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The Global Electric Vehicle Test Equipment Market size is estimated to grow by USD 117.98 million between 2022 and 2027 accelerating at a CAGR of 23.11%.
This electric vehicle (EV) test equipment market report extensively covers market segmentation by vehicle type (hybrid electric vehicles, battery electric vehicles, and plug-in hybrid electric vehicles), application (EV component, EV charging, and powertrain), and geography (APAC, Europe, North America, South America, and Middle East and Africa) It also includes an in-depth analysis of drivers, trends, and challenges.
The growing EV automotive industry is positively impacting the electric vehicle (EV) test equipment market growth. The EV industry has grown globally with many companies manufacturing and selling hybrid, plug-in hybrid, and battery EVs. The number of electric cars has tripled from 2018 to about 16.5 million in 2021. Population growth and strict emission requirements have contributed to the demand for EVs. Major automobile-producing countries are China, the US, Japan, Germany, and India. The industry has seen an increase in product launches, including 25 new models in India from 2020-2022. The growth of the automotive industry has led to a need for EV test equipment to ensure vehicle safety and performance. This trend is expected to continue during the forecast period.
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Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing government support is a major factor driving the electric vehicle test market. Oil dependency, climate change, and clean air are the most crucial factors for different governments across the world to promote EVs among consumers. Governments across the globe are presenting monetary benefits to consumers to support the adoption of EVs further. Below are some of the incentives and benefits provided by various regional governments to support EV adoption:
These factors are driving the electric vehicle (EV) test equipment market.
The emergence of digital testing is a primary trend in the electric vehicle test equipment market. The advent of digital technologies is bringing major changes to the EVs testing. Many EV test equipment providers are harnessing cutting-edge technologies, such as a virtual testing platform, to transform their service offerings. Physical inspection of vehicles is widely being replaced by digital inspection. For instance, Volkswagen (VW) Group, in April 2021, collaborated with Red Hat to deploy a virtual testing system for its electric research and development department. The department uses the system to test and adjust electronic control units (ECUs) along with enhancing the technologies that support intelligent, connected vehicles. Such developments are expected to propel the demand for EV test equipment, which will provide growth to the market in focus during the forecast period.
Lack of appropriate skillsets for testing is a major electric vehicle test equipment market challenge. Correctly extracting information from an EV testing system is crucial, even with the most suitable setup. A lack of knowledge in this area can lead to errors and inaccurate results. To avoid this, the testing system operator must have a deep understanding of EV testing procedures, drive cycles, and system functioning. They must also be capable of data acquisition, processing, and making independent judgments. A wrong selection of operators can result in measurement inaccuracies, and the market currently lacks the required skill sets. This may lead to a skill shortage by 2027, affecting the EV industry negatively during the forecast period.
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The market share growth by the hybrid electric vehicles segment will be significant during the forecast period. The hybrid electric vehicles (HEVs) segment dominated the market in focus by vehicle type in 2022 in terms of market size. It is expected to witness significant growth during the forecast period owing to factors such as the growing popularity of HEVs, increasing production and launching of new models, and increasing complexity due to the combination of an internal combustion engine along with one or more electric motors.
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The hybrid electric vehicles segment was valued at USD 20.48 million in 2017 and continue to grow by 2021. As the popularity of HEVs is growing, major automakers are tapping into this opportunity by ramping up production and testing, which in turn increases the demand for EV test equipment. The market in focus will continue to grow during the forecast period due to increasing demand and high production figures. For instance, under its electrification campaign, Volkswagen plans to launch around 60 hybrid models by the end of 2030. Several international automakers are entering into JV with domestic brands to develop and produce numerous HEVs. Thus, the growing number of HEVs development is anticipated to increase the demand for HEVs test equipment for various vehicle components, such as motor and torque performance. This, in turn, will propel the growth of the market focus during the forecast period.
The EV component segment comprises power electronics, fuel injection pump testing, inverter testing, and AC/DC EVSV. The segment's growth is fueled by the rising adoption of EVs, the need for high-performance motors with increased power, and the focus on component efficiency. Vendors are expanding their testing capacity to keep up with the increasing production of EV components. For example, Intertek expanded its EV testing facility in North America in May 2022. The government's emphasis on ethanol fuel injection in hybrid vehicles to reduce emissions is driving vendors to align with flex-fuel injection testing. TUV Rheinland AG offers ethanol tests and assessments in fuel injection pumps for hybrid vehicles. These factors will boost the growth of the EV components segment and, in turn, the electric vehicle (EV) test equipment market during the forecast period.
APAC is estimated to contribute 57% to the growth of the global electric vehicle (EV) test equipment market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Promising economic growth potential in emerging countries (such as China and India) and government initiatives are driving the regional market in focus during the forecast period. While market players are investing in technology to drive innovation in electric vehicles (EVs) testing equipment, players are also expanding production facilities and setting up new facilities to cater to growing regional demand and beyond. These factors are expanding the regional EV test equipment market demand during the forecast period.
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With the start of vaccination drives and a return to normalcy, the automobile manufacturing industry has been recovering since 2021. EV automakers are now focusing on increasing production and reducing supply chain disruptions. Supportive government initiatives have led automotive companies to invest in EV production and increase their sales, attracting USD 14 billion in investments over five years. These developments are expected to increase the demand for EV testing equipment, driving the growth of the regional electric vehicle (EV) test equipment market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Electric Vehicle Test Equipment Market. One of the major vendors in the market include:
Arbin Instruments- The company offers electric vehicle test equipment that can address the unique usage conditions that these batteries face on the road.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified. Furthermore, it is also quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The electric vehicle (EV) test equipment market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Electric Vehicle Test Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 23.11% |
Market growth 2023-2027 |
USD 117.98 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
20.77 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 57% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arbin Instruments, ATESTEO GmbH and Co. KG, AVL List GmbH, Chroma ATE Inc., comemso electronics GmbH, Crystal Instruments Corp., Dewesoft d.o.o., Durr AG, FEV Group GmbH, HORIBA Ltd., Keysight Technologies Inc., KUKA AG, Maccor Inc., National Instruments Corp., PCE Holding GmbH, Softing Automotive Electronics GmbH, SureView Instruments, TUV Rheinland AG, Unico LLC, and ZF Friedrichshafen AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Vehicle Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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