The global EV test equipment market size is projected to reach USD 105 million by 2026.
A report estimates that 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. Their rise has been 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 growing focus on developing innovative battery technologies, high demand for vehicle electronic functions and features, and stringent emission standards, the need for EV test equipment, software, and repair data is rising.
Increasingly stringent emission norms to reduce the negative environmental impact due to vehicle emissions drives the demand for vehicle emission test systems. Due to efforts to control vehicle emissions, various governments and OEMs are promoting 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 further to boost the EV test equipment market's growth. The market is majorly driven by the rising sales of electric vehicles globally and stringent emission norms.
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 leads 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, including torque measurement technology, high speed record measurement for mechanical and electrical signals. Electric motors in the current market have a utilization rate of approximately 50%, signifying 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.
The commercial vehicle segment is expected to be the fastest-growing vehicle segment in the forecast period.
The 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.
Rising Sales of Evs and Semi-Autonomous and Autonomous Vehicles
Extensive Use of Electronic Architecture/Vehicle Electronics in Evs
Advancements in Battery Technologies
Declining EV Battery Prices
High Cost of Advanced Technology Equipment
Reductions in Subsidies for Evs in Major Markets
Advancements in EV Charging Stations
Technological Advancements in Test Equipment
Evaluating Real-Time EV Data and Simulation Testing
Increasing Demand for Onboard Diagnostic Tools
Lack of Compatibility and Standardization
Maintaining Balance Between the High Cost and Performance of Test Equipment
The report was carried out by ResearchAndMarkets.com , and included analysis on the following players:
Arbin Instruments, Atesteo Gmbh, AVL List Gmbh , Blum-Novotest Gmbh, Burke Porter Group , Chroma Ate, Dewesoft ,Element Materials Technology, FEV Group Gmbh, Horiba Ltd , Intertek ,Keysight Technologies , Kuka Ag, ink Engineering , National Instruments, NH Research ,SGS Sa ,Sierra Instruments, Sinfonia Technology, Softing Ag, Tasi Group, Teamtechnik Group,TUV Rheinland , UL LLC , Vector Informatik and ZF