Chicago, Aug. 02, 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™.
Browse and in-depth TOC on "EV Test Equipment Market"
215 – Tables
75 – Figures
271 – Pages
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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 increasing demand for alternative fuel vehicles has increased the growth of the market for electric vehicles. To reduce crude oil consumption, automotive emissions, and air pollution, governments around the world have adopted and implemented favourable policies which promote the use of electric vehicles. The increasing demand for electric vehicles is expected to fuel the growth of the market for electric vehicle testing equipment and related components.
Due to the increasing focus on the development of innovative battery technologies, high demand for vehicle electronic functions and features, and stringent emission standards, the demand for EV test equipment, software, and repair data is rising.
The EV Charging segment is expected to have significant market during the forecast period
There have been some path-breaking developments in the field of EV charging. For instance, a Level 3 or Level 4 charger can charge a vehicle in less than an hour, which is expected to enable the vehicle to run for more than 200 km. On-board charger and AC/DC EVSE ATS are the latest developments in EV charging-related test equipment. The on-board charger has an integrated power factor corrector, galvanic isolation, a wide range of input and output voltages, and adjustable current limits, while AC/DC EVSE ATS provides testing for measurements including current, voltage, temperature, speed, and mileage.
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 industry 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.
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US is expected to be the largest market in North America during the forecast Period
The US accounts for the largest share of electric vehicle sales in North America. The US automotive industry has a higher focus on innovations, technology, and the development of safe and comfortable automobiles. The increasing production of electric vehicles such as BEVs, PHEVs, and HEVs is expected to drive the market for EV charging stations in the country. The government offers various incentives and rebates for both, EV buyers and EV and EV-related equipment manufacturers. To support the fast-paced acceptance of EVs, the governments of various US states have collaborated with EV manufacturers to enhance commercial vehicle electrification, support the purchase of EVs, increase charging points across their states, offer incentives to EV manufacturers to increase growth, and support innovations in EV technology.
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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