The market generated a revenue of USD 275.08 million in 2022 and is expected to grow at a stable pace during the forecast period, registering a CAGR of 12.22% between 2023E and 2028F. The increase in sales of electric vehicle and new technological innovations in the electric vehicle segment is driving the market growth of Global Electric vehicle test equipment. Furthermore, major automakers are working to expand vehicle range, which calls for high-voltage batteries, and to control the excessive heat in the power transmission system, is expected to drive the global Electric vehicle test equipment market during the forecast period.
The global electric vehicle test equipment market, based on equipment type, is segmented into battery test equipment, motor test equipment, chassis, dynamometers, transmission dynamometers, inverter test equipment, on-board charger test equipment, and others. The battery test equipment is expected to hold the largest share in terms of equipment type. With the continuous development of battery technology, battery testing equipment is also required to measure the lifecycle of batteries to ensure their safety. This fuels the growth of battery testing in Electric vehicle test equipment Market.
Based on vehicle type, the market is divided into passenger car and commercial vehicle. The passenger car holds the majority of the share in this segment because of the adoption of the electric passenger vehicle. Many OEM manufacturers are focusing on producing more electric passenger vehicles than commercial vehicles. Moreover, electric passenger vehicles' low operating and maintenance costs further boost their position in the global EV equipment market.
Based on the propulsion type, the market is categorised into BEV, HEV, and PHEV categories. Owing to the increased emphasis on the creation of a charging infrastructure, BEVs are chosen over PHEVs and HEVs. A high energy storage capacity is combined with a high travel range for BEVs. This led to BEV has the highest share in Electric vehicle test equipment Market.
Based on the sourcing type, the market is categorised into two categories: outsourced and inhouse category. Many electric vehicle manufacturers are collaborating with EV equipment companies for a comprehensive Electric vehicle test equipment system, which led the outsourcing segment to hold the highest share in the Electric vehicle test equipment market.
Based on region, the global Electric vehicle test equipment market is classified into Asia Pacific, Europe, North America, South America, and the Middle East and Africa. The Asia Pacific has the highest share owing to its high population in nations such as China and India.