Dubai, UAE, Sept. 26, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the Global Electric Vehicle Test Equipment Market size was recorded at USD 50.66 million in 2022 and is estimated to reach USD 582.71 million by 2032, exhibiting a CAGR of 28.3% over 2023-2032. Demand for electric car testing is expected to grow during the projection period as sales of electric vehicles, as well as semi-autonomous and autonomous vehicles, rise. Moreover, growing consumer emphasis on personal devices, coupled with the availability of tailored battery testing equipment, is fueling market expansion.
In order to keep auto parts competitive, guarantee performance, and assure customer safety and satisfaction, electric vehicle testing equipment is primarily used to inspect various components of an electric vehicle, including the engine, battery, and others.
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Competitive Landscape
Prominent companies in the global electric vehicle test equipment market are focusing on product development in order to diversify their offerings. For instance, In March 2023, KESM Industries Bhd allocated almost USD 31.73 million, primarily towards acquiring new testing equipment. This investment aimed to strengthen its electric vehicle range in response to the mounting demand for rigorously tested and certified chips essential for electric cars, thereby accelerating production.
Leading players in the global electric vehicle test equipment market are:
- ABB
- Arbin Instruments
- AVL
- HORIBA
- Intertek Group plc
- KESM INDUSTRIES BERHAD
- Schneider Electric SE
- Teledyne Technologies
- TÜV Rheinland
- Unico, LLC (CGI Technology)
Key Insights:
- On the basis of propulsion type, the battery electric vehicle segment accounted for the largest market share
- Based on vehicle type, the commercial vehicle segment dominated the market
- In terms of region, Asia Pacific led the electric vehicle test equipment market
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By Propulsion Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Electric Vehicle
Increasing Consumer Inclination Toward Battery Electric Vehicles to Foster Market Outlook
By propulsion type, in 2022, the battery electric vehicle segment held the largest share in the global electric vehicle test equipment market and is projected to maintain its leading position in the upcoming years. Consumers are increasingly preferring BEVs over PHEVs. This preference is fueled by the rising emphasis on charging infrastructure development and government support, especially for BEVs. Furthermore, BEVs offer both an extended travel range and a robust energy storage capacity, reinforcing consumer inclination towards them.
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Rising Popularity of Commercial Vehicles to Boost Electric Vehicle Test Equipment Demand
On the basis of vehicle type, the commercial vehicle segment dominates the global electric vehicle test equipment market. The segment is expanding both in terms of sales and product variety. Commercial electric vehicles are becoming increasingly popular in the transportation sector in nations including China and the US. In the near future, they are anticipated to replace conventional trucks, having a significant impact on market expansion. To increase payload capacity, several electric vehicle manufacturers prioritize the use of lightweight materials. As a result, the commercial vehicle segment is anticipated to experience significant growth over the forecast period.
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Government Initiatives Promoting Electric Vehicle Adoption to Propel Market Growth
With the advancement of technology and growing support for environmentally friendly transportation, electric vehicle use has increased recently. Governments in many countries are also investing in electric vehicles due to growing concerns over vehicle emissions and the depletion of non-renewable energy sources. Worldwide production and sales of electric vehicles have also increased significantly, which can be attributed to favorable legislative conditions, including industry and consumer subsidies and tax exemptions. For instance, the Canadian federal government recently established a new goal that calls for the sale of 10% of new passenger vehicles in 2025 and 30% by 2030.
Furthermore, government initiatives in nations, including China, India, France, and the United States, encourage the use of hybrid and alternative fuel vehicles in these areas. This has led to the electric vehicle (EV) component & drivetrain sector to grow rapidly. Additionally, research on fuel-efficient technologies is being fueled by pollution rules put in place by national and regional authorities, which has accelerated technological advancements in electric vehicle testing equipment.
Rapid Development of Electric Cars Positions Asia Pacific as Dominant Region
The Asia Pacific region is leading the electric vehicle test equipment market, driven by the rapid growth of electric cars. The region is expanding as a result of the expanding populations of countries viz., China and India, which collectively make up more than 38% of the global population. Additionally, encouraging government programs that support the EV component and drivetrain business by providing subsidies for the usage of electric vehicles boosts market expansion. China stands out as a significant market, propelled by assertive government policies driving EV adoption, and a burgeoning ecosystem of EV testing companies.
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Europe to Emerge as Fastest-Growing Market with Advanced R&D for EV Testing
Europe is poised for substantial growth in the upcoming years impelled by the rapid expansion of electric vehicle components in the region. The regional industry for electric vehicles is experiencing a boom in demand for testing equipment. Advanced R&D services for EV testing are a further indication of the significant expansion of EV test equipment across Europe. Furthermore, factors such as stringent government regulations on traffic safety and rising electrification support in the EV component & drivetrain sector are likely to support regional market growth.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Global Electric Vehicle Test Equipment Market
Chapter 5. Global Electric Vehicle Test Equipment Market Overview, By Product, 2018 - 2032 (USD Million)
Chapter 6. Global Electric Vehicle Test Equipment Market Overview, By Equipment Type, 2018 - 2032 (USD Million)
Chapter 7. Global Electric Vehicle Test Equipment Market Overview, By Vehicle Type, 2018 - 2032 (USD Million)
Chapter 8. Global Electric Vehicle Test Equipment Market Overview, By Propulsion Type, 2018 - 2032 (USD Million)
Chapter 9. Global Electric Vehicle Test Equipment Market Overview, By Application, 2018 - 2032 (USD Million)
Chapter 10. Global Electric Vehicle Test Equipment Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 11. North America Electric Vehicle Test Equipment Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 12. Europe Electric Vehicle Test Equipment Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 13. Asia Pacific Electric Vehicle Test Equipment Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 14. Middle East & Africa Electric Vehicle Test Equipment Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 15. South America Electric Vehicle Test Equipment Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 16. Competitive Landscape
Chapter 17. Key Vendor Analysis
Chapter 18. Sourcing Strategy and Downstream Buyers
Chapter 19. Marketing Strategy Analysis, Distributors/Traders
Chapter 20. Market Effect Factors Analysis
Chapter 21. Future Outlook of the Market
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