Chicago, June 15, 2023 (GLOBE NEWSWIRE) -- EV Test Equipment Market size is projected to grow from USD 79 million in 2022 to reach USD 242 million by 2027, at a CAGR of 25.2%, according to a new report by MarketsandMarkets™.
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| Report Attributes | Details |
| Market size value in 2022: | USD 79 million |
| Projected to reach 2027: | USD 242 million |
| CAGR: | 25.2% |
| Base Year Considered: | 2021 |
| Forecast Period: | 2022-2027 |
| Largest Market: | Asia Pacific |
| Region Covered: | Asia Pacific, North America, Europe, and RoW |
| Segments Covered: | Vehicle Type, Electric Vehicle, Application, Equipment, and Region |
| Companies Covered: | AVL (Austria), TUV Rheinland (Germany), Durr Group (Germany), Chroma ATE (Taiwan), and HORIBA (Japan) |
The base year for the report is 2021, and the forecast period is from 2022 to 2027. Conventional ICEs are expected to be replaced by electric and hybrid powertrains by 2025. Thus, the shift toward electric vehicles is expected to lead to the further growth of the global EV test equipment market in the coming years.
Apart from an increase in the production of electric vehicles, the testing of autonomous vehicles has also increased at a high rate. As the majority of autonomous vehicles are electric, the EV test equipment market is expected to benefit due to the emphasis on R&D in autonomous vehicle technologies.
Growth of Battery Test Equipment in the EV Market: Meeting the Increasing Demand for Electric Vehicle Batteries
In the EV test equipment industry, by equipment type, the battery test equipment segment is projected to have significant market during the forecast period. Battery is integral part of electric vehicle with increase in demand of electric vehicle demand for batteries and battery test equipment will also increase. Battery testing provides data about the power and progress of the battery. This test provides quality assurance to customers of electric vehicles. Major EV testing companies such as Intertek, AVL, TUV Rheinland, Keysight, Dewesoft, HORIBA, SGS, National Instruments, Softing, Durr Group, and Arbin Instruments provide battery testing equipment and services. These companies offer tests and test equipment like cell/module/pack level testing, charge/discharge testing, battery lifecycle simulated testing, etc. for testing batteries.
North America: A Lucrative Market for EV Test Equipment and Infrastructure Development
North America presents a significant growth opportunity for EV test equipment as market is expected to grow at a fast rate during the forecast period. BMW, Nissan, Volkswagen, and Daimler are the leading OEMs that have launched electric vehicles in the region. The top companies that provide electric vehicle charging stations in the US are ChargePoint, Leviton, Blink Charging, SemaConnect, EVgo, and Volta. Electric vehicle infrastructure providers offer various services, which have increased the adoption of electric vehicles in the US. Various leading EV testing equipment companies have developed EV testing solutions in cooperation with top OEMs. The US and Canadian governments have provided significant support to increase the adoption of electric vehicles using preferential laws, tax benefits, and incentives to buyers and manufacturers. They have also collaborated with EV charging station-related companies to install charging stations across various states in their respective countries. Such policies led to the early growth of various world-class EV and EV-related companies across North America.
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Germany is Leading the EV Test Equipment Market in Europe with Technological Advancements and Government Support.
The German EV test equipment market is projected to be the largest market in the Europe region due to the developments in charging and battery technologies and the government’s favorable policies. The country has high R&D capabilities and leads the European region in EV testing technology. The growth of the EV test equipment market in the country can be attributed to the increasing sales of electric vehicles by domestic players such as Volkswagen, BMW, and others. Germany is home to major electric vehicle charging station providers such as Siemens, IONITY, and others. Germans easily adopt new technologies, and the government offers incentives for both buyers and manufacturers of EVs and related equipment led to increase in market size of EV test equipment market in Germany.
Key Market Players
The EV Test Equipment Companies is dominated by established players such as AVL (Austria), TUV Rheinland (Germany), Durr Group (Germany), Chroma ATE (Taiwan), and HORIBA LTD.(Japan).
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