According to our latest market study on "EV Test Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Vehicle Type, Equipment Type, Application, and End-Users," the market is expected to grow from US$ 35,072.54 million in 2021 to US$ 118,671.47 million by 2028; it is estimated to grow at a CAGR of 20.0% from 2022 to 2028.
There is a growing global concern about the environmental impact of the transportation sector, leading to an increasing demand for low carbon technology to meet climate goals and mitigate global warming. As a result, there has been a significant rise in the adoption of zero-emission vehicles, particularly in developed economies such as the US, China, and European countries. Since 2015, the global share of new passenger EVs has risen by approximately 50% per year, with electric vehicle sales increasing by 160% in these top three markets in 2021 alone. China currently boasts the largest fleet of electric vehicles globally, with 4.5 million electric cars, while Europe registered the largest annual increase, with 3.2 million electric passenger vehicles.
Automotive companies are investing significantly in the research, development, and production of electric vehicles, leading to an increasing demand for EVs. Major players such as General Motors, Volkswagen, Volvo, BMW, Nissan, and Audi have invested around US$ 150 billion in EV manufacturing and have launched new models between 2020 and 2021. The declining cost of EVs and the availability of various models are also contributing factors to the growth in EV production, which is expected to rise exponentially, subject to government support and overall economic growth in different countries.
The market for EV test equipment is expanding due to the increasing demand for battery-powered and hybrid vehicles. OEMs have incorporated various components, such as battery packs, vehicle electronics, and charging stations, in electric vehicles, which has further fueled market growth. Companies such as DEKRA, TUV Rheinland, and Intertek provide advanced testing equipment and platforms for EV charging stations. Additionally, the growth of autonomous vehicle testing is expected to contribute to the expansion of the EV test equipment market.
Impact of COVID-19 Pandemic on APAC EV Test Equipment Market
The Asia Pacific region primarily produces EV test equipment, including battery testing, e-drive testing, power electronics test systems, dynamometers, motor testing, and charger testing systems. Although the COVID-19 pandemic led to a temporary slowdown in the EV test equipment market's growth in the region, several countries, particularly China, Australia, and developed Southeast Asian countries, have witnessed a significant rise in EV sales since the pre-pandemic period until 2020. To further boost EV sales and infrastructure development, governments in the region have introduced several initiatives, such as China's ZEV policies and India's guidelines and standards for charging infrastructure development. Additionally, key players in the region are expanding their market presence through partnerships and research & development activities, further driving the growth of the EV test equipment market in Asia Pacific.
The EV test equipment market is classified into several segments based on vehicle type, equipment type, application, end-users, and geography. In terms of vehicle type, the market is divided into passenger cars, commercial vehicles, and low speed electric vehicles. Among them, the passenger car segment dominated the market in 2021. The market is also segmented based on equipment type, including battery test equipment, motor test equipment, engine dynamometer, chassis dynamometer, transmission dynamometer, fuel injection pump tester, inverter tester, EV drivetrain test, on-board charger, and AC/DC EVSE. In 2021, the battery test equipment segment held the largest share in the market. In terms of application, the market is divided into EV component and drivetrain system, EV charging, and powertrain, with the powertrain segment leading the market in 2021. The market is also classified based on end-users, including OEMs, tier 1 suppliers, research and academics, and others, with the tier 1 suppliers segment holding the largest share in 2021. Lastly, the market is segmented geographically into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM), with APAC holding a significant share of the global market in 2021.
Key Findings of Study:
The EV test equipment market ecosystem comprises key stakeholders such as hardware/component providers, manufacturers, system integrators, and end-users. The supply chain involves the procurement of raw materials, production, and delivery of finished products to end-users. Major players occupy significant positions in different nodes of the ecosystem, with hardware/component providers supplying electrical components rated for required temperatures and pressures, equipment manufacturers designing, assembling, and transforming raw materials into finished products, and system integrators bringing component subsystems together to ensure efficient operation. Prominent players in the EV test equipment market include Keysight Technologies, National Instruments Corp, Froude Inc, Dynomerk Controls, comemso electronics GmbH, Arbin Instruments, Maccor Inc, Toyo System Co Ltd, and Wonik PNE Co Ltd. These companies offer a range of test and measurement solutions across various automotive applications, including emissions, internal combustion engines, driveline, powertrain, brake test systems, and wind tunnel applications. Increasing electrification, automation, and technological advancements have driven the demand for EV test equipment globally. Government initiatives, funding, and partnerships and collaborations between EV test equipment providers and OEMs are expected to present significant growth opportunities for companies entering the EV test equipment market.
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