Dublin, April 05, 2023 (GLOBE NEWSWIRE) -- The "EV Test Equipment Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028 Segmented By Equipment (Battery Test Equipment, Motor Test Equipment, & Others), By Vehicle Type, By Propulsion Type, By Region" report has been added to ResearchAndMarkets.com's offering.
Global Electric Vehicle Test Equipment market is anticipated to register a CAGR of 12.22% during the forecast period to reach USD 523.16 million by 2028.
Rising awareness toward the need to manufacture electric vehicles within a short period and increasing vehicle testing are expected to drive the growth of the global Electric Vehicle Test Equipment market during the forecast period.
The electric vehicle test equipment is used to inspect different components of electric vehicles such as motors, batteries, powertrain, drivetrain, and many other components of an electric vehicle to maintain the performance of the vehicle.
Recent Developments
May 2021 - A well-known Taiwanese manufacturer of power supplies for electric vehicles (EV) has adopted Chroma 8620 testbeds to improve their ISO standard process and conduct power-level HIL testing on DC-DC converters. The testbed conducts rigorous testing on the regular and abnormal functionalities and failure modes of the DC-DC converters by Taiwanese standards.
Due to the implementation of the lockdown to prevent the spread of the COVID-19 pandemic, sales of electric vehicle test equipment at the end of the first and second quarters fell substantially in most of the countries affecting the current year's performance.
Nevertheless, in most of the regions across the globe, the market showed a recovery by the end of the second quarter and recovered substantially in the third quarter. Hence, giving a positive outlook to the market forecast for the year 2028.
Escalating Fuel Prices Drive the Market
Rising fuel prices have a negative impact on the automobile industry, so the automotive industry has started focusing more on electric vehicles. the price of crude oil increased by more than 70% over the last 12 months, from USD 45 per barrel of Brent to nearly USD 80. The average price of crude oil has reduced nearly by about USD 62.26 per barrel and it is expected that the price of crude oil will reach around USD 60.74 per barrel.
The reason behind the rising price of crude oil is increasing import and export taxes. Owing to this, more people are now opting for electric vehicles in which there is no need for fuel and electric vehicles have low maintenance costs as compared to the internal combustion engine.
Technological Advancement
In the past few years, it has been seen that automobile manufacturers are progressively investing in the development and design of electric vehicles which is leading to mobility and transportation changes.
Furthermore, advancement in EV charging stations, technological enhancement in test equipment, and rising demand for onboard diagnostic tools is increasing the demand for this equipment. The advancement of technology in areas such as autonomous and connected vehicles necessitates the use of highly precise calibrated and advanced systems for their repair and maintenance.
So, the development of electric vehicle test equipment and systems provides a broad scope of action that paves the way for market growth.
Lack of Expertise and Skilled Labors to Hinder the Market Growth
The requirement of skilled labor and expertise to operate EV testing equipment is restraining the market; despite demonstrating promising possibilities, the market still witnesses many challenges, such as a lack of expertise and tremendous technology costs.
Since there is a demand-supply gap between skilled laborers and industry requirements and complexities in material selection and irrelevant settings are major factors cutting down the market growth. Thereby, disturbing the demand for electric vehicle testing equipment across many industries.
The High Cost of Electric Vehicle Test Equipment
The high cost of advanced EV test devices and the lack of a standard protocol for their development are critical factors limiting the market growth. As the market is small, there is no standard set of regulations for the manufacture and development of Electric Vehicle Test Equipment.
In addition, the number of manufacturers and tool developers is decreasing, making it more expensive and limiting its growth. The cost of testing equipment will remain high until the increasing presence of vendors and equipment developers makes the market competitive. As a result, the increasing complexity of the application and the associated cost of individual testing equipment may stifle market growth.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global Electric Vehicle Test Equipment market.
- Chroma ATE Inc.
- TUV RHEINLAND Group
- Horiba Ltd.
- Schneider Electric SE
- Intertek Group Plc
- Durr Group
- ZF Friedrichshafen AG
- AVL List GmbH
- FEV GROUP
- ABB Limited
Report Scope:
Electric Vehicle Test Equipment Market, By Equipment Type:
- Battery Test Equipment
- Motor Test Equipment
- Chassis Dynamometer
- Transmission Dynamometer
- Inverter Test Equipment
- On Board Charger Test Equipment
- Others
Electric Vehicle Test Equipment Market, By Vehicle Type:
- Passenger Car
- Commercial Vehicle
Electric Vehicle Test Equipment Market, By Propulsion Type:
- HEV
- BEV
- PHEV
Electric Vehicle Test Equipment Market, By Propulsion Type:
- Outsourcing
- In House
Electric Vehicle Test Equipment Market, By Region:
- APAC
- China
- Japan
- South Korea
- India
- Thailand
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- North America
- United States
- Mexico
- Canada
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Iran
- Turkey
For more information about this report visit https://www.researchandmarkets.com/r/czxlzh
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