment market comprises segment by vehicle type, by equipment, by electric type, by application and by regions with an analysis of trend-based insights and factors.
The market research includes a study of the provinces, boundaries, drivers, prospects, guidelines, challenges, and procedures that are propelling the global EV test equipment market.
The research also helps understand the dynamics of the global EV test equipment market structure by analyzing market segments and by projecting the size of the market.
The report helps to understand the effects of COVID-19 pandemic on global EV test equipment market.
Some major industry players functional in the global EV test equipment market are: AVL (Austria), TUV Rheinland (Germany), teamtechnik (Germany), Chroma ATE (Taiwan), and HORIBA (Japan). These firms provide a wide range of products and solutions for the electric vehicle test equipment market, have strong global distribution networks, and invest extensively in R&D to develop new products.
Browse key industry insights from the report, “EV Test Equipment Market, By Vehicle Type (Passenger Car and Commercial Vehicle), By Electric Vehicle Type (BEV and HEV), By Application (EV Component and Drivetrain, EV Charging, and Powertrain), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2030”, in-depth analysis along with the table of contents (ToC).
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