The global EV test equipment market size is projected to reach USD 242 million by 2027, from an estimated USD 79 million in 2022, at a CAGR of 25. 2%. The market for electric vehicles has been growing over the past few years due to the increasing demand for emission-free vehicles around the world, combined with the rising cost of fuel.
New York, June 22, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “EV Test Equipment Market by Vehicle Type, Electric Vehicle Type, Equipment Type, Application Type and Region – Global Forecast to 2027” – https://www.reportlinker.com/p06042203/?utm_source=GNW
Various renowned OEMs have been working on developing EVs with advanced electronic/electric components over the past few years. Due to the rapidly developing EV drivetrain technologies, government initiatives (tax rebates & subsidies), and regulations, both passenger and commercial electric vehicles have witnessed a high demand. OEMs offer a wide range of electric vehicles, from small hatchbacks such as Leaf to high-end sedans such as the Tesla Model 3. The wide range of product offerings has attracted a high number of consumers, resulting in an increased market for electric vehicles. For instance, GM plans to invest USD 35 billion to develop and put millions of EVs on the roads by 2025. The company plans to go all electric by 2035. Similarly, Ford plans to increase its EV production capacity to 600,000 per annum by 2023 and aims to make 40% of its vehicle portfolio electric by 2030. Volkswagen also invested USD 86.3 billion to speed up its EV plans by 2030. Other companies like Tesla, Nissan, and BMW, among others, have also made significant developments and plans to prepare for the upcoming EV demand in the coming 5-10 years. These investments and policies are expected to help boost the sales of electric vehicles during the next decade. Commercial & passenger vehicles and their incorporated components require extensive testing before being introduced into the market for consumers. EV testing is important and required during the development, validation, production, and postproduction stages of electric vehicles. Some of the essential tests are electric motor testing, battery testing, inverter testing, engine testing, transmission testing, and axle testing. The tests vary depending upon various parameters and vehicle specifications.
The demand for passenger electric vehicles is significantly higher than for commercial vehicles, leading to a higher demand for testing equipment in passenger EVs.Due to this high demand, many companies provide passenger EV or hybrid passenger EV testing services at a viable cost.
There are also companies that cater to commercial EV testing services.The price of passenger EV testing is lower compared to commercial EV testing.
This is because commercial vehicle testing requires high capacity and high-grade testing equipment compared to passenger EV testing systems. Companies such as Intertek, AVL, TUV Rheinland, Keysight, Dewesoft, HORIBA, SGS, National Instruments, Softing AG, Durr Group, and Arbin Instruments provide EV testing equipment and services.
China is expected to be the largest market in Asia Pacific region
The Asia Pacific EV test equipment market is projected to grow at a high rate.China leads the market due to aggressive government policies to increase EV acceptance and the growing number of EVs, EV testing-related companies, and EV testing service providers in the country.
The EV test equipment market in China is growing at a high rate due to incentives offered by the government through subsidies for EV usage.China is focusing on increasing electric vehicles to combat the rising emissions in the country.
The Chinese government is providing significant subsidies for the electrification of vehicles, which, in turn, has increased the sales of electric vehicle charging stations in the country.The subsidies offered are for pure and hybrid electric vehicles and supply equipment.
Over the years, the cost of the battery pack has reduced, which has led to the market’s growth in China. The government is also providing subsidies to companies for building charging facilities.
EV Drivetrain Test segment is expected to witness significant growth in equipment segment during the forecast period.
The drivetrain system in electric vehicles consists of the main inverter, a battery management system, an on-board charger, an auxiliary inverter, and an HC-LC DC-DC converter.Electric vehicle drivetrain testing equipment is used for testing transmission by using simulation for electric vehicles in various environments.
The drivetrain system supports various tests such as performance, durability, and efficiency evaluations of BEVs and HEVs.Companies such as Intertek, AVL, TUV Rheinland, Keysight, Dewesoft, HORIBA, SGS, National Instruments, Softing, and Durr Group provide inverter testing equipment for electric vehicles.
They provide testing equipment and solutions to top OEMs for EV testing.
Asia Pacific is projected to be the largest market for the powertrain segment during the forecast period
The powertrain segment includes engine dynamometers, chassis dynamometers, transmission dynamometers, and fuel injection pump testers.These test systems are used for HEVs and EVs depending upon the specifications and applications.
Asia Pacific is projected to be the largest market for the powertrain segment during the forecast period due to the increasing demand for advanced powertrain technologies in HEVs in the region.Japan and South Korea are some of the prominent markets for HEVs, and OEMs such as Toyota, Honda, Hyundai, and Kia are offering HEVs with innovative technologies.
Thus, the demand for test systems/platforms for these powertrain components is expected to be higher.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: Tier I – 36%, Tier II – 52%, and OEMs – 12%
• By Designation: C Level Executives – 23%, Directors – 47%, and Others – 30%
• By Region: North America – 33%, Europe – 28%, RoW – 8%, and Asia Pacific – 31%
The EV test equipment market comprises major companies such as AVL (Austria), TUV Rheinland (Germany), Durr Group (Germany), Chroma ATE (Taiwan), and Horiba (Japan).
The market study covers the EV test equipment market size and future growth potential across different segments such as by vehicle type, electric vehicle type, equipment type, application type, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
• The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall EV test equipment market and its subsegments.
• This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
• The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p06042203/?utm_source=GNW
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