Wilmington, Delaware, United States, July 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global EV test equipment market stood at US$ 110.0 million in 2022, and the global market is projected to reach US$ 910.0 million by 2031. The global industry is anticipated to record a CAGR of 26.3% between 2023 and 2031.
The value of EV test equipment market is increasing, owing to the increasing adoption of electric vehicles. Governments and consumers are increasingly shifting towards EVs, with the global push for sustainable transportation and the need to reduce carbon emissions. There is a growing need for advanced testing equipment, as the EV market expands, to ensure the reliability, durability, and performance of EV components, such as batteries, electric motors, charging systems, and power electronics.
Stringent regulations and safety standards, is another significant factor contributing to the market growth. Governments and regulatory bodies around the world are implementing stringent regulations and safety standards for EVs to ensure their safety, reliability, and compliance with environmental norms.
The regulations mandate comprehensive testing and certification processes for EVs and their components. The need to adhere to these regulations and obtain certifications drives the demand for specialized test equipment that can accurately evaluate the performance, efficiency, and safety aspects of EVs.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 110.0 Mn | |
| Estimated Value | US$ 910.0 Mn | |
| Growth Rate - CAGR | 26.3% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 210 Pages | |
| Market Segmentation | By Electric Vehicle Type, By Vehicle Category, By Application, By Equipment Type | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | ABB Ltd., Arbin Instruments, Atesteo GmbH, AVL, Blum-Novotest GmbH, Burke Porter Group, Chroma ATE Inc., Dewesoft, FEV Group GmbH, Horiba Ltd., Kuka AG, Schneider Electric, Teamtechnik, TUV Rheinland, ZF Friedrichshafen AG | |
Key Findings of the Market Report
- On the basis of electric vehicle type, the battery electric vehicle (BEV) segment is expected to fuel at a significant share, and is likely to be most preferred, attributed to the increasing global adoption of BEVs, and advancements in battery technology.
- By vehicle category, the passenger vehicle segment is anticipated to fuel the market growth, owing to the factors such as increasing consumer adoption of electric passenger vehicles, as well as growing range and battery technology advancements.
- By application, the EV charging segment is expected to augment the market growth, attributed to the factors including increasing rapid expansion of charging infrastructure, and advanced charging technologies.
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Global EV Test Equipment Market: Growth Drivers
- The global EV test equipment market is projected to expand at a steady pace from 2023 to 2031, owing to the focus on battery testing and optimization, as well as expansion of charging infrastructure.
- Other factors that are projected to augment the market growth include growing focus on vehicle-to-grid (V2G) technology, and research & development initiatives.
- Increasing range & fast-charging capabilities, and vehicle safety & crash testing, are the major factors that are anticipated to fuel the market prospects in the near future.
Global EV Test Equipment Market: Regional Landscape
- Asia Pacific is expected to dominate the EV test equipment market, and is expected to hold a significant share during the forecast period, attributed to government support & incentives, as well as rapid expansion of EV infrastructure in the region.
- The regional market is witnessing an increase, due to the factors such as growing automotive industry, as well technological advancements and R&D investments.
- Strong manufacturing base, and urbanization & smart city initiatives in the region, are also anticipated to escalate the growth of the regional market over the analysis period.
Global EV Test Equipment Market: Key Players
Some of the key market players in the global EV test equipment market are:
- ABB Ltd.
- Arbin Instruments
- Atesteo GmbH
- AVL
- Blum-Novotest GmbH
- Burke Porter Group
- Chroma ATE Inc.
- Dewesoft
- FEV Group GmbH
- Horiba Ltd.
- Kuka AG
- Schneider Electric
- Teamtechnik
- TUV Rheinland
- ZF Friedrichshafen AG
Competitive Landscape
Prominent players in the EV test equipment industry are taking advantage of the rapidly increasing demand for EV test equipment. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In March 2023, National Instruments Corporation (NI) introduced the NI SLSC-1257 Battery Simulator and Measurement Module. The module offers precise control and measurement capabilities for testing battery management systems (BMS) in electric vehicles, enabling accurate evaluation of BMS performance and safety.
- In January 2023, NH Research Inc., a provider of power testing solutions, launched the 9420 Regenerative Grid Simulator. The innovative test equipment enables manufacturers to simulate grid conditions and evaluate the performance and reliability of electric vehicle chargers and charging infrastructure.
- In May 2022, Chroma ATE Inc. announced the release of its BACS-FOX Battery Automated Test System. The modular test system provides comprehensive testing capabilities for electric vehicle batteries, including voltage, current, power, and temperature measurements, enhancing efficiency and accuracy in battery testing.
- In March 2021, Keysight Technologies Inc. introduced the SL1200A Series Scienlab Regenerative 3-Phase AC Emulator. The advanced test solution allows manufacturers to simulate grid disturbances and test the performance of electric vehicle charging stations, enabling comprehensive testing of EV charging infrastructure.
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Global EV Test Equipment Market: Segmentation
By Electric Vehicle Type
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Vehicle Category
- Passenger Vehicle
- Commercial Vehicle
By Application
- EV Component and Drivetrain System
- EV Charging
- Powertrain
By Equipment Type
- AC / DC EVSE ATS
- Battery Test Equipment
- Engine Dynamometer
- Chassis Dynamometer
- Inverter Test
- Motor Test Equipment
- Transmission Dynamometer
- Fuel Injection Pump Tester
- Onboard Charger ATS
- EV Drivetrain Test
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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