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EV Test Equipment Market Worth USD 150.13 Million at an Astounding 21.46% CAGR by 2028; Owing to Supportive Government Policies to Develop EV Infrastructures, says Fortune Business Insights™

·5 min read

EV Test Equipment Market Key Players Studied in this Report are Horiba (Kyoto, Japan), Chroma ATE (Taoyuan City, Taiwan), TUV Rheinland (Cologne, Germany), ABB (Zurich, Switzerland), Schneider Electric (Rueil-Malmaison, France), Teamtechnik (Freiberg, Germany), AVL (Graz, Austria), ZF (Friedrichshafen, Germany), Arbin Instruments (Texas, USA).

Pune, India, July 27, 2021 (GLOBE NEWSWIRE) -- According to the report, the global EV Test Equipment market size is projected to reach USD 150.13 million by 2028. This information is published by Fortune Business Insights in its report, titled “EV Test Equipment Market, 2021-2028.” The report further mentions that the market stood at USD 33.78 million in 2020 and is projected to exhibit an exceptional CAGR of 21.46% between 2021 and 2028. Supportive government policies and the increasing focus on establishing advanced electric vehicle (EV) charging infrastructure will boost the product’s demand in the forthcoming years. For instance, in India, Goods and Services Tax (GST) on electric vehicles and chargers was reduced to 5% from 12% and 18%, respectively.

The global pandemic has led to a major downturn in the operations of several industries. Although disruption in the supply chain and raw materials has impacted several sectors, the food and beverage industry is anticipated to garner considerable growth in the forthcoming years. Owing to the huge demand for essential services such as food products, the market is anticipated to remain positive during the global pandemic.

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Based on propulsion type, the market is bifurcated into BEV and PHEV

On the basis of propulsion type, the BEV segment held a global EV test equipment market share of about 75.48% in 2020. The segment is expected to experience substantial growth backed by the increasing focus on developing electric vehicle infrastructure globally.

Based on vehicle type, the market is divided into passenger cars and commercial vehicles. Moreover, on the basis of application, the market is trifurcated into EV components & Drivetrain, EV Charging, and Powertrain. Lastly, based on region, the market is segregated into North America, Europe, Asia-Pacific, and Rest of the World.

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Supportive Government Policies to Develop Electric Infrastructure to Propel Demand

In June 2021, the Statue of Unity Area Development and Tourism Governance Authority (SOUADTGA) announced its plan to develop India’s first-ever electric vehicles-only area in Kevadia, Gujarat. The increasing focus on lowering the carbon emission levels has propelled the government authorities worldwide to develop advanced electric infrastructures. Moreover, rapid-paced urbanization has led to the rise in the number of smart cities that will favor the adoption of advanced electric vehicle charging infrastructure. These factors are expected to favor the global EV test equipment market growth in the forthcoming years.

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Asia-Pacific – The region is expected to dominate and hold the highest position in the market for EV test equipment during the forecast period. This is owing to the increasing focus on developing smart cities that will boost the demand for advanced mobility in countries such as China and India. The region stood at USD 13.29 million in 2020.

Europe – On the other hand, Europe held the second-largest position in the market. The region is expected to showcase exponential growth backed by the presence of established automotive companies that propel the demand for advanced EV test equipment to ensure efficient functioning of vehicle components.

  • Horiba (Kyoto, Japan)

  • Chroma ATE (Taoyuan City, Taiwan)

  • TUV Rheinland (Cologne, Germany)

  • ABB (Zurich, Switzerland)

  • Schneider Electric (Rueil-Malmaison, France)

  • Teamtechnik (Freiberg, Germany)

  • AVL (Graz, Austria)

  • ZF (Friedrichshafen, Germany)

  • Arbin Instruments (Texas, USA)

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Global EV Test Equipment Market Segmentation:

By Propulsion Type:

  • BEV

  • PHEV

By Application:

  • EV Component & Drivetrain

  • EV Charging, Powertrain

By Vehicle Type:

  • Passenger Car

  • Commercial Vehicle

By Geography:

  • North America (USA, Canada)

  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, Rest of Latin America)

  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

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Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

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