Market Size of Electric Vehicle Test Equipment Industry
| 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 |
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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.
