The global EV test equipment market revenue was around US$ 50.3 million in 2022 and is estimated to reach US$ 343.6 million by 2031, growing at a compound annual growth rate (CAGR) of 23.8% during the forecast period from 2023 to 2031.
EV test equipment is a device that is utilized to check various components of electric vehicles (EV), such as a motor, battery, and others so that the automotive parts remain ahead of the competition, give a guaranteed performance, and offer consumer satisfaction, and safety. It is further utilized to assess the total vehicle performance, power electronics testing, EV battery & charger testing, dynamometer, and motor testing.
Market Driving Factors
The surge in demand for electric vehicles is estimated to drive the market growth. Electric vehicles (EVs) are experiencing an increase in popularity due to the technology has developed & prices have declined, and aid for clean transportation has facilitated awareness, raised charging opportunities, and encouraged EV adoption. Furthermore, increasing vehicle emission concerns and a shortage of non-renewable energy resources have attracted the attention of various governments to finance electric vehicles.
Advances in battery technologies are expected to boost the market expansion. The battery is a main component in an electric vehicle (EV). The majority of electric vehicles utilize a lithium-ion family battery in which positively charged lithium ions are carried by a liquid electrolyte from the anode to the cathode through a divider. Thus, new developments in battery chemistry are estimated to assist & raise the efficiency of lithium-ion batteries and test systems for these creative battery packs.
Proactive government initiatives for the promotion of electric vehicles are predicted to fuel the market. Government programs in nations such as India, China, the U.S., and France, promote the adoption of alternative fuel and hybrid vehicles in these regions. This has led to a surge penetration of electric vehicles (EVs) in the automotive industry. Furthermore, the emission norms implemented by regional and national government authorities are surging research in fuel-efficient technologies, which has led to the immediate surge in technological advances in EV test equipment. This can be mainly attributed to the surged demand for fuel-efficient vehicles.
The high price of cutting-edge technology equipment for EVs and the absence of a uniform protocol for their development are expected to hinder the market.
Regional Analysis
Asia Pacific dominated the market in terms of major shares and is estimated to continue its dominance. This can be majorly attributed to the major manufacturing hub for electric vehicles and related components. Furthermore, the region hosts multiple battery manufacturers, electric vehicle manufacturers, and suppliers of EV-related technologies. This manufacturing prowess creates possibilities for the electric vehicle test equipment business, as there is a requirement for reliable and efficient testing solutions to sustain high quality and safety standards throughout the manufacturing process.
North America is predicted to dominate the market in terms of revenue. This is mainly due to the surging demand for EVs. The increasing popularity of connected EVs is likely to drive the region's development. Furthermore, the technologically developed infrastructure and the existence of technological giants are estimated to boost the market growth in the region.
Segmentation Insights
Propulsion Type Insight
The BEV segment dominates the market in terms of the largest shares. BEVs are gaining substantial traction as a sustainable & zero-emission option to conventional combustion engine vehicles. The surging adoption of BEVs worldwide is raising the demand for testing equipment that can evaluate & ensure the safety, performance, and efficiency of their unique battery systems. Moreover, advances in technology are creating a requirement for specialized testing equipment to validate elements such as charging infrastructure compatibility, battery range, battery degradation, and thermal management.
Vehicle Type Insight
The passenger car segment dominates the market in terms of the largest share. This is due to several factors, including the surging urban population and their commuting requirements. Furthermore, electric cars are favored over IC engine-powered vehicles owing to their lower operating prices, making them the selected choice for the end-users. Additionally, the increasing concern over the surging environmental pollution owing to the propulsion of IC engine vehicles in developed nations of North America and Europe is estimated to propel the demand for electric passenger cars.
Application Insight
The EV charging segment is estimated to dominate the market in terms of the largest shares. This is majorly owing to the demand for efficient & reliable charging infrastructure also increasing due to the number of electric vehicles on the road surges. It assists in evaluating elements such as power output, charging speed, communication protocols, and interoperability with various electric vehicle models. Furthermore, testing equipment is necessary for compliance with regulatory standards and certifications. As a result, the requirement for comprehensive testing equipment to provide the optimal functioning of these stations will rise due to the EV charging station market.
Prominent Companies
Segmentation Outline
The global E. V. test equipment market segmentation focuses on the Propulsion Type, Vehicle Type, Vehicle Top Speed, Vehicle Class, Application, and Region.
By Propulsion Type
By Vehicle Type
By Vehicle Top Speed
By Vehicle Class
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL ELECTRIC VEHICLE TEST EQUIPMENT MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: ELECTRIC VEHICLE TEST EQUIPMENT MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL ELECTRIC VEHICLE TEST EQUIPMENT MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL ELECTRIC VEHICLE TEST EQUIPMENT MARKET, BY PROPULSION TYPE
5.1 OVERVIEW
5.2 BEV
5.3 PHEV
6 GLOBAL ELECTRIC VEHICLE TEST EQUIPMENT MARKET, BY VEHICLE TYPE
6.1 OVERVIEW
6.2 PASSENGER CAR
6.3 COMMERCIAL VEHICLE
7 GLOBAL ELECTRIC VEHICLE TEST EQUIPMENT MARKET, BY VEHICLE TOP SPEED
7.1 OVERVIEW
7.2 LESS THAN 100 MPH
7.3 100 TO 125 MPH
7.4 MORE THAN 125 MPH
8 GLOBAL ELECTRIC VEHICLE TEST EQUIPMENT MARKET, BY VEHICLE CLASS
8.1 OVERVIEW
8.2 MID-PRICED
8.3 LUXURY
9 GLOBAL ELECTRIC VEHICLE TEST EQUIPMENT MARKET, BY APPLICATION
9.1 OVERVIEW
9.2 EV COMPONENT
9.3 EV CHARGING
9.4 POWERTRAIN
10 GLOBAL ELECTRIC VEHICLE TEST EQUIPMENT MARKET, BY GEOGRAPHY
10.1 OVERVIEW
10.2 NORTH AMERICA
10.2.1 NORTH AMERICA MARKET SNAPSHOT
10.2.2 U.S.
10.2.3 CANADA
10.2.4 MEXICO
10.3 EUROPE
10.3.1 EUROPE MARKET SNAPSHOT
10.3.2 WESTERN EUROPE
10.3.2.1 THE UK
10.3.2.2 GERMANY
10.3.2.3 FRANCE
10.3.2.4 ITALY
10.3.2.5 SPAIN
10.3.2.6 REST OF WESTERN EUROPE
10.3.3 EASTERN EUROPE
10.3.3.1 POLAND
10.3.3.2 RUSSIA
10.3.3.3 REST OF EASTERN EUROPE
10.4 ASIA PACIFIC
10.4.1 ASIA PACIFIC MARKET SNAPSHOT
10.4.2 CHINA
10.4.3 JAPAN
10.4.4 INDIA
10.4.5 AUSTRALIA & NEW ZEALAND
10.4.6 ASEAN
10.4.7 REST OF ASIA PACIFIC
10.5 MIDDLE EAST & AFRICA
10.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
10.5.2 UAE
10.5.3 SAUDI ARABIA
10.5.4 SOUTH AFRICA
10.5.5 REST OF MEA
10.6 SOUTH AMERICA
10.6.1 SOUTH AMERICA MARKET SNAPSHOT
10.6.2 BRAZIL
10.6.3 ARGENTINA
10.6.4 REST OF SOUTH AMERICA
11 GLOBAL ELECTRIC VEHICLE TEST EQUIPMENT MARKET COMPETITIVE LANDSCAPE
11.1 OVERVIEW
11.2 COMPANY MARKET RANKING
11.3 KEY DEVELOPMENT STRATEGIES
11.4 COMPETITIVE DASHBOARD
11.5 PRODUCT MAPPING
11.6 TOP PLAYER POSITIONING, 2022
11.7 COMPETITIVE HEATMAP
11.8 TOP WINNING STRATEGIES
12 COMPANY PROFILES
12.1 DEWESOFT
12.1.1 OVERVIEW
12.1.2 FINANCIAL PERFORMANCE
12.1.3 PRODUCT OUTLOOK
12.1.4 KEY DEVELOPMENTS
12.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.2 DYNOMERK CONTROLS
12.2.1 OVERVIEW
12.2.2 FINANCIAL PERFORMANCE
12.2.3 PRODUCT OUTLOOK
12.2.4 KEY DEVELOPMENTS
12.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.3 BURKE PORTER GROUP
12.3.1 OVERVIEW
12.3.2 FINANCIAL PERFORMANCE
12.3.3 PRODUCT OUTLOOK
12.3.4 KEY DEVELOPMENTS
12.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.4 INTERTEK GROUP PLC
12.4.1 OVERVIEW
12.4.2 FINANCIAL PERFORMANCE
12.4.3 PRODUCT OUTLOOK
12.4.4 KEY DEVELOPMENTS
12.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.5 MACCOR INC
12.5.1 OVERVIEW
12.5.2 FINANCIAL PERFORMANCE
12.5.3 PRODUCT OUTLOOK
12.5.4 KEY DEVELOPMENTS
12.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.6 ARBIN INSTRUMENTS
12.6.1 OVERVIEW
12.6.2 FINANCIAL PERFORMANCE
12.6.3 PRODUCT OUTLOOK
12.6.4 KEY DEVELOPMENTS
12.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.7 HORIBA
12.7.1 OVERVIEW
12.7.2 FINANCIAL PERFORMANCE
12.7.3 PRODUCT OUTLOOK
12.7.4 KEY DEVELOPMENTS
12.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.8 AVL LIST GMBH
12.8.1 OVERVIEW
12.8.2 FINANCIAL PERFORMANCE
12.8.3 PRODUCT OUTLOOK
12.8.4 KEY DEVELOPMENTS
12.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.9 CHROMA ATE
12.9.1 OVERVIEW
12.9.2 FINANCIAL PERFORMANCE
12.9.3 PRODUCT OUTLOOK
12.9.4 KEY DEVELOPMENTS
12.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.10 FROUDE INC
12.10.1 OVERVIEW
12.10.2 FINANCIAL PERFORMANCE
12.10.3 PRODUCT OUTLOOK
12.10.4 KEY DEVELOPMENTS
12.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.11 COMEMSO ELECTRONICS GMBH
12.11.1 OVERVIEW
12.11.2 FINANCIAL PERFORMANCE
12.11.3 PRODUCT OUTLOOK
12.11.4 KEY DEVELOPMENTS
12.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.12 FEV GROUP GMBH
12.12.1 OVERVIEW
12.12.2 FINANCIAL PERFORMANCE
12.12.3 PRODUCT OUTLOOK
12.12.4 KEY DEVELOPMENTS
12.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.13 DURR GROUP
12.13.1 OVERVIEW
12.13.2 FINANCIAL PERFORMANCE
12.13.3 PRODUCT OUTLOOK
12.13.4 KEY DEVELOPMENTS
12.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.14 ATESTEO GMBH
12.14.1 OVERVIEW
12.14.2 FINANCIAL PERFORMANCE
12.14.3 PRODUCT OUTLOOK
12.14.4 KEY DEVELOPMENTS
12.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.15 KEYSIGHT TECHNOLOGIES INC
12.15.1 OVERVIEW
12.15.2 FINANCIAL PERFORMANCE
12.15.3 PRODUCT OUTLOOK
12.15.4 KEY DEVELOPMENTS
12.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.16 BLUM-NOVOTEST GMBH
12.16.1 OVERVIEW
12.16.2 FINANCIAL PERFORMANCE
12.16.3 PRODUCT OUTLOOK
12.16.4 KEY DEVELOPMENTS
12.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.17 KUKA AG
12.17.1 OVERVIEW
12.17.2 FINANCIAL PERFORMANCE
12.17.3 PRODUCT OUTLOOK
12.17.4 KEY DEVELOPMENTS
12.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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