Yahoo Finance EV Test Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Vehicle Type, Equipment Type, Application, and End-Users
The global EV test equipment 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 2021 to 2028. North America has a developed automotive industry due to the continuous production of commercial vehicles.
New York, June 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "EV Test Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Vehicle Type, Equipment Type, Application, and End-Users" - https://www.reportlinker.com/p06289904/?utm_source=GNW
As per the Organisation Internationale des Constructors d’Automobiles (OICA) 2021 report, the US produced 7,604,154 commercial vehicles in 2021 and 6,895,604 in 2020.
Similarly, Canada produced 826,767 commercial vehicles in 2021 and 1,048,942 in 2020, as per the OICA 2021 report.Furthermore, according to the same report, Mexico produced 2,437,411 commercial vehicles in 2021 and 2,209,121 in 2020.
The US, Canada, and Mexico are leading in the commercial vehicle production segment globally, as per OICA statistics. Thus, with the continuous production of commercial vehicles across the region, the need for EV test equipment will increase significantly, supporting the growth of the EV test equipment market in North America.
Governments of North American countries are taking initiatives to develop the electric vehicle industry.As per the article published on Skadden, in September 2021, the US Department of Energy (DOE) was continuously financing the US electric vehicle (EV) and energy infrastructure.
Several DOE-financed projects for EV infrastructure and innovative energy-related technologies include the advanced technology vehicles manufacturing (ATVM) loan program (US$ 17.7 billion in direct loan authority), title 17 innovative energy (Section 1703) loan-guarantee program (US$ 24 billion in loan guarantee authority), and US$ 2 billion under the tribal energy (partial) loan. Thus, the continuous focus on developing the electric vehicle industry creates opportunities for the EV test equipment market.
In September 2020, Arbin launched a new 3-electrode battery testing solution.The new patented three-electrode (3E) coin cell design was developed by and licensed from General Motors.
Arbin’s new 3E coin cell provides users with an affordable, easy-to-use three-electrode cell holder, allowing long-term cycling and providing consistent results between samples, which expedite battery material research for EV applications.Therefore, the launch of new battery testing equipment is favorable for the EV test equipment market growth.
Furthermore, in California, the light-duty electric-vehicle registrations increased to 425,300 in 2020, representing ~42% of EV registrations in the US, as per the US Department of Energy’s Alternative Fuels Data Center report.This is more than seven times the rate of registrations for Florida, the state with the second-highest number of EVs registered.
Thus, with the continuous growth in EV sales, the need for EV test equipment is also increasing in the EV test equipment market. Further, the Mexico City Government has a strategic plan to improve mobility by replacing local transportation with zero-emission vehicles. They plan to increase electricity generation through clean energies from 25% to 35% by 2024. Mexican customers receive government incentives such as exemption of local taxes and emission control verifications. Further, increasing prices for gasoline and pollution alerts that ban vehicles from transit have boosted the sales of EVs and hybrid vehicles in Mexico. These factors have increased the demand for electric and hybrid vehicles, leading to growth in the EV test equipment market. In 2018, Mexico reported a 68% growth in EV and hybrid vehicle sales compared to 2017, reaching over 17,800 units, according to the International Trade Administration report. In 2019, electric and hybrid vehicles from January to September registered sales of 955,393 units, as per the International Trade Administration report. Thus, the rising trend of EVs in Mexico boosts the demand in the EV test equipment market.
Impact of COVID-19 Pandemic on Asia Pacific EV test equipment Market
The equipment in the EV test equipment market are test systems such as battery testing, e-drive testing, power electronics test systems, dynamometers, motor testing, and charger testing systems, most of which are produced in China and other countries in Asia Pacific.The pandemic resulted in a brief slowdown of the growth of the EV test equipment market in the region.
However, various countries in APAC, especially China, Australia, and developed countries of South-East Asia, are witnessing a significant rise in the sales of electric vehicles compared to the pre-pandemic period till 2020.Additionally, governments have introduced various initiatives to boost EV sales and related infrastructure in the region, which is likely to boost the demand for EV test equipment in Asia Pacific.
For instance, in 2020, China rolled out the ZEV policies to accelerate the large-scale roll out of electric vehicles.In India, the Ministry of Power issued “Charging Infrastructure for Electric Vehicles – Guidelines and Standards,” mentioning the roles of various stakeholders at the Central and State level to expedite the development and National-level rollout of charging infrastructure.
Furthermore, prominent players in the region have been actively expanding their footprint and market presence through partnerships and an extensive focus on product research & development. Such factors are expected to accelerate the growth of the EV test equipment market in Asia Pacific.
Based on vehicle type, the EV test equipment market is segmented into passenger car, commercial vehicle, and low speed electric vehicles.Based on equipment type, the market is segmented into 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.
Based on application, the EV test equipment market is segmented into EV component and drivetrain system, EV charging, and powertrain.Based on end-users, the market is segmented into OEMs, tier 1 suppliers, research and academics, and others.
Based on geography, the global EV test equipment market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).
The global EV test equipment market has been derived using primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast concerning all the market segments.Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights into the topic.
Participants in this process are industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the EV test equipment market.
The key companies operating in the EV test equipment market profiled in the report are National Instruments Corporation; Horiba Ltd; Arbin Instruments; Maccor Inc; KEYSIGHT TECHNOLOGIES, INC; Froude, Inc; Dynomerk Controls; Comemso electronics GmbH; Durr Group; TÜV RHEINLAND; INTERTEK GROUP PLC; TOYO SYSTEM CO., LTD; and WONIK PNE CO., LTD.
Read the full report: https://www.reportlinker.com/p06289904/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001
