Electric Vehicle (EV) Test Equipment Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Electric Vehicle (EV) Test Equipment Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Electric Vehicle Test Equipment Market

The electric vehicle test equipment market size was valued at USD 33.78 million in 2020, and the market is now projected to grow from USD 38.51 million in 2021 to USD 150.13 million in 2028, exhibiting a CAGR of 21.46% during the forecast period of 2021-2028.

The COVID-19 outbreak boosted global electric vehicle sales with 2020 achieving 3.2 million BEV and PHEV units sold. Europe alone realized a spectacular 137% growth in electric vehicle registrations and exceeded China for the first time since 2015. However, the overall market effect was negative, while EV sales remained robust. The expansion of COVID-19 vaccinations in 2021 led to the electric vehicle test equipment market growth. Public transport providers are also returning to operation after relaxing key safety protocols, which are expected to drive future demand for EVs.

According to the IEA report, it was estimated that global consumers spent USD 12 billion for only electric vehicles (EVs) in a single year 2020, which was 50% higher than the level recorded in the previous year 2019. The new registration of EVs continued back in Europe despite the prices being higher than that of the Asia Pacific region up to this period due to the better spending power per head per urban populace and considerable awareness of the effects of environmental degradation. With a major emphasis on pollution control, consumers and manufacturers have tuned themselves toward the development of EVs. This is also fueling demand for EV testing equipment and thus is contributing to the electric vehicle test equipment market share.

Furthermore, car makers are also directing their resources and capital into advanced electric vehicle (EV) schemes, redesigning the transport and logistics sectors. It emphasized that the growth of EVs is creating demand for quite fine-tuned, advanced systems, particularly in connected and autonomous vehicles. Such developments create new prospects in EV test equipment, thus contributing toward market development.

Comprehensive Analysis of Electric Vehicle Test Equipment Market

The electric vehicle test equipment market and automotive industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the automotive industry. These segmentations are methodically segregated by propulsion types, by applications and by vehicle types. The propulsion type includes, BEV and PHEV. The application includes, EV Component & Drivetrain, EV Charging and Powertrain. The vehicle type includes, Passenger Car and Commercial Vehicle.

Asia Pacific accounted for USD 13.29 million in 2020 and is expected to expand at the highest pace from 2021 to 2028. This region is anticipated to experience the highest growth rate during the forecast period above any other region. This is expected because countries such as China and India are densely populated, which makes up over 38% of the world's population, this population density therefore fuels the increased growth in this region. Moreover, ongoing positive government policies adopted in the development of the automobile industry, which was majorly affected by COVID-19 in these regions, are expected to boost the market. In addition, rapid-paced urbanization and advancement in smart cities will drive the EV market, thus fuelling the progress of this market.

The top players in the market play a crucial role in the automotive industry assuring industrial prospectus growth and setting market standards. These players include, Horiba (Kyoto, Japan), Chroma ATE (Taoyuan City, Taiwan), TUV Rheinland (Cologne, Germany), ABB (Zurich, Switzerland), Schneider Electric (Rueil-Malmaison, France), Teamtechnik (Freiberg, Germany), AVL (Graz, Austria), ZF (Friedrichshafen, Germany) and Arbin Instruments (Texas, USA). These market players provide a level-playing competitive landscape.

In May 2021, Several Chroma 8620 testbeds were used by a leading Taiwanese power supply manufacturer for electric vehicles (EV) to optimize their ISO standard procedure and perform power-level HIL tests on the DC-DC converters. The testbed performs tests according to the Taiwanese standard and actively tests DC-DC converters' normal and various failure modes.

Segmentation Table

Global Electric Vehicle Test Equipment Market Scope

Study Period

2017-2028

Base Year

2020

Forecast Period

2021-2028

Growth Rate

CAGR of 21.46% from 2021 to 2028

Historical Period

2017-2019

Unit

Value (USD Billion)

Segmentation

By Propulsion Type, Vehicle Type, Application, and Region

By Propulsion Type

BEV

PHEV

By Vehicle Type

Passenger Car

Commercial Vehicle

By Application

EV component & Drivetrain

EV Charging

Powertrain

By Region

North America (U.S. and Canada)

Europe (U.K., Germany, France, and Rest of Europe)

Asia-Pacific (China, Japan, India, and Rest of APAC)

Rest of the WorldPlease Note: It will take 5-6 business days to complete the report upon order confirmation.