The global EV Test Equipment Market size is projected to reach USD 105 million by 2026, from an estimated USD 42 million in 2021, at a CAGR of 20.1%. The base year for the report is 2020, and the forecast period is from 2021 to 2026. Factors such as such as increasing pollution and the threat of global warming have accentuated the need to replace petroleum-fuel vehicles with emission-free substitutes. The increasing demand for electric vehicles is expected to fuel the growth of the market for electric vehicle testing equipment and related components.
The EV test equipment market has promising growth potential due to several factors, including the innovative battery technologies, demand for vehicle electronic functions and features, and stringent emission standards, the demand for EV test equipment, software, and repair data. The significant sales volume of electric vehicles in Asia Pacific, especially in China has propelled the growth of the global EV test equipment market.
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In the EV test equipment market, by equipment type, the inverter tester segment is projected to have significant market during the forecast period. Inverter testing equipment is used for assurance, testing, and inspection of electric vehicle systems. These detect faults in vehicle electrical systems and are necessary in BEV testing. Companies such as Intertek, AVL, TUV Rheinland, Keysight, Dewesoft, HORIBA, SGS, National Instruments, Softing, teamtechnik, etc. provide inverter testing equipment for electric vehicles. These companies either sell testing equipment or offer testing services for EV manufacturers and users. Inverter testing is majorly used in inverters other than the EV segment.
Europe presents a significant growth opportunity for EV test equipment as it is expected to be the second-largest market during the forecast period. The region’s vibrant R&D landscape and technological excellence justify the region’s dominance in the field of innovative test equipment/systems technologies. Additionally, the region has significant demand for BEVs and HEVs. Many of the top BEV and HEV manufacturers are from the region.
Asia Pacific is projected to account for the largest share of the EV test equipment market during the forecast period. Cheap labor, significant EV production volumes, and low production cost in emerging countries such as China and India are attracting vehicle manufacturers to establish facilities these countries. Hence, an increasing number of R&D centers and manufacturing facilities are being established in these countries. This factor is driving the EV test equipment market in the Asia Pacific region. The Asia Pacific region is also home to some of the renowned players in the EV test equipment market such as Horiba and SINFONIA, which is also leading to the growth of the market in this region, as these companies are enhancing the quality of test systems.
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Increasingly stringent emission norms to reduce the negative environmental impact due to vehicle emissions are driving the demand for vehicle emission test systems. Due to efforts to control vehicle emissions, various governments and OEMs are promoting the use of electric vehicles for transportation as this enables significant reductions in automotive emissions. The introduction of autonomous and semi-autonomous vehicles, increasing adoption of the connected vehicle technology, and monetization of real-time data are expected to further boost the growth of the EV test equipment market. OEMs are working alongside test equipment/platforms suppliers and integrators to develop cost-effective, high-quality, quick in operation, and accurate EV test systems. A similar trend is expected to continue in future. The demand for this equipment is projected to increase with the launch of newer vehicle models equipped with complex architecture and electronic systems. Increased demand is expected to increase R&D activities and result in the development of newer and advanced test systems, particularly in the US, Japan, and European countries.
Key Market Players
The global EV test equipment market is dominated by major players such as AVL (Austria), TUV Rheinland (Germany), teamtechnik (Germany), Chroma ATE (Taiwan), and HORIBA (Japan). These companies offer extensive products and solutions for the EV test equipment industry; and have strong distribution networks at the global level, and they invest heavily in R&D to develop new products.
COVID-19 Impact On EV Test Equipment Market:
The production and sales of new vehicles had come to a halt across the globe as the entire supply chain had been disrupted during the initial outbreak of COVID-19. OEMs had to wait until lockdowns were lifted to resume production, which affected their businesses. Hence, vehicle manufacturers are expected to adjust production volumes. Also, component manufacturing was suspended, and small Tier II and Tier III manufacturers could have faced liquidity issues. The automotive industry is highly capital-intensive and relies on frequent financing to continue operations. Thus, the suspension of production during the outbreak and lower demand are expected to have an unprecedented impact on electric vehicle charging station manufacturers.
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Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Address: 630 Dundee Road Suite 430
State: IL 60062
Country: United States