EV Test Equipment Market by Vehicle Type, Electric Vehicle Type, Equipment Type, Application and Region – Global Forecast to 2026 – ResearchAndMarkets.com | Financial Buzz

EV Test Equipment Market by Vehicle Type, Electric Vehicle Type, Equipment Type, Application and Region – Global Forecast to 2026 – ResearchAndMarkets.com

The “EV Test Equipment Market by Vehicle Type (Passenger Car and Commercial Vehicle), by Electric Vehicle Type (BEV and HEV), by Equipment Type, by Application (EV Component and Drivetrain, EV Charging, and Powertrain), Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

The global EV test equipment market size is projected to reach USD 105 million by 2026, from an estimated USD 42 million in 2021, at a CAGR of 20.1%.

There have been a rising number of innovations in the EV test equipment market. This can be attributed to the increasing demand for emission-free and efficient electric vehicles, driver safety, charging stations, and vehicle diagnosis features that increase the durability of EVs. Due to the increasing focus on the development of innovative battery technologies, high demand for vehicle electronic functions and features, and stringent emission standards, the demand for EV test equipment, software, and repair data is rising.

Increasingly stringent emission norms to reduce the negative environmental impact due to vehicle emissions is driving the demand for vehicle emission test systems. Due to efforts to control vehicle emissions, various governments and OEMs are promoting the use of electric vehicles for transportation as this enables significant reductions in automotive emissions. The introduction of autonomous and semi-autonomous vehicles, increasing adoption of the connected vehicle technology, and monetization of real-time data are expected to further boost the growth of the EV test equipment market. The market is majorly driven by the rising sales of electric vehicles globally and stringent emission norms.

The EV component and drivetrain segment is expected to be the largest application segment in the forecast.

The EV component and drivetrain system segment is expected to lead the EV test equipment market during the forecast period, in terms of value. The test systems required for EV components and drivetrains vary depending upon the specifications (voltage and other factors), applications, standards, and compatibility. The increasing adoption of EVs due to their emission-free operation and high fuel prices are leading to the high growth of the market for test equipment for the EV component and drivetrain segment.

Motor test equipment segment is expected to be the second-fastest growing equipment segment during the forecast period.

Motor test equipment is used to check the performance of an EV motor which includes torque measurement technology, high speed record measurement for mechanical as well as electrical signals. Electric motors in the current market have a utilization rate of approximately 50%, which signifies that half of the energy utilized is not converted into output. The key components required to test an electric motor for EVs currently include analysis software to synchronize the electrical and mechanical test signal readouts, current probes and voltage probes (used to measure inverter output), and a digital torque sensor. Due to these requirements in electric vehicle testing in the Asia Pacific the EV market is expected to grow significantly.

Commercial vehicle segment is expected to be the fastest growing vehicle segment in the forecast period.

Growth of the segment can be attributed to the Asia Pacific region, which is leading the sales of global electric commercial vehicles in recent years. Renowned OEMs such as BYD, Yutong, and Tata are developing and offering advanced electric commercial vehicles in large volumes, driving the growth of the market for EV test equipment for commercial vehicles in the region.

Market Dynamics

Drivers

  • Rising Sales of Evs and Semi-Autonomous and Autonomous Vehicles
  • Extensive Use of Electronic Architecture/Vehicle Electronics in Evs
  • Advancements in Battery Technologies
  • Declining EV Battery Prices

Restraints

  • High Cost of Advanced Technology Equipment
  • Reductions in Subsidies for Evs in Major Markets

Opportunities

  • Advancements in EV Charging Stations
  • Technological Advancements in Test Equipment
  • Evaluating Real-Time EV Data and Simulation Testing
  • Increasing Demand for Onboard Diagnostic Tools

Challenges

  • Lack of Compatibility and Standardization
  • Maintaining Balance Between the High Cost and Performance of Test Equipment

Companies Mentioned

  • Arbin Instruments
  • Atesteo Gmbh
  • AVL List Gmbh
  • Blum-Novotest Gmbh
  • Burke Porter Group
  • Chroma Ate
  • Dewesoft
  • Element Materials Technology
  • FEV Group Gmbh
  • Horiba Ltd.
  • Intertek
  • Keysight Technologies
  • Kuka Ag
  • Link Engineering
  • National Instruments
  • NH Research
  • SGS Sa
  • Sierra Instruments
  • Sinfonia Technology
  • Softing Ag
  • Tasi Group
  • Teamtechnik Group
  • TUV Rheinland
  • UL LLC
  • Vector Informatik
  • ZF

For more information about this report visit https://www.researchandmarkets.com/r/jnbra6

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