NEWARK, Del, Aug. 29, 2022 (GLOBE NEWSWIRE) -- The global battery testing equipment market is predicted to reach a valuation of US$ 770 Mn in 2032 with sales growing at an intermediate CAGR of 4% over the forecast period of 2022 to 2032. Valued at US$ 500 Mn in 2021, the battery testing equipment market has scaled up to an estimated US$ 520 Mn in 2022. Expanding automobile sector, escalating investment by major vehicle manufacturers, and favorable government policies are promoting the overall growth of the battery testing equipment market over this period of observation.
Technological advancements have led to a swell in the demand for portable products such as powered tools. This indirectly bolsters the sales of battery testing equipment. In addition to this, the integration of advanced computerized properties into battery testing equipment results in better output. The introduction of user-friendly features like touch screen control is augmenting the demand for battery testing equipment in the market.
The rising electronic goods sector along with increasing consumer spending on these goods also contributes to the market expansion of battery testing equipment. Again, prevailing personalization trends- of electronic goods as well as of battery testing equipment- further propels the battery testing equipment market. The growing interest in wearable devices and their numerous market releases is compounding the demand for battery testing equipment.
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The most important factor positively influencing this market is the automobile sector and its electric future. The battery testing process takes a long time in the automobile sector as it determines the warranty period of battery life. The application of precision battery testing equipment in this aspect lessens the time taken to test the automobile battery. This results in a shorter manufacturing period for electric cars. Thus, all of these factors promote an environment of growth for the battery testing equipment market over the projected period.
“Rising demand for precision battery testing along with the advancing automobile and electronic goods sectors are expected to promote the market growth of battery testing equipment over the forecast period,” says an FMI analyst.
Key Takeaways:
- Increasing investment by major vehicle manufacturers is likely to boost market possibilities.
- High maintenance and component replacement costs may impede market growth.
- The Asia Pacific is predicted to emerge as a highly lucrative market for battery testing equipment.
- The battery testing equipment market in Europe will undergo impressive growth over the assessment period.
Competitive Landscape
AVL List GmbH, Storage Battery Systems, LLC, Chen Tech Electric., Chroma Systems Solutions, Inc., Megger Group Limited, Greenlight Innovation, Intertek Group plc, Chauvin Arnoux Metrix, FLIR Systems, and others are some of the major players in the battery testing equipment market that are profiled in the full version of the report.
Major market players are keen on penetrating new markets that are not yet completely feasible for electric vehicle market expansion. Many of these organizations are introducing battery testing and charging rooms to gain a competitive advantage.
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More Insights into the Battery Testing Equipment Market Report
In its latest report, FMI offers an unbiased analysis of the global battery testing equipment market, providing historical data from 2015 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on product type (stationary battery testing equipment, portable battery testing equipment), capacity (battery testing equipment below 400 V, battery testing equipment from 401-800 V, battery testing equipment above 800 V), end user (battery testing equipment for automotive, battery testing equipment for industrial use, battery testing equipment for medical industry, battery testing equipment for military/ aerospace, battery testing equipment for grid and renewable energy, battery testing equipment for electronics and telecommunications, battery testing equipment for other end uses), and region.
According to the latest FMI reports, based on region, the battery testing equipment market in the Asia Pacific region is anticipated to exhibit remarkable growth over the forecast period. Owing to its advancing electronics and telecommunication industry, this regional market is likely to offer multiple lucrative market opportunities. Additionally, due to escalating conflicts at the border, countries like India, China, and Indonesia are focusing on enhancing their military capacities, This, too, is expected to supplement the market growth over the forecast period.
In Europe, the battery testing equipment market is growing by leaps and bounds due to the immense presence of major market manufacturers. Other industry verticals in Europe like aerospace and defence, healthcare, and automotive among others also aid the battery testing equipment market growth in Europe during the assessment period.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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