The global EV Test Equipment market gathered revenue around USD 41 million in 2020 and market is set to grow USD 109 million by the end of 2027 and is estimated to expand at a modest CAGR of 21.3% during the prediction period 2021 to 2027. Factors such as increasing pollution and the threat of global warming have accentuated the need to replace petroleum-fuel vehicles with emission-free substitutes. The increasing demand for electric vehicles is expected to fuel the growth of the market for electric vehicle testing equipment and related components.
After decades of R&D, the industry has found electric vehicles to be the best suitable substitute for traditionally fueled vehicles, which has resulted in the growth of the market for electric vehicles. The increasing demand for alternative fuel vehicles has also fueled the growth of the market for electric vehicles. To reduce crude oil consumption, automotive emissions, and air pollution, governments around the world have adopted and implemented favorable policies which promote the use of electric vehicles.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the EV Test Equipment market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global EV Test Equipment market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
EV Test Equipment market report empower readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Challenge: Lack of compatibility and standardization
The lack of standardization in EV components and charging stations might be a challenge in the EV test equipment market. Companies offer different types of electric vehicle charging stations, E-Axle/E-Drive, batteries, and other electronic components. Thus, it is not possible to have common testing platforms/systems for components of different component manufacturers and suppliers. For instance, a test stand manufacturer requires modifying test software and hardware to be compatible with different types of charging stations. Lack of compatibility can hamper the growth of EV test equipment, as customized test equipment systems are expected to require high development costs. Certain EV charging station test equipment may only be compatible with certain types of charging stations and limited voltage. Countries have their own standards for fast charging. Japan uses CHAdeMO; Europe, the US, and Korea use CCS; and China uses GB/T. Lack of standardization across countries is expected to curtail the growth of the market.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Significant Market Participants Operational in the EV Test Equipment Market are:
The global EV test equipment market is dominated by major players such as AVL (Austria), TUV Rheinland (Germany), teamtechnik (Germany), Chroma ATE (Taiwan), and HORIBA (Japan)
A total of 26 major company profiles covered and provided
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Based on the vehicle type:
- Passenger Car
- Commercial Vehicle
Based on the electric vehicle type:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
Based on the equipment type:
- AC/DC EVSE ATS
- Battery Test Equipment
- Motor Test Equipment
- Engine Dynamometer
- Chassis Dynamometer
- Transmission Dynamometer
- Fuel Injection Pump Tester
- Inverter Test
- On-Board Charger ATS
- Ev Drivetrain Test
Based on the application:
- EV Component And Drivetrain System
- EV Charging
- Powertrain
By Geography
North America
Europe
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
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