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%. There have been a rising number of innovations in the EV test equipment market. This can be attributed to the increasing demand for emission-free and efficient electric vehicles, driver safety, charging stations, and vehicle diagnosis features that increase the durability of EVs. Due to the increasing focus on the development of innovative battery technologies, high demand for vehicle electronic functions and features, and stringent emission standards, the demand for EV test equipment, software, and repair data is rising. Increasingly stringent emission norms to reduce the negative environmental impact due to vehicle emissions is 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. The market is majorly driven by the rising sales of electric vehicles globally and stringent emission norms. Favorable government policies and high adoption rate of electric vehicles are expected to boost the electric vehicle testing equipment market along with other factors such as advancements in both, EV charging technology and EV battery technology, increasing demand for onboard portable test equipment, etc.However, the high cost of the installation of testing equipment, reductions in subsidies in major markets, and the high cost of electric vehicles pose challenges to the market.
Another factor slowing the growth of this market is the high cost of advanced testing equipment.As EV manufacturers develop advanced batteries, e-axle assemblies, EV charging stations, and EV inverters, EV tests require highly sophisticated instruments and equipment which add to the overall cost of the test equipment.
Further, to save space and reduce the overall weight, smaller semi-conductor devices are being integrated into such electronic devices.This has created the need for highly accurate and precise test equipment.
The equipment also is required to be updated whenever there are changes in regulations or technologies.
The EV component and drivetrain segment is expected to be the largest application segment in the forecast.
The EV component and drivetrain system segment is expected to lead the EV test equipment market during the forecast period, in terms of value.The test systems required for EV components and drivetrains vary depending upon the specifications (voltage and other factors), applications, standards, and compatibility.
The increasing adoption of EVs due to their emission-free operation and high fuel prices are leading to the high growth of the market for test equipment for the EV component and drivetrain segment.
Motor test equipment segment is expected to be the second-fastest growing equipment segment during the forecast period. Motor test equipment is used to check the performance of an EV motor which includes torque measurement technology, high speed record measurement for mechanical as well as electrical signals.Electric motors in the current market have a utilization rate of approximately 50%, which signifies that half of the energy utilized is not converted into output.
The key components required to test an electric motor for EVs currently include analysis software to synchronize the electrical and mechanical test signal readouts, current probes and voltage probes (used to measure inverter output), and a digital torque sensor. Due to these requirements in electric vehicle testing in the Asia Pacific the EV market is expected to grow significantly.
Commercial vehicle segment is expected to be the fastest growing vehicle segment in the forecast period. Growth of the segment can be attributed to the Asia Pacific region, which is leading the sales of global electric commercial vehicles in recent years. Renowned OEMs such as BYD, Yutong, and Tata are developing and offering advanced electric commercial vehicles in large volumes, driving the growth of the market for EV test equipment for commercial vehicles in the region.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market. • By Company Type: Tier I - 52%, Tier II - 12%, and OEMs - 36% • By Designation: C Level Executives - 23%, Directors - 47%, and Others - 30% • By Region: North America - 33%, Europe - 31%, RoW – 8%, and Asia Oceania - 28% The EV test equipment market comprises major companies such as AVL (Austria), TUV Rheinland (Germany), teamtechnik (Germany), Chroma ATE (Taiwan), and Horiba (Japan).
Research Coverage: The market study covers the EV test equipment market size and future growth potential across different segments such as by vehicle type, electric vehicle type, equipment type, application, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report: • The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall EV test equipment market and its subsegments. • This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. • The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities
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