EV Test Equipment Market Share, Opportunities, Industry 2031

Report Description

The global EV test equipment market size was valued at USD 12.07 Billion in 2022 , is expected to reach USD 25.57 Billion by 2031 and expanding at a CAGR of 8.7% during the forecast period, 2023–2031. The growth of the market is attributed to the rising demand for alternative fuel vehicles and connected mobility.

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A variety of EV components, including the motor, battery, and others, are tested using EV test equipment in order to keep automotive parts ahead of the competition, guarantee performance, and ensure the safety of customers. The growing demand for electric vehicles has led to an increase in advancements in the market for EV test equipment.

The expansion of electric cars has been fueled by the need for alternative fuels for automobiles to lessen the pollution created by fossil fuels and the desire to make the environment greener and cleaner. Governments throughout the world have implemented legislation and encouraged the use of electric cars to reduce the use of automobile emissions, crude oil, and air pollution. The development of EV test equipment will also be aided by the advent of fully and partially driverless cars. Moreover, many EV manufacturers put their main emphasis on using lightweight materials to lower loading capacity.

The COVID-19 pandemic caused company closures and travel bans, the global supply chain for the market for EV test equipment has been impacted in a number of different ways. The government-imposed limitations and shutdown have affected repair, service, and overhaul activities, which has reduced the need for EV test equipment.

Additionally, the firms are encountering production interruptions as a result of lockdown and social distance standards. Additionally, since everyone is currently working from home, there is a decrease in the need for replacement components. COVID-19 pandemic has a favorable effect on the market for electric vehicles, due to an increase in electric vehicle sales over the previous year.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing consumer spending on EV is expected to drive the market.

• Rising government initiatives and investments on electric vehicles is projected to propel the market during the forecast period.

• High cost associated with the EV test equipment is anticipated to hinder the market.

• Lack of standard protocol for the development of critical factors is expected to hamper the market in the coming years.

• Growing demand for autonomous and connected vehicles is projected to create lucrative opportunities for market players. 

Scope of the Report

The report on the global EV test equipment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

HEV segment to expand at a considerable CAGR

On the basis of electric vehicle types, the EV test equipment market is segmented into HEV and BEV. The HEV segment is projected to expand at a considerable CAGR during the forecast period. HEVs are powered by a combination of an internal combustion engine and one or more electric motors that draw power from batteries. HEVs combine the advantages of great fuel efficiency and low tailpipe emissions, with the power and range of conventional cars. The BEV segment is anticipated to account for a major market share during the forecast period. Battery Electric Vehicle (BEV) are totally electric-powered, they lack an ICE, a fuel tank, and an exhaust pipe. Instead, it includes a bigger internal battery and one or more electric motors. Through an external outlet, users charge the battery.

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Commercial vehicle segment to hold a significant share of the market

Based on vehicle types, the market is divided into commercial vehicle and passenger car. The commercial vehicle segment is expected to hold a significant share of the market in the coming years, due to increasing urban population and their computing needs. The passenger car segment accounts for a significant market share, owing to technological advancements.

Chassis dynamometer segment to expand at a substantial CAGR

On the basis of equipment types, the EV test equipment market is segregated into chassis dynamometer, battery test equipment, AC/DC EVSE, engine dynamometer, and EV drive train test. The chassis dynamometer segment is anticipated to expand at a substantial CAGR during the forecast period. A chassis dynamometer, sometimes known as a rolling road, is a mechanical device that simulates various road conditions in a controlled environment using one or more fixed roller assemblies.

It is used for a variety of vehicle testing and development applications. The EV drive train test segment is expected to hold a significant share of the market.  The drivetrain, also sometimes spelt "drive train" or occasionally "drive-train," is the system of parts in a motor vehicle that transmits power to the drive wheels.

EV component & drivetrain segment to register considerable market share

Based on applications, the market is segmented into EV charging, EV component & drivetrain, and powertrain. The EV component & drivetrain segment is projected to register considerable share of the market in the coming years. The increasing adoption of EVs due to their emission-free operation and regulatory standards will surge the demand for EV component & drivetrain test equipment market. The EV charging segment is expected to hold substantial CAGR, due to the continuous developments in battery technologies and the development of charging infrastructure across the globe.   

Asia Pacific is anticipated to constitute a key market share

In terms of regions, the EV test equipment market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the forecast period, owing to rapid-pace urbanization and the development of smart cities in the region. The market in Europe is anticipated to expand at a rapid pace during the forecast period, due to presence of major automotive manufacturers in the region.

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