EV Test Equipment Market size is expected to gain traction by reaching USD 150.13 million by 2028 | Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Fortune Business Insights™
Fortune Business Insights
6 min read
Key Players Covered in the EV Test Equipment Market are 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), Arbin Instruments (Texas, USA)
Pune, India, Nov. 03, 2021 (GLOBE NEWSWIRE) -- The global EV test equipment market size is expected to gain traction by reaching USD 150.13 million by 2028 while exhibiting an astonishing CAGR of 21.46% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “EV Test Equipment Market, 2021-2028.” The report further mentions that the market stood at USD 33.78 million in 2020. The increasing consumer spending on electric vehicles, coupled with the growing demand for technologically advanced products, is likely to boost the demand for the product worldwide. For instance, in June 2021, Ambarella, Inc., a leading AI vision company, announced that its Ambarella CV2FS CVflow AI vision processor for the environmental perception module for all new electric vehicles has been adopted by Arrival, a global electric vehicle producing company. As per the company, the module will aid in enabling autonomous driving (AD) and ADAS features.
COVID-19 has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during the forecast period.
Based on propulsion type, the market is bifurcated into BEV and PHEV. On the basis of vehicle type, the market is divided into passenger cars and commercial vehicles. Moreover, on the basis of application, the market is trifurcated into EV components & Drivetrain, EV Charging, and Powertrain. Lastly, based on region, the market is segregated into North America, Europe, Asia-Pacific, and Rest of the World.
Report Scope & Segmentation
Report Coverage
Details
Forecast Period
2021 to 2028
Forecast Period 2021 to 2028 CAGR
24.46%
2028 Value Projection
USD 150.13 Million
Base Year
2020
Market Size in 2020
USD 38.51 Million
Historical Data for
2017 to 2019
No. of Pages
200
Segments covered
Propulsion Type, Application, Vehicle Type
Growth Drivers
Increasing Consumer Spending on EV to Propel Market Growth
Increasing Government Spending and Initiatives on Electric Vehicles to Boost Growth
Growing Demand for Autonomous and Connected Vehicles to Propel Growth
What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate that will further contribute to the growth of the market between 2021 and 2028.
Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the global commercial drone market growth during the forecast period.
Increasing Spending on Purchase of Electric Vehicles to Augment Growth
According to the International Energy Agency (IEA), consumers in 2020 spent around USD 120 billion on electric vehicle purchases, a significant 50% surge compared to 2019. Factors such as increasing consumer spending and the growing awareness regarding harmful effects of pollution due to the rising carbon emissions worldwide are projected to surge the demand for electric vehicles. Moreover, the growing demand for EVs has propelled the manufacturers to develop and deploy advanced versions that lead to zero-emission levels. Therefore, these initiatives are expected to contribute to the global EV test equipment market growth during the forecast period.
Asia-Pacific is expected to hold the largest global EV test equipment market share during the foreseeable future. The region stood at USD 13.29 million in 2020. The regional growth is attributable to the favorable government initiatives to promote the sales of electric vehicles in countries such as India and China.
On the other hand, Europe is expected to hold the second position in the market during the forecast period. This is owing to the increasing focus on electrification programs across the automotive sector that will boost the adoption of advanced electric vehicle test equipment in the region between 2021 and 2028.
Based on type, the BEV segment held a market share of about 75.48% in 2020 and is anticipated to experience colossal growth in the forthcoming years. This is owing to the increasing consumer preference for a battery electric vehicle that will surge the demand for advanced EV test equipment globally.
Major Companies Invest in R&D Activities to Strengthen Their Market Positions
The market is fragmented by major companies that are focusing on maintaining their presence. They are doing so by proactively investing in R&D activities to develop advanced commercial drones to cater to the growing demand from several industrial sectors. Additionally, other key players are adopting organic and inorganic strategies to maintain a stronghold that will contribute to the growth of the market during the forecast period.
Industry Development:
May 2021 – A well-known Taiwanese manufacturer of power supply for electric vehicles (EV) adopted Chroma 8620 testbeds. The move is to improve their ISO standard process and conduct power-level HIL testing on the DC-DC converters.
List of the Companies Profiled in the Global Market:
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