Dublin, Nov. 10, 2022 (GLOBE NEWSWIRE) -- The "North America EV Testing Equipment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Vehicle Type, Equipment Type, Application, and End Users" report has been added to ResearchAndMarkets.com's offering.
The EV testing equipment market in North America is expected to grow from US$6,113.60 million in 2021 to US$ 19,224.78 million by 2028; it is estimated to grow at a CAGR of 18.7% from 2021 to 2028.
The rising concern regarding the transportation sector's impact on the environment led to an unprecedented requirement of decarbonizing transportation to meet climate goals and limit global warming, thereby increasing the adoption of low carbon technology in the transportation sector.
The rising concerns about the adverse impact of transportation-related emissions and the shift of consumer behavior toward zero-emission vehicles have resulted in a significant increase in the adoption of light-duty passenger vehicles across the region, especially in strong economies such as the US. The share of new passenger EVs has risen at an average of nearly 50% per year since 2015. In 2021, the sales of electric vehicles surged by 160%.
Additionally, the constantly rising demand for electric vehicles is fueled by huge investments made by automotive giants in the research and development, and production of electric vehicles. For instance, General Motors, Volkswagen, Volvo, BMW, Nissan, and Audi have collectively invested approximately US$ 150 billion in manufacturing electric vehicles and launched new models throughout 2020-2021.
Furthermore, with the fall in prices of EVs and the availability of a greater number of models, electric vehicle production is set for exponential growth in various countries, subject to countries' overall economic growth and policy support from the government. The growing demand for battery-powered and hybrid vehicles drives market expansion.
Battery testing, e-drive testing, power electronics test systems, dynamometers, motor testing, and charger testing systems are all types of EV test equipment. Original equipment manufacturers (OEMs) have included numerous battery packs, vehicle electronic components, and improved charging stations in electric vehicles as of 2021, driving the market growth.
Advanced testing equipment/platforms for EV charging stations are offered by DEKRA, TUV Rheinland, and Intertek. Apart from the rising production of electric vehicles, autonomous vehicle testing has increased rapidly, likely contributing to market growth.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America EV testing equipment market at a substantial CAGR during the forecast period.
| Report Attribute | Details |
| No. of Pages | 141 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $6113.6 Million |
| Forecasted Market Value (USD) by 2028 | $19224.78 Million |
| Compound Annual Growth Rate | 18.7% |
| Regions Covered | North America |
Key Market Dynamics
Market Drivers
- Growing Production and Sales of EVs
- Raising Support from Governments
Market Restraints
- Higher Cost EV Testing Equipment
Market Opportunities
- Higher Integration of New Technologies
Future Trends
- Smart Charging and Connected Infrastructure
Companies Mentioned
- National Instruments Corporation
- Horiba Ltd.
- Arbin Instruments
- Maccor Inc.
- KEYSIGHT TECHNOLOGIES, INC.
- Froude, Inc.
- Comemso electronics GmbH
- Durr Group
- TUV RHEINLAND
- INTERTEK GROUP PLC
- WONIK PNE CO., LTD.
For more information about this report visit https://www.researchandmarkets.com/r/pq69lg
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