Global EV Charging Communication Unit

Global EV Charging Communication Unit

The global electric vehicle (EV) battery formation and testing market are projected to experience a compound annual growth rate (CAGR) of 16.5% in value terms during the forecast period, leading to an anticipated value of USD 5,149.3 million by 2029. This market segment plays a crucial role in the development and enhancement of batteries specifically designed for electric vehicles (EVs). These batteries significantly influence factors such as range, charging speed, and overall performance within the EV ecosystem. Continuous innovation in battery technologies, including established ones like lithium-ion and emerging ones such as solid-state batteries, aims at improving energy density, durability, and cost-efficiency.

The report thoroughly examines the segmentation of the global EV battery formation and testing market by vehicle type for the forecast period. Key segments in this analysis include passenger cars and commercial vehicles. In 2023, the passenger cars segment held a dominant market share within the global EV battery formation and testing industry. The increasing adoption of fully electric commercial vehicles worldwide, in alignment with sustainability objectives and emissions reduction targets, is fueling the demand for battery formation and testing services. These services are essential for ensuring the reliability and performance of heavy-duty commercial EVs.

Additionally, the global EV battery formation and testing market size are segmented by battery type, including lithium-ion and other battery types. Notably, the lithium-ion segment emerged as the dominant force in the global EV battery formation and testing market in 2023. The competitive battery market landscape is driving both startups and established companies to deliver cost-effective, high-performance batteries at scale. This market growth presents a critical opportunity for industry transformation, with the segment projected to witness a CAGR of 16.8% during the forecast period from 2024 to 2029.

Geographically, Asia-Pacific has emerged as the leading player in the EV battery formation and testing market as of 2023, closely followed by Europe and North America. The growth of the North America electric vehicle battery formation and testing market is supported by advancements in emerging technologies and stringent environmental regulations, including CO2 emission restrictions and a net-zero greenhouse gas emission target by 2050. However, challenges such as the lack of standardized testing procedures exist, leading to inconsistencies in battery evaluation. In the Asia Pacific segment, a CAGR of 16.2% is anticipated during the forecast period from 2024 to 2029.

Prominent vendors shaping the competitive dynamics of the market include Emerson Electric Co., ABB Ltd., Rockwell Automation, Inc., Siemens AG, Infineon Technologies AG, Dassault Systèmes SE, Texas Instruments Incorporated, Analog Devices, Inc., SAP SE, General Electric Company, HORIBA, Ltd., TÜV Süd AG, Element Materials Technology, Ltd., AVEVA Group plc, Cognex Corporation, Vicor Corporation, Benning Elektrotechnik und Elektronik GmbH & Co. KG, Mitsubishi Electric Corporation, Chroma ATE Inc., among other key players.

This study aims to analyze the global market for various segments of EV battery formation and testing, including:

Vehicle Type: Passenger Cars and Commercial Vehicles.

Application: Manufacturing and Testing.

Battery Type: Lithium-Ion and Other Battery.

Deployment: Cloud-based and On-Premises.

Sourcing: In-house and Outsourcing.

Testing: Transportation and Manufacturing.

Region: North America (USA, Canada, and Mexico), Europe (Germany, UK, Sweden, Poland, and Rest of Europe), and Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia Pacific).