(EV) Electric Vehicle Test Equipment Market ($118.67Bn by 2028) Growth Forecasts at 20% CAGR During (2022-2028)

The Insight Partners

The Insight Partners

The electric vehicle (EV) test equipment market growth is propelled by surge in global production & sales of EVs, integration of new technologies and emergence of new software solutions.

New York, Feb. 22, 2023 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “EV Test Equipment Market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2028 – by Vehicle Type (Passenger Car, Commercial Vehicle, and Low Speed Electric Vehicles), Equipment Type (Battery Test Equipment, Motor Test Equipment, Engine Dynamometer, Chassis Dynamometer, Transmission Dynamometer, Fuel Injection Pump Tester, Inverter Tester, EV Drivetrain Test, On-Board Charger, and AC/DC EVSE), Application (EV Component and Drivetrain System, EV charging, and Powertrain), End-users (OEMs, Tier 1 Suppliers, Research and Academics, and Others), and Geography”; the electric vehicle (EV) test equipment market is expected to grow from USD 35.07 billion in 2021 to USD 118.67 billion by 2028; it is estimated to grow at a CAGR of 20% from 2022 to 2028.

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Global EV Test Equipment Market Report Scope, Segmentations, Regional & Country Scope:

Market Size Value in

USD 35.07 billion in 2021

Market Size Value by

USD 118.67 billion by 2028

Growth rate

CAGR of 20.0%from 2022-2028

Forecast Period

2022-2028

Base Year

2022

No. of Pages

180

No. of Tables

116

No. of Charts & Figures

99

Historical data available

Yes

Segments covered

Vehicle Type, Equipment Type, Application, and End-Users

Regional scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central AmericaAmerica

Country scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trendstrends

Companies Covered

National Instruments Corporation, Horiba Ltd.,Arbin Instruments  ,Maccor Inc., KEYSIGHT TECHNOLOGIES, INC.,Froude, Inc, Dynomerk Controls,Comemso electronics GmbH,Durr Group, TÜV RHEINLAND ,INTERTEK GROUP PLC , TOYO SYSTEM CO., LTD , WONIK PNE CO., LTD

Key Research Capabilities

Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development

Global EV Test Equipment Market Forecast to 2028 – Latest COVID-19 Analysis

https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00020871/

Global EV Test Equipment Market: Competitive Landscape and Key Developments

National Instruments Corporation; Horiba Ltd.; Arbin Instruments; Maccor Inc.; KEYSIGHT TECHNOLOGIES, INC.; Froude, Inc; Dynomerk Controls; Comemso electronics GmbH; Durr Group; TÜV RHEINLAND; INTERTEK GROUP PLC; TOYO SYSTEM CO., LTD; and WONIK PNE CO., LTD are among the key players profiled during the study of the global EV test equipment market. Several essential market players were analyzed to get a holistic view of the EV test equipment market and its ecosystem.

In November 2021: NI announced a new Inverter Test System (ITS) and a partnership agreement with D&V Electronics for power-level inverter tests to improve testing environments and workflows for electric vehicle (EV) traction inverter validation.

In July 2021: HORIBA Europe GmbH completed the acquisition of BeXema GmbH. HORIBA integrates electric power technology within its internal supply chain through this purchase.

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Key Findings of Study:

The key stakeholders in the EV test equipment market ecosystem include hardware/component providers, test equipment manufacturers, system integrators and end users. The EV test equipment supply chain includes the processes from purchasing of raw materials, through the completion, to the delivery and installation of a finished product for an end-user. Major players occupy significant places in the various nodes of the EV test equipment ecosystem. The hardware/component providers supply the electrical components that are rated for required temperatures, and pressures among others. Equipment manufacturers carry out various processes such as designing, assembling, and transformation of raw materials into finished products. System integrators bring the component subsystems together ensuring that they operate efficiently. Some of EV test equipment market players include Keysight Technologies; National Instruments Corp; Froude, Inc.; Dynomerk Controls; comemso electronics GmbH; Arbin Instruments; Maccor, Inc.; Toyo System Co., Ltd; and Wonik PNE Co., Ltd. Companies are providing various test and measurement solutions across a range of automotive applications such as test and measurement systems for emissions, internal combustion engines, driveline, powertrain, brake test systems and wind tunnel applications. Technological advancements, rising electrification and automation have increased the demand for EV test equipment across the globe. Furthermore, government initiatives, funding, and partnerships and collaborations among the EV test equipment providers and OEMs, are anticipated to present significant growth opportunities for the companies planning to enter the EV test equipment market.

Innovative charging station technologies such as turbocharging, terra HP charging, smart charging systems, wireless power transmission, and bi-directional chargers are being developed by electric vehicle (EV) charging station firms. Such advancements in EV charging systems necessitate improved testing techniques. A few companies, including ROLEC, DEKRA, and TUV Rheinland, provide testing systems for EV charging stations. Smart charging is one of the most advanced charging systems. It allows for load balancing and proportional distribution of available power capacity across all active charging stations. Furthermore, it facilitates the collection of critical charging data from various stations using a single cloud-based management platform. Moreover, peak shaving is a technique for preventing unnecessary costs by lowering or interrupting a charging session if the power consumption exceeds a certain threshold. Validation through testing equipment is critical to assure the proper operation of such sophisticated charging systems. As a result, rising R&D in charging stations is likely to boost demand for EV test equipment.

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Based on vehicle type, the EV test equipment market is segmented into passenger car, commercial vehicle, and low speed electric vehicles. In 2021, the passenger car segment led the EV test equipment market, accounting for the largest share in the market. Based on equipment type, the EV test equipment market is segmented into battery test equipment, motor test equipment, engine dynamometer, chassis dynamometer, transmission dynamometer, fuel injection pump tester, inverter tester, EV drivetrain test, on-board charger, and AC/DC EVSE. In 2021, the battery test equipment segment led the EV test equipment market, accounting for the largest share in the market. Based on application, the EV test equipment market is segmented into EV component and drivetrain system, EV charging, and powertrain. In 2021, the powertrain segment led the EV test equipment market, accounting for the largest share in the market. Based on end-users, the EV test equipment market is segmented into OEMs, tier 1 suppliers, research and academics, and others. In 2021, the tier 1 suppliers segment led the EV test equipment market, accounting for the largest share in the market. By geography, the EV test equipment market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, APAC accounted for a significant share of the global EV test equipment market.

Impact of COVID-19 Pandemic on EV Test Equipment Market Growth:

The EV test equipment includes test systems such as battery testing, e-drive testing, power electronics test systems, dynamometers, motor testing, and charger testing systems, most of which are produced in Asia Pacific, especially in China. The COVID-19 pandemic resulted in a brief slowdown in the growth of the EV test equipment market in the region. However, various countries in APAC, especially China, Australia, and developed countries of South-East Asia, are witnessing a significant rise in the sales of EVs compared to the pre-COVID-19-pandemic period till 2020. Further, governments have introduced various initiatives to boost EV sales and related infrastructure in the region, which is likely to boost the demand for EV test equipment in Asia Pacific. For instance, in 2020, China rolled out the ZEV policies to accelerate the large-scale rollout of electric vehicles. In India, the Ministry of Power issued “Charging Infrastructure for Electric Vehicles – Guidelines and Standards,” mentioning the roles of various stakeholders at the Central and State level to expedite the development and National-level rollout of charging infrastructure. Furthermore, prominent players in the region have been actively expanding their footprint and market presence through partnerships and an extensive focus on product research & development. Such factors are expected to boost the growth of the EV test equipment market in Asia Pacific.

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