Market Trends of Electric Vehicle Test Equipment Industry
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.
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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.
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