Increasing concern regarding environment and growth in adoption of electric vehicles coupled with sustained focus of the governments across the globe toward promoting EV, along with subsidies in manufacturing, and growing popularity of zero emission vehicles is expected to drive the growth of the global EV test equipment market during the forecast period.
According to TechSci Research report, “EV Test Equipment Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, Global EV Test Equipment Market is expected to register a CAGR of 12.15% in terms of value during the forecast period, owing to sustainable expenditure of electric vehicle manufacturing & increase in demand for testing services & logistics industry. China, being the largest EV test equipment producer and market in the world, it is expected to grow at a CAGR of 9.92% during the forecast period. According to the government of China, it is planning to improve the productivity of electric vehicles, providing subsidies to ease purchasing of electric vehicles and hence, sustained growth is expected in the country. Strengthening of financial state of global automotive industry by loan waivers, availability of subsidized rate of commodities and growing popularity of bank financing are expected to be the key factors responsible for the growth of global EV test equipment market worldwide for next five years.
Global EV test equipment market is classified based on vehicle type, equipment type, propulsion type, and region. Based on vehicle type, the market is segmented into passenger car and commercial vehicle. Increase in sales of electric passenger cars due to presence of huge population and disposable income is driving the demand for EV test equipment.
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In terms of propulsion, battery electric vehicle is the fastest growing segment during the forecast period. As the adoption of electric vehicles is rising, the testing of battery electric vehicles is increasing rapidly which is correspondingly escalating the demand for EV test equipment and is expected to continue to grow sustainably.
On the basis of propulsion type, market is segmented into battery electric vehicle (BEV), hybrid electric vehicle (HEV), & Plug-in Hybrid Electric Vehicle (PHEV). In hybrid electric vehicle (HEV) the power generated by both conventional and non-conventional fuel provide a benefit of economic affordability, and hence it holds a major share of the global EV test equipment market.
In addition to that, by region the market is distributed into Asia-Pacific, North America, South America, Middle East & Africa and Europe. Majority of testing service demands come from Asian & European countries, hence organizing them as leaders of the mainstream market. China, the US, and Germany are the three largest EV test equipment producers and markets in the world. APAC and Europe are expected to grow at a CAGR of 11.44% and 12.74% respectively, followed by North America, South America, and Middle East & Africa.
Owing to the implementation of lockdown to prevent COVID-19 pandemic, sales of EV test equipment at the end of first quarter and substantially in second quarter fell in most of the countries affecting current year’s performance. Nevertheless, in most of the regions across the globe, the market recovered substantially by the end of second quarter and completely by the end of third quarter. Hence, giving a positive outlook to the market forecast for the year 2022.
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Chroma ATE company holds the largest share in global EV test equipment market, followed by Horiba and ZF Friedrichshafen & which holds double-digit shares individually. Other international leaders of the market are Schneider Electric, TUV Rheinland, ABB, AVL LIST GmbH, Arbin Instruments, which are holding single-digit shares.
Chroma ATE dominated the market in the year 2021, due to its remarkable dealership network, which offers a wide range of economical yet qualitative products with adaptive technological demands of their customers as well as withstanding government’s safety norms. The demand for EV test equipment is anticipated to increase globally in the coming years, on account of increased adoption of electric vehicles, which will drive the global EV test equipment market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“EV Test Equipment Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027, Segmented By Equipment (Battery Test Equipment, Motor Test Equipment, Chassis Dynamometer, Transmission Dynamometer, Inverter Test Equipment, On-Board Charger Test Equipment & Others), By Vehicle Type (Passenger Car, Commercial Vehicle), By Propulsion Type (Battery Electric Vehicle (BEV) & Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), By Sourcing Type (In house & Outsourcing), By Region”, has evaluated the future growth potential of global EV test equipment market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global EV test equipment market.
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