Electric Vehicle Test Equipment Market to register a CAGR of 12.22%, in terms of value until 2028
Increasing concern for the environment coupled
with escalation in adoption of electric vehicles is expected to lead to the
growth of EV test equipment market.
According to TechSci Research report, “Electric
Vehicle Test Equipment Market- Global Industry Size,
Share, Trends, Opportunity, and Forecast. 2018-2028, Global Electric Vehicle test
equipment Market is anticipated to grow at a robust growth rate of 12.22% in
terms of value during the forecast period, owing to sustainable expenditure of electric
vehicle manufacturing & increase in demand of testing services &
logistics industry. The test equipment in
electric vehicles is used to test the interior system and components, such as
EV battery and charger testing, power electronics testing, and motor and
dynamometers, to ensure overall vehicle performance. Motor testing equipment,
for example, is used to check torque or electric signal, high speed of an
electric vehicle using sensors, voltage probes, and other software. The
automotive and electronics industries have changed dramatically in recent
years. The development and demand for safety features and advanced applications
in vehicles, such as navigation systems, infotainment, adaptive cruise control
systems, and electronic ignition systems, necessitates higher power,
high-energy power conversion systems, and advanced powertrain systems.
Customers want modular
test solutions with expandable power, integrated safety, larger operating
envelopes, integrated measurements, and faster transient response times for
current products. As a result, advanced test solutions have been developed to
support the growth of the electric vehicle test equipment market over the
anticipated time period by shortening development and testing times, lowering
costs, and increasing energy efficiency. The growing demand for alternative fuel vehicles
and connected mobility has boosted sales of electric vehicles. Governments
around the world have implemented policies to promote electric vehicles to
reduce automotive emissions and air pollution. The growing demand for electric
vehicles is expected to drive the market.
Browse more than162 market data Figures spread
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Pages and an in-depth TOC on "Global Electric Vehicle Test Equipment Market"
Global Electric Vehicle test equipment Market is
segmented on the basis of equipment type, vehicle type, by propulsion type, by
sourcing type and by region. Based on equipment type, the market is further
split into battery test equipment, motor test equipment, chassis dynamometer,
transmission dynamometer, inverter test equipment, on-board charger test
equipment, & others. Based on vehicle type, the market is segmented into passenger
cars and commercial vehicles. Increase in sales of electric passenger cars owing
to presence of huge population and disposable income is driving the demand for
EV Test Equipment . In terms of propulsion, battery electric vehicle is expected
to be the fastest growing segment during the forecast period. As the adoption
of electric vehicles is rising, the testing of battery electric vehicles is
increasing rapidly which correspondingly escalates the demand of Electric
Vehicle Test Equipment market and is expected to continue to grow sustainably.
Based on propulsion type, the market is further segmented into battery electric
vehicles (BEV) & hybrid electric vehicle (HEV). In hybrid electric vehicle
(HEV), holds the major share in this segment due to the power generation and
economic affordability.. Based on sourcing type, the market is further
bifurcated into outsourcing and in-house. Outsourcing holds the major share
because of the lack of infrastructure and skilled workers to operate the
testing equipment.
Some of the major players
operating in the Global Electric Vehicle Test Equipment Market include:
- Chroma ATE Inc.
- Horiba Ltd.
- TUV RHEINLAND Group
- Schneider Electric SE
- Intertek Group Plc
- Durr Group
- ZF Friedrichshafen AG
- AVL List GmbH
- FEV GROUP
- ABB Ltd.
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The demand for electric vehicle test
equipment is anticipated to increase globally during the forecast period, on
account of increased adoption of electric vehicles. Furthermore, as
technological advancement spreads around the world, it will provide an opportunity
for Electric Vehicle test equipment companies to continue innovating and
investing in testing equipment.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Electric Vehicle test
equipment Market- Global Industry Size, Share, Trends, Competition,
Opportunity, and Forecast, 2018-2028 Segmented By Equipment (Battery Test
Equipment, Motor Test Equipment, Chassis Dynamometer, Transmission Dynamometer,
Inverter Test Equipment, On-Board Charger Test Equipment & Others), By
Vehicle Type (Passenger Car, Commercial Vehicle), By Propulsion Type (Battery
Electric Vehicle (BEV) & Hybrid Electric Vehicle (HEV), Plug-in Hybrid
Electric Vehicle (PHEV), By Sourcing Type (In house & Outsourcing), By
Region, has evaluated the future growth potential of Global
Electric Vehicle test equipment market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in Global
Electric Vehicle test equipment Market.
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