Electric Vehicle Test Equipment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 17.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Electric Vehicle Test Equipment Market Analysis
Currently, the electric vehicle test equipment market is valued at USD 43.51 million and is expected to reach USD 98.73 million over the next five years at a CAGR of 17.8%.
- The electric vehicle test equipment industry is experiencing uncertainty due to the COVID-19 crisis. Industries have been temporarily or completely shut down by various regions' governments, which has had a negative impact on sales and production as a whole. It also caused flight cancellations, travel bans, and quarantines, which significantly slowed global logistics and supply chain operations.
- Over the past few years, the electronic and automotive industries have undergone significant changes. Higher power, high-energy power conversion systems, and advanced powertrain systems are required to meet the growing demand for advanced automotive applications and safety features like navigation systems, infotainment systems, adaptive cruise control systems, and electronic ignition systems. In addition, the production of advanced electric vehicle test equipment with programmable power sources and electronic loads with higher power and faster response time is a result of this driving innovation.
- Over the long term, owing to the crucial step in the testing of electric vehicles, conformance testing of all electrical components like plugs, cables, connectors, wiring, and switches, the market is expected to grow as engineers should address new testing difficulties as transportation zap speeds up. The traditional nominal voltage and power levels of 300/400VDC are being replaced by 800/1000VDC, with transients reaching 1200V. These higher voltages enable faster charging, increased power transfer, and lighter vehicles. These elements are impelling progressions in superior execution batteries, drivetrains, power converters, inverters, and quicker chargers.
- 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 that support the growth of the electric vehicle test equipment market over the anticipated time period by reducing development and testing times, decreasing costs, and increasing energy efficiency.
Electric Vehicle Test Equipment Market Trends
This section covers the major market trends shaping the Electric Vehicle Test Equipment Market according to our research experts:
Increased Electric Vehicle Adoption Globally
- The market is being driven by increased sales of BEVs and PHEVs, as well as lower costs for powertrain components due to material advancements and improved packaging arrangement. In addition, the high cost of batteries has necessitated enhancements to vehicle performance and power electronics.
- In addition, various programs and policies have been implemented by governments worldwide to encourage consumers to choose electric vehicles over conventional ones. The California ZEV program, which aims to have 1.5 million electric vehicles on the road by 2025, is one such initiative that encourages the purchase of electric vehicles. India, China, the United Kingdom, South Korea, France, Germany, Norway, and the Netherlands are additional nations that provide various incentives.
- After COVID-19 spread, sales of electric vehicles increased significantly. Lockdowns imposed by governments all over the world have slowed the economy and hurt sales of electric vehicles and charging infrastructure systems. The availability of additional components, such as inverters and lithium-ion battery packs, was affected. An integral component of electric vehicles is a power inverter. It uses a traction motor to propel the vehicle by converting energy from the batteries.
- Manufacturers of electric vehicles have faced a significant challenge in gaining consumer acceptance. Due to factors such as a lack of charging infrastructure and the high cost of electric vehicles (electric vehicle costs are almost the same as those of entry-level luxury cars), consumers have been reluctant to purchase electric vehicles despite the benefits they provide. Due to COVID-19, a number of nations, including India, put their plans to construct over 50,000 charging stations and improve the charging infrastructure on hold.
- Significantly, a number of OEMs intend to restructure their product lines solely to produce electric automobiles. For instance, General Motors announced in 2021 that by 2025, it would spend USD 20 billion on electric and autonomous vehicles. By 2023, the company intends to introduce 20 new electric models and sell more than 1 million electric cars annually in China and the United States.
- By 2024, Volkswagen intends to invest USD 36 billion in electric vehicles across its mass-market brands. The business claims that by 2025, electric vehicles will account for at least 25% of its global sales.
Asia-Pacific is Leading the Market
- The market is being driven by increased sales of BEVs and PHEVs, as well as lower costs for powertrain components due to material advancements and improved packaging arrangement. In addition, the high cost of batteries has necessitated enhancements to vehicle performance and power electronics.
- In addition, various programs and policies have been implemented by governments worldwide to encourage consumers to choose electric vehicles over conventional ones. The California ZEV program, which aims to have 1.5 million electric vehicles on the road by 2025, is one such initiative that encourages the purchase of electric vehicles. India, China, the United Kingdom, South Korea, France, Germany, Norway, and the Netherlands are additional nations that provide various incentives.
- After COVID-19 spread, sales of electric vehicles increased significantly. Lockdowns imposed by governments worldwide have slowed the economy and hurt sales of electric vehicles and charging infrastructure systems. The availability of additional components, such as inverters and lithium-ion battery packs, was affected. An integral component of electric vehicles is a power inverter. It uses a traction motor to propel the vehicle by converting energy from the batteries.
- Manufacturers of electric vehicles have faced a significant challenge in gaining consumer acceptance. Due to factors such as a lack of charging infrastructure and the high cost of electric vehicles (EV costs are almost the same as those of entry-level luxury cars), consumers have been reluctant to purchase electric vehicles despite the benefits they provide. Due to COVID-19, a number of nations, including India, had to put their plans to construct over 50,000 charging stations and improve the charging infrastructure on hold.
- Significantly, a number of OEMs intend to restructure their product lines solely to produce electric automobiles. For instance, General Motors announced in 2021 that by 2025, it would spend USD 20 billion on electric and autonomous vehicles. By 2023, the company intends to introduce 20 new electric models and sell more than 1 million electric cars annually in China and the United States.
- By 2024, Volkswagen intends to invest USD 36 billion in electric vehicles across its mass-market brands. The business claims that by 2025, electric vehicles will account for at least 25% of its global sales.
Electric Vehicle Test Equipment Industry Overview
National Instruments Corporation, Horiba Ltd., Arbin Instruments, Maccor Inc., Keysight Technologies, Inc., Durr Group, TUV Rheinland, and others are among the key players in the Electric Vehicle Test Equipment Market. The market is gaining traction due to the expansion of key players. For instance,
In May, 2022, HORIBA announced the expansion of its Leichlingen branch in North Rhine-Westphalia, and the official completion and commissioning of its new facility in Magdeburg-Barleben in Saxony-Anhalt were made public. With a USD 38 million investment, the new headquarters of HORIBA FuelCon GmbH, a wholly-owned subsidiary of HORIBA Europe GmbH and the global center of excellence for fuel cells, batteries, and electrolyzers within the HORIBA Group, is located in the new company building known as "eHUB" in the Technologiepark Ostfalen in Magdeburg-Barleben.
Electric Vehicle Test Equipment Market Leaders
TÜV Rheinland
Keysight Technologies, Inc.
National Instruments Corporation
Dürr AG
Horiba Ltd.
*Disclaimer: Major Players sorted in no particular order
Electric Vehicle Test Equipment Market News
- July 2022: At the Amata City Chonburi Industrial Estate, TÜV SÜD Thailand officially opened its Battery and Automotive Components Testing Centre. This facility will add to TÜV SÜD's existing network of eight battery testing labs located in North America, Germany, and Asia. This integrated facility, which covers over 3,000 square meters, makes it simple to access global and local expertise to meet the quality and safety requirements necessary for e-Mobility to be adopted more quickly.
- July 2022: National Instruments Japan Corporation (Minato Ward, Tokyo), a provider of automotive testing solutions and software, announced the establishment of a new Co-engineering Lab at its headquarters for collaborative research with automakers and automotive parts suppliers. The company will use the Co-engineering Lab to assist automakers and other companies in developing advanced technology such as electrification and autonomous driving. It will also conduct joint research with its customers, as well as demonstrations of its test solutions.
- April 2022: Tevva, a manufacturer of electric trucks, announced that it established a base at Nuneaton, Warwickshire's MIRA Technologies Park, to work on cutting-edge automotive technology. The location puts HORIBA MIRA's specialized engineering and testing capabilities-including significant crash testing, climatic, dynamics, and aerodynamic resources-within easy reach of the corporation.
Electric Vehicle Test Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Vehicle Type
5.1.1 Passenger Cars
5.1.2 Commercial Vehicles
5.2 By Propulsion Type
5.2.1 Plug-in Hybrid Vehicle
5.2.2 Battery Electric Vehicle
5.2.3 Fuel Cell Electric Vehicle
5.3 Equipment Type
5.3.1 Battery Test
5.3.2 Powertrain
5.3.3 EV Component
5.3.4 EV Charging
5.3.5 Other Equipment Types
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Russia
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 South Korea
5.4.3.5 Australia
5.4.3.6 Rest of Asia-Pacific
5.4.4 Rest of the World
5.4.4.1 South America
5.4.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 National Instruments Corporation
6.2.2 Horiba Ltd.
6.2.3 Arbin Instruments
6.2.4 Maccor Inc.
6.2.5 Keysight Technologies, Inc.
6.2.6 Froude, Inc.
6.2.7 Dynomerk Controls
6.2.8 Durr Group
6.2.9 Tuv Rheinland
6.2.10 Intertek Group Plc
6.2.11 Toyo System Co., Ltd
6.2.12 Wonik Pne Co., Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Electric Vehicle Test Equipment Industry Segmentation
EV test equipment is a device used to inspect various components of electric vehicles (EV), such as a battery, motor, and others, to ensure that automotive parts remain competitive, provide guaranteed performance, and provide customer safety. Electric Vehicle (EV) test equipment and software include equipment for testing individual components and systems, including battery modules/packs, electric powertrain, DC fast charging, and power electronics.
The electric vehicle test equipment market is segmented by vehicle type ( passenger cars and commercial vehicles), by propulsion type (plug-in hybrid vehicle, battery electric vehicle, and fuel cell electric vehicle), equipment type (battery test, powertrain, EV component, EV charging, other equipment types) and by geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).
The report offers market size and forecast in Value (USD billion) for the above-mentioned segments.
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| By Propulsion Type | |
| Plug-in Hybrid Vehicle | |
| Battery Electric Vehicle | |
| Fuel Cell Electric Vehicle |
| Equipment Type | |
| Battery Test | |
| Powertrain | |
| EV Component | |
| EV Charging | |
| Other Equipment Types |
| By Geography | ||||||||
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Electric Vehicle Test Equipment Market Research FAQs
What is the current Electric Vehicle Test Equipment Market size?
The Electric Vehicle Test Equipment Market is projected to register a CAGR of 17.80% during the forecast period (2024-2029)
Who are the key players in Electric Vehicle Test Equipment Market?
TÜV Rheinland, Keysight Technologies, Inc., National Instruments Corporation, Dürr AG and Horiba Ltd. are the major companies operating in the Electric Vehicle Test Equipment Market.
Which is the fastest growing region in Electric Vehicle Test Equipment Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Electric Vehicle Test Equipment Market?
In 2024, the Asia-Pacific accounts for the largest market share in Electric Vehicle Test Equipment Market.
What years does this Electric Vehicle Test Equipment Market cover?
The report covers the Electric Vehicle Test Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electric Vehicle Test Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Electric Vehicle Test Equipment Industry Report
Statistics for the 2024 Electric Vehicle Test Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electric Vehicle Test Equipment analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
