Asia-pacific is to dominate Global EV Test Equipment Market till 2026
High demand for vehicle electronic functions and features is expected to drive the global EV test equipment market in the forecast period.
According to TechSci Research report, “Global EV Test Equipment Market By Vehicle (Passenger Car, Commercial Vehicle) By Equipment (Battery Test Equipment, Motor Test Equipment, Engine Dynamometer, Chassis Dynamometer, Transmission Dynamometer, Fuel Injection Pump Tester, Inverter Tester, EV Drive Train Test, On-Board Charger, AC/DC EVSE) By Application (EV Component and Drivetrain System, EV Charging, Powertrain) By Electric Vehicle (Battery Electric Vehicle, Hybrid Electric Vehicle), By Region, Company Forecast & Opportunities, 2026”, the global EV test equipment market is expected to witness significant growth for the next five years. EV test equipment includes E-drive testing, battery testing, dynamometers, motor testing and charger testing systems. Rise in demand for emission-free electric vehicles along with enhanced driver safety and introduction of vehicle diagnosis features to test the performance and efficiency of electric vehicles is boosting the demand for EV test equipment market. Favorable government policies are enabling manufacturers to focus on development of electric vehicle charging technology and battery technology and high demand for portable test equipment is expected to contribute significantly to the growth of the market. Also, small semi-conductor devices are integrated into installed electronic devices on electric vehicles which is expected to reduce the overall weight of the vehicle and save space in the vehicle for other work require accurate testing equipment which is leading to surge in market growth.
The COVID-19 outbreak across the world which has been declared as pandemic by World Health Organization has affected several countries adversely. Leading authorities-imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus affected patients started suffering from shortness of breath along with coughing and sneezing. Disruptions in the supply chain was observed and production and sales of electric vehicles witnessed a negative decline. Manufacturing units were shutdown which led to lower production of vehicles. Therefore, COVID-19 adversely affected the growth of the EV test equipment market.
However, high cost associated with advanced technology equipment may create hindrance in the global EV test equipment market growth.
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Global EV test equipment market is segmented into vehicle, equipment, application, electric vehicle, regional distribution, and company. Based on electric vehicle, market can be further divided into battery electric vehicle, and hybrid electric vehicle. The hybrid electric vehicle segment is expected to account for major market share for the forecast period, 2022-2026. High cost of battery electric vehicles and under-developed electric charging infrastructure is paving the way for the growth of hybrid electric vehicle segment. Based on vehicle, market can be bifurcated into passenger car and commercial vehicle. The passenger car vehicle segment is expected to dominate the market for the next five years due to high demand for passenger cars due to increase in preference for vehicle ownership. Huge sales of battery electric vehicle and hybrid electric vehicle in passenger car segment is driving the market growth. Supportive government policies promoting the sales of eco-friendly vehicles along with adoption of advanced technology is expected to foster the segment growth. Based on equipment, market can be fragmented into battery test equipment, motor test equipment, engine dynamometer, chassis dynamometer, transmission dynamometer, fuel injection pump tester, inverter tester, EV drive train test, on-board charger, and AC/DC EVSE. The battery testing equipment segment is expected to contribute significant market share in the predicted period. Surge in demand for electric vehicles along with rise in range per charge along with continuous technological development is expected to accelerate the EV test equipment market demand.
AVL List GmbH, TÜV Rheinland Group, teamtechnik Maschinen und Anlagen GmbH, Chroma ATE Inc., Horiba, Ltd., KUKA AG, FEV Europe GmbH, Burke Porter Group Company, Intertek Group plc are the leading players operating in global EV test equipment market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several EV test equipment manufacturers are coming up with their technologically advanced offerings.
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“Manufacturers are investing huge amounts for development of innovative charging stations such as wireless power transfer, smart charging system, bi-directional chargers, turbo chargers, among others. Smart charging technology is the most advanced technology and offers several benefits such as collection of vital data generated from different charging stations onto a single cloud platform for real time monitoring and analysis. Huge number of testing by using advanced testing equipment to certify and allow the developed new technology to be incorporated in charging stations is expected to propel the global EV test equipment market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global EV Test Equipment Market By Vehicle (Passenger Car, Commercial Vehicle) By Equipment (Battery Test Equipment, Motor Test Equipment, Engine Dynamometer, Chassis Dynamometer, Transmission Dynamometer, Fuel Injection Pump Tester, Inverter Tester, EV Drive Train Test, On-Board Charger, AC/DC EVSE) By Application (EV Component and Drivetrain System, EV Charging, Powertrain) By Electric Vehicle (Battery Electric Vehicle, Hybrid Electric Vehicle), By Region, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of global EV test equipment market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global EV test equipment market.
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