Portland, OR, Aug. 25, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global EV test equipment market generated $40.7 million in 2021, and is projected to reach $346.9 million by 2031, growing at a CAGR of 23.8% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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EV Test Equipment Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $40.7 million |
| Market Size in 2031 | $346.9 million |
| CAGR | 23.8% |
| No. of Pages in Report | 372 |
| Segments covered | Propulsion Type, Vehicle Type, Vehicle Top Speed, Vehicle Class, Application, and Region |
| Drivers | Increase in the standard of living |
| Significant surge in the demand for electric vehicles | |
| Opportunities | Rapid advancements in battery technology |
| Availability of stringent vehicular emission norms | |
| Restrains | High cost of advanced technology equipment |
| Limited to specific consumers |
COVID-19 Scenario:
- The outbreak of COVID-19 has had a negative impact on the growth of the global EV test equipment market, owing to the strict regulations of lockdowns in various countries across the globe.
- Lockdowns resulted in the closure of various manufacturing facilities, including those of EV test equipment, which adversely impact its demand. Besides, reduced workforce and production processes in the automotive sector further aggravated the impact on the market.
- This is mainly due to the stringent social distancing restrictions imposed by the government to significantly curb the spread of the virus during the pandemic.
- In addition, decreased consumer spending for extortionate items due to a serious financial crisis during the pandemic further impacted market growth.
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The report offers detailed segmentation of the global EV test equipment market based on propulsion type, vehicle type, vehicle top speed, vehicle class, application, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Based on vehicle type, the passenger car segment held the dominating market share in 2021, holding more than four-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The commercial vehicle segment, on the other hand, is expected to cite the fastest CAGR of 26.4% during the forecast period.
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Based on vehicle class, the mid-priced segment held the largest market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The luxury segment, on the other hand, is expected to cite the fastest CAGR of 25.5% during the forecast period.
Based on application, the powertrain segment held the dominating market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The EV charging segment, on the other hand, is expected to cite the fastest CAGR of 25.6% during the forecast period.
Based on region, the market across the Asia-Pacific region held the lion’s share in 2021, garnering nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The Europe region, on the other hand, is expected to cite the fastest CAGR of 26.1% during the forecast period.
The key players analysed in the global EV test equipment market report include Arbin Instruments, ATESTEO GmbH, AVL, Blum-Novotest GmbH, Burke Porter Group, Chroma ATE Inc., Durr Group, FEV Group GmbH, HORIBA, Ltd., Intertek Group Plc, Keysight Technologies, KUKA Aktiengesellschaft, SGS SA, Sierra Instruments, Inc., Softing AG, Tasi Group, TÜV Rheinland, and ZF Friedrichshafen AG.
The report analyzes these key players in the global EV test equipment market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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